If you don't have significant assets, children, or dependents with special needs, a simple will may work for you.
You can have more control over what happens to your assets after you pass away if you have a last will and testament. If you pass away intestate, or without a will, the courts will decide how to divide up your estate and all of your possessions.
The courts will also appoint a guardian for children. Your financial accounts, trusts, and life insurance policies with named beneficiares do not pass through probate court.
You should review your will at least every 3 years, but you may not need to change your will each time you review it.
You should also review your will when the following events happen:
According to your state laws, a will is your statement of wishes. Depending on your needs, it can be a simple or complex will and has the same legal effect.
In a simple will, you can name someone to administer your estate, name your beneficiaries and give them money or property, and name guardians for your minor children.