Technology is changing the way documents are created, and last will and testaments are no exception. The electronic will is an electronic legal document expressing how you want your valuables distributed when you pass on.
While they might have the same idea as traditional wills, they’re in some ways different in how they’re signed, stored, formatted, and legalized. They’re also created using an online company’s software. Thus, you need to familiarize yourself with how the process works before you create your own.
Here’s how an online will works and how to make one:
How It Works
Online wills work the same way as regular written drafted wills but without the help or live presence of a lawyer. Furthermore, these wills are created using an online will service where most offer varying levels of legal advice and counsel. They also provide templates for you to work with by asking the most important questions needed to fill out your document.
These questions can be who you appoint as your executioner, who the guardian of your children will be, and what property and assets you own. This information is needed for your online will to record how you plan to dispense your assets to each of your beneficiaries after taxes, deductions, and debts are paid. Therefore, it’s advised that you compile all your relevant documents such as tax information, bank accounts, insurance policies, and all other financial accounts so you can refer to them as you go along.
As such, creating an online will can be faster and simpler than having an appointment with a lawyer and completing it section by section during every visit. If you have all your necessary documents present, it could be completed within a day while you’re at home.
Just as importantly, it’s the more affordable route for making a will as lawyers’ fees could cost up to USD$300 per hour. Therefore, it’s a good consideration if you have a simple estate planned without many complications such as high value assets in multiple locations or children through divorce. Your will is then stored online via the cloud storage of your service provider or your own device.
How To Make One
The following are the steps for creating an online will:
1. Find A Suitable Company
The first step in making your online will is finding a company that provides the service you’re looking for as they’re not all created equal. For instance, some free websites will charge you per month for storage or will require you to download the complete document. Other companies offer lawyer consultations and reviews as an additional cost while another could have a free net worth calculator you can utilize.
Make sure the company you choose is reputable and has the authority to legalize your will when it’s done. Just like with a traditional will, you should ideally start looking for an online will company during estate planning or when you start owning valuable assets such as buying your first home.
2. Draft Your Will
Once you’ve found a suitable company and have created your account, you’ll be directed to their website where you begin creating your will. If you’re going to use a template, at this step, make sure you’re using one that’s in compliance with the laws in your state. This is because each state has specific laws and requirements needed for your online will to be valid.
When you’ve selected the right will template, then the company website will ask you to fill in questions to capture your details and find out what sections pertain to you. Be as meticulous as you can when drafting your will online and check in each step whether you’ve answered necessary questions that don’t contradict any of your previous answers or clauses that might appear.
3. Complete Your Will
When every section of your will relevant to your family life is completed, you have the option of having it reviewed by a legal professional. Otherwise, you can sign your will electronically so it can be sent to two witnesses to sign it as well.
The witnesses need to be neutral parties who don’t stand to gain anything from your estate as named beneficiaries. Again, check whether your state requires the online will to be notarized. In this case, you’ll have to send it to an online public notary and have it validated.
If this isn’t required, you can save it and send it for online storage by your providing company or download it to keep yourself. If your will is kept online, remember to tell your appointed executioner where it is and how to access it as you won’t be around to provide login information if it’s needed.
Conclusion
Online wills work similarly to a traditional will in that you’re creating a legal document detailing your asset distribution to your beneficiaries after your passing. The key difference is you do it at home online instead of in the presence of a lawyer manually.
When your will is complete, it’ll be stored as an electronic document and signed digitally. Depending on the state you live in, you might not need to visit a notary office. This method is a simpler and more affordable means of creating a will for people with uncomplex and manageable family and financial situations.
