A Last Will & Testament (Will) is an essential legal document that details the distribution of your assets to your beneficiaries upon your death.
Wills are documents that need to be created and updated regularly as circumstances in your life change. While creating a Will may seem like a simple process, it can be overwhelming.
Let’s face it: unless you have unlimited funds, the idea of spending money on an attorney to create your Will seems like a lot of money.
If you consider using an online option to create your Will, it is important to understand its pros and cons.
Many people are hesitant about using an online service for these types of sensitive matters. However, there are many reasons why an online option might be the best solution for you.
Why You Need a Will
Creating a Will can be as easy as writing down the names of your family and loved ones and what percentage of your assets you want each person to receive.
Creating a Will isn’t just for people with children. Even if you don’t have children, creating a Will protects your interests and your loved ones when you are gone.
When you create a Will, you decide how your possessions will be distributed after you die. Without a Will in place, the state will decide how your possessions (money, real estate, and other assets) are dispersed. Creating a Will guarantees your possessions will be distributed according to your wishes.
The creation of a Will gives your loved ones peace of mind in knowing that their inheritance is protected under the law and that their interests will be met upon your death. It also offers protection against legal problems that could arise in the future if someone were to make claims they were entitled to more than what was specified in the Will.
A Will is an important part of owning property and having assets because it protects what matters most: your family and loved ones when you are gone.
Here’s what else a Will can do:
Protects your family from disputes over the distribution of your property.
Protects your family from additional costs while administering your estate.
It helps avoid disputes among family members regarding your wishes, like responsibility for caring for an incapacitated person or minor child.
Protects your interests, and you can specify who inherits your estate and in what order.
Having a Will is the first step to making sure your loved ones are provided for in the event of your death. If you have young children, having a Will is essential.
Should You Create an Online Will?
An online estate planning service is a business that provides a variety of easy-to-use templates for writing your own Will and other planning documents. They offer you the chance to fill in the template with your details and then print or save it to your computer.
Even if you know what you want in your Will, writing a Will yourself can be difficult because certain guidelines must be followed. In some cases, the person who makes their own Will can invalidate their Will because they have not followed the correct legal procedure.
Trying to find an attorney or someone to write your Will for you can be an expensive and intimidating process. This is why virtual companies have stepped in and provided an easier solution.
By using an online estate planning service, you can still write your own Will, but it is drafted with expertise and meets all of the necessary guidelines. Online estate planning services also offer easy ways to update your Will if anything changes, such as having children or inheriting property from another relative.
Creating an online Will is a good idea if you have anything of value to leave behind. An online estate planning service will create instructions and documents to pass along to your family and loved ones in the event that something happens to you unexpectedly.
Trying to create your own Will can be difficult and stressful. An online estate planning service will manage all of the hard work for you – instructions and documents are created automatically, so all your family needs to do is click the links, and they’ll know what they need to do.
Ethical Concerns:
If you are considering using an online estate planning service to do your estate planning and you are trying to figure out whether or not using such a service is the right choice for you, the answer is that it depends.
The first step in deciding whether or not you should use an online Will service is figuring out what level of assistance you need. If you have very specific legal needs that must be dealt with in your Will, like complex financial matters, or tax concerns, and want legal advice, then an online option might not be able to help you.
Suppose every person you want to be named in your Will has already been identified and listed on the document. In that case, a virtual Will option will likely work for you.
However, if there are many people involved in your Will who have not yet been identified, or if there are complicated questions about guardianship and other issues that need to be addressed in your Will, then seeking legal advice from an attorney may be your best option.
When choosing an online estate planning service, make sure that they offer options beyond creating a Will. A basic Will is relatively easy to create without assistance, but some elements of estate planning can become quite complicated.
So, How Do Attorneys Feel About Online Estate Planning Services?
The answer: attorneys are split on the issue. Some believe that online estate planning services are a good way for people to write their own Wills and save money. Others feel strongly that a Will should be prepared by an attorney who is specifically trained in estate planning and knows state regulations and your situation.
Features:
You should consider some key features when choosing an online estate planning service. Make sure that the service provides several different options for creating a Will.
Funeral Wishes
Funeral wishes are usually written out as part of a Will and can also be included in a separate form that is attached to the Will. Funeral wishes are also known as funeral instructions, and they may be referred to as such in a Will. They are separate from a living will, and they do not supersede any legal requirements or state laws. Still, they provide specific instructions to carry out your wishes concerning the funeral.
Power of Attorney
A power of attorney is a document that appoints someone to act on your behalf in legal or financial matters in the event you become incapacitated due to an accident or illness and cannot make decisions for yourself. You can choose different types of power of attorney, and different levels of authority. You may also choose to name more than one person as your power of attorney.
Guardianship
Guardianship is the process of appointing a guardian for a child or children. If you have young children, you will need to name a guardian in your Will. If something happens to you and you have not named a guardian, the court will appoint someone to take over guardianship of your children.
Executor
A Will executor does the job of executing the Will and distributing assets to the estate’s beneficiaries following the instructions contained in the Will. In other words, a Will executor is responsible for carrying out your wishes once you have passed away by dealing with your property, cash, or possessions.
Bequests
A bequest is any gift of money or property made in your Will to a specific beneficiary. The bequest amount can vary from a few hundred dollars to a few million. To be valid, your Will must clearly state that you’re making a bequest and identify the beneficiary.
Living Will
A living will is a legal document that specifies your wishes for medical assistance should you become unable to make decisions for yourself. A living will acts as an advanced health care directive and should be completed, no matter your current health status.
Benefits Of Creating An Online Will
The DIY approach is increasingly popular because it’s relatively inexpensive and easy to use. It is not uncommon for people to put off will-planning until retirement, but comprehensive Will options make it easy. Many people using these services say that they don’t need the help of an attorney because they have simple estates.
Convenience
Instead of going through the process of finding an attorney, drafting up a document, and having it signed, you can accomplish all of this in the comfort of your own home. All you need is access to the internet and a printer for forms, which can save you both time and money.
Cost
An online estate planning service can provide you with excellent value for money compared to a traditional attorney who can charge upwards of $300 per hour. With a virtual company or software, you get all the help you need at a fraction of the price. Some Will services are free, discounted, or have a flat rate depending on which method you choose. Others offer a monthly subscription to keep prices low.
Online services are easy to use
Virtual Wills require little or no legal knowledge from the user. Usually, the service offers a detailed questionnaire that makes it easy for someone to complete their Will in a streamlined fashion. Many online services offer free support options to help walk you through the process and keep your information safe.
Online services make it easier to update your will.
Virtual Wills allow users to change, edit and update their documents whenever they need. This means that over time you can quickly update your Will to match your current circumstances.
Cons of using an online estate planning service
1) Will documents are usually provided in template form, which means that they may not cover all the legal issues you need to address. While some companies do provide access to professional attorneys who can guide more complicated areas of regulations, this is usually for an additional fee.
2) Will forms may be limited and do not tailor to your specific needs. If you have a complex estate, it’s important to seek legal advice from an experienced attorney who can ensure that all your needs are taken care of.
3) Online estate planning services are not regulated by the government, which means they can function without oversight. Some customers have reported having difficulty finding customer assistance when problems arise.
4) Online estate planning services may not provide the same level of assistance as a traditional attorney. Online estate planning services offer templates that you can fill in, but they do not have access to a network of legal professionals who can assist you with more complicated issues.
Conclusion
No matter how busy you are, you should find the time to create a Will. Online estate planning services provide excellent value for money and convenience; however, if you feel like you need more assistance, there may be an extra cost involved.
The key question to ask yourself, before deciding whether or not to use an online estate planning service is: Do you know how you want your estate divided, or do you maybe have many questions, complex financial issues, and need the advice of an attorney?
Creating a Will can be a very stressful process, but if you are confident in your ability to communicate your wishes and divide your estate, then using a virtual last will company may be the right choice.
Check out Planned Giving’s Legacy Planner to engage your donors in Will and estate planning.
