Simple estate plans may help many Americans

Creating a basic estate plan is easy, according to Forbes, despite the fact that many Americans die without a will.

For whatever reason, many Americans never create living trusts and wills or pursue related documentation, leaving their estates in potential disarray when they die. People commonly fail to start estate planning, the source notes, or begin but do not finish because of the perceived complexity of the task. To prevent this, an expert suggests, adopt a simple approach and focus on key areas of importance to avoid getting bogged down in the details.

For example, parents' largest concern might be who will become their child's guardian if they are both lost. A day trader or investor with no children or older children might be concerned with the disposition of his or her stocks and financial tools and assets.

Setting up a trust can be a useful way to ensure possessions and assets are passed on correctly, and it is possible to select a professional to oversee the trust, keeping the position of power in the hands of someone objective. Using a trust can allow the estate to bypass probate, the source notes. Many people may find this useful if attempting to pass on a large asset, such as a house.

As useful as accounting tips may be, estate planning can still be difficult. To avoid mistakes and ease the process, it may be appropriate to seek professional assistance, such as that of an accounting firm with the relevant expertise. This may be particularly important for those with sizable or complex estates.