The Basics of 'I Love You' Wills

If you have fairly straightforward estate planning needs and intend to leave everything you own to your spouse, you might be interested to learn more about “I love you wills.” While they might be a good idea for some, however, it’s important to understand potential disadvantages to using this kind of last will as well. What follows is a basic overview of “I love you wills.”

What is an 'I love you will'?

Plainly put, an “I love you will” is a type of last will and testament used primarily by married couples through which each spouse leaves his or her entire estate to the other, and often, then to their children. The simple will language reads something like the following:

“Upon my death, I leave my entire estate to my spouse, and upon the death of my spouse, our assets go to our children.”

Seems easy enough, right? It can be, but there are always several factors to consider when writing a will, and especially if you are considering an “I love you will.”

Who would use an 'I love you will'?

Although this type of will can be used by anyone, it is most often utilized by married couples who have basic estate planning needs—that is, couples who have modest estates worth well under the state and federal estate tax limits and who have decided they have no need to use living trusts.

Advantages of 'I love you wills'

The biggest plus to drafting an “I love you will” is its simplicity—how much easier to understand can you get than a one-line last will and testament? Such a will would also certainly cut down on costs associated with drafting the document.

Another advantage to an “I love you will” is that the parties involved know exactly what will happen to their assets upon death, although certainly this is the case with any well-drafted will. After all, a major benefit of having any kind of will is the peace of mind you and your loved ones gain by knowing everything will be taken care of according to your wishes after you're gone.