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A ‘Simple Will’ is commonly referred to as a ‘husband and wife’ Will, where an individual leaves their estate to a spouse and then to the children of the marriage.
There are similar Wills for a single person where they leave their estate to their relations, friends or charities.
An example where a Simple Will would be appropriate.
Janet and Jim are 68 and 70 years old respectively and have worked hard throughout their lives. They have been married for 42 years and were fortunate to have three children, all of whom now have children of their own.
They have modest assets including a house worth $800,000.00, some Insurance Australia Group shares and $250,000.00 in the bank. They wish their respective estates to go each to each other on one of their deaths and then to their children in equal shares on the death of the survivor.