Writing a will is the simplest way to ensure that your assets can benefit your loved ones after your demise and that they are divided according to your wishes. However, a huge percentage of people don’t have one.
Luckily, just like most of your errands can be completed online like filing taxes and buying groceries, you can also write your will online. How amazing is that!
Unlike the traditional way of writing a will that entailed an expensive trip to the attorney’s office and mails from the post office, creating your will online is a time-efficient and cost-effective way of organizing your assets and planning for the future.
There are several make my will online websites that have made the process of writing a will much easier. You can ensure the safety and security of your loved ones from the comforts of your own home.
In this article, we discuss why and how to write a will online. But first…
Why should you write your will online?
Some of the reasons why writing your will online is a good idea include;
It’s easy and quick
Writing your will online allows you to skip the complex process involved when writing a will the traditional way. For instance, you don’t have to make a trip to the attorney’s office and then wait a few days or a couple of weeks for the document to be prepared. You can have the end product in less time than it takes you to drive to the attorney’s office.
Costs less
An attorney can charge you between $100 and $1000 to prepare your will depending on your estates. This price is dependent on the quality of work and the level of detail. If your estate is fairly straightforward and your assets are worth less than the estate tax limits, this price may discourage you from creating a will.
Fortunately, writing a will online will save you money considerably. The entire process will cost you between $10 and $100. Besides, you don’t have to incur the cost of activities such as printing papers and transportation.
It’s more convenient
Creating your will online is more convenient than having to be bound by an attorney’s schedule. For starters, you will prepare the entire document from the comfort of your home and during the time that best fits your schedule. Secondly, you don’t have to worry about forgetting an important document while visiting your attorney.
Writing your will online also provides you with the flexibility of editing and updating your will whenever you remember crucial information that must be included in your will. It also provides you with the time to gather all necessary documents. You don’t have to schedule an appointment with your lawyer every time you add new financial assets or get additional heirs.
Helps protect your family
An online will allows you to protect the privacy of your beneficiaries. You may feel uncomfortable telling a stranger about the private details of your family and loved ones.
It is worth mentioning that if you write your will through a lawyer, it will eventually become public information after being filed with the local probate court. If you value privacy, you may want to consider an online will or a living trust.
How to write a will online
Here’s a simple step-by-step process on how to write your will online;
Take inventory of your assets
Begin the process by making a list of all your assets. This should include financial items such as investment accounts, savings, money in the bank, stock and bonds, property such as cars, land, your home, real estates, and boats, jewelry, family heirlooms, artwork, and furniture.
Remember to also include life insurance policies and business ownership. Finally, keep in mind that your assets will first be used to clear your debts if you have any loans.
Select your beneficiaries
When creating your will, it is crucial to think about your beneficiaries and how your assets will be distributed among them. A beneficiary is an individual who gains or profits from something left by another person.
Your beneficiary can be anyone from your spouse, child, friend, sibling, or relative with the exception of the person witnessing the signing of the will.
It is important to remember that some assets such as life insurance policies already have beneficiaries listed. Do not name other beneficiaries for your plan, it could lead to misunderstandings and conflicts.
If some of your beneficiaries are minors, you can create a trust. Get a trustee to manage it and indicate in your will, the most appropriate age when you think the minor should receive his inheritance.
Appoint an executor
An executor is a person or organization that oversees your asset distribution and ensures that your will is carried out accordingly. This entails tasks such as taking inventory of your assets, applying for probate, and paying your bills and debts after you’ve passed on.
If you opt for a professional to be your executor such as a lawyer or a bank, you will incur a fee.
Choose a reliable platform
There are numerous digital platforms that provide will forms. Selecting the one that fits your situation will require extensive research.
Look out for a platform that has accurate up-to-date information regarding wills in your locality. It is important to remember that will requirements will vary from state to state. Also, ensure that the site uses easy to understand language and is easy to navigate.
Store in a safe place
Once you’ve completed your will, download and print it out. In most cases, you’ll be required to sign the will in front of two witnesses to make it valid and legally binding.
Create an electronic file that you and your family can access easily and keep the printed copy in a secure place like a lockbox or a safe.
Conclusion
It is important to remember that your will is a living document. Your wishes can change drastically due to life events such as deaths, births, divorce, and marriages. Don’t just store it and forget about it.
Keep revisiting it from time to time and make the necessary adjustments so it’s up-to-date.