These days, there’s rarely such a thing as a “simple” estate plan, despite what you may think about your situation. Even if you don’t have a lot of savings and investments, your estate plan may still not qualify as “simple” because of your family situation.
Perhaps your family now includes ex-spouses, stepchildren, step-grandchildren, long distance children, etc., all of which may tend to complicate your “simple” estate plan. Moreover, the longer you live, the more you may spend on long term care or rely on the assistance of a close relative to ensure your safety in the home. All of these additional expenses later in life may leave you with a smaller bank account, even to the detriment of the child who has taken upon the duty of caring for you. At the same time, however, not all families fight over money . . . they often also fight over sentimental items you leave behind.
You may think you have a “simple” estate, but read on to learn how your “simple” estate can easily become complicated.