Most likely,
yes. The wills provided on this site are generally sufficient for
people who are under age 65 and own property worth less than the threshold
limit for federal estate taxes ($675,000 in 2001, rising to
$1 million in 2002). With larger estates and as you grow older,
a basic will may not be the most economical and efficient method
for passing your property and you should consult an attorney or
estate planning professional. This
site is not a substitute for the advice of an attorney and questions
regarding your estate plan should only be directed to a qualified
attorney or estate planning professional.
When making
a simple will, the vast majority of married couples desire to leave
everything to each other first, and when the spouse dies then to
the children equally. Most single parents desire to leave everything
to their children and name guardians; and for people without children,
most desire to leave their estates to their spouse, significant
other, relatives or friends. If this is the way you would like the
distribution set out, then please proceed. Remember, this Simple
Will is intended to cover most general situations. If the variations
produced by this site are not sufficient for your needs (especially
if you have complicated estate planning needs), you should seek
legal counsel.
Net Worth
- are you above $675,000?
Your entire
estate consists of the net worth of all the property you own when
you die, in whatever form of ownership. Net worth is the market
value of the property, less any amounts owed on it. The personal
estate tax exemption allows a set dollar amount of property to be
transferred free of tax ("threshold limit").
When adding
up your assets to determine estate value, be sure to include the
following (less any amounts owed on them):
| ü |
Residence |
| ü |
Other real estate
|
| ü |
Savings (bank accounts,
CDs, money markets) |
| ü |
Investments
(stocks, bonds, mutual funds) |
| ü |
401(k), IRA, pension
and other retirement accounts |
| ü |
Life
insurance policies and annuities |
| ü |
Ownership interest
in a business |
| ü |
Motor vehicles
(cars, boats, planes)
|
| ü |
Jewelry |
| ü |
Collectibles |
| ü |
Other
personal property |
Use our net
worth calculator.
If you have
total assets worth more than $675,000, estate planning beyond the
basic will on this site will benefit your heirs and may reap huge
rewards when the tax bill arrives. If you are close to, or above
that threshold limit, you should not use the basic will provided
here but should consult an attorney or estate planning professional.
Difficult
or Complex Situations
If you have
a difficult or complex situation, the will provided at this site
is probably not your best choice. For example, if want to disinherit
relatives, set up complicated trust provisions, have a child with
a disability, or anticipate family conflict, you should seek legal
counsel and may be better served by another estate planning tool.
See how
this site works. |