If you’ve never drafted your Last Will and Testament, you may be confused about the variety of approaches you can take. What makes a will legal, and can you create your will online? Let’s take a closer look.
What is the Legal Process for Creating a Will?
Your will simply states how you wish your assets to be handled after you die. That is your personal decision. Consequently, a lawyer is not legally necessary.
Many people prefer to run their Last Will and Testament by their attorney, but you are fully within your rights to draft your own will online. Specific regulations vary from state to state. However, most states require signatures from the testator (owner of the will) as well as two witnesses.
Pros and Cons of Creating an Online Will
Whether an online will is suitable depends on several factors. Generally, the more complex your assets and situation, like divorces or minor children, the wiser it is to enlist an attorney’s help. However, for the average individual, an online will is both helpful and recommended.
Before you decide, it is important that you understand both the advantages and the disadvantages of creating an online will.
Pros of creating your will online:
Quicker Writing Time
As a whole, lawyers have a lot on their plate. Your lawyer may take several weeks or months to draft your will for you. With the right template, you can create your own will in less than an hour.
Affordability
You might have to pay a small fee for the use of an online template. However, the one-time fee almost always costs less than an attorney’s hourly rate.
Convenience
As technology advances, tasks like these become increasingly easier and more convenient for individuals. No need to travel to a faraway office. An online Will is quick. Just sit down at your computer and write down your exact wishes. Take your time and even save your data and come back at a later time. You can have a finished product within a half hour. Writing your own will leaves little room for confusion concerning your final desires.
Something is Better than Nothing
Many delay creating a will due to the perceived cost of attorney fees or the reluctance to confront end-of-life decisions. Online wills offer a cost-effective alternative, providing a crucial safeguard. Something is better than nothing, as the absence of a will can leave families directionless, leading to disputes over even modest assets like a ring or savings. Without a will, state laws dictate asset distribution, often deviating from personal preferences. Don’t let procrastination jeopardize your desired asset allocation.
Privacy
Many people prefer to keep the personal details of their life private, rather than involving anyone else.
Exciting news!
Starting in February 2024, The U.S. Will Registry introduces one of the most comprehensive, legal, and free online will makers. Our user-friendly platform ensures a seamless experience, making the process easy to navigate. Upon completion, users receive a legally printable document, a witness form, and clear instructions for proper witnessing. That’s not all – we go the extra mile by offering online notary services to ensure the utmost legal validity. Additionally, enjoy the convenience of free storage and registration for your will. Take control of your estate planning journey with The U.S. Will Registry’s new and enhanced features!
Cons of creating your will online:
Creating a will online can be a helpful initial step, especially for those with more complex estates. However, for individuals dealing with intricate financial situations or unique circumstances, relying solely on a simple online will program may have limitations. Here are key considerations:
Multiple Assets:
Diverse range, including real estate, investments, business interests, and personal property.
Business Ownership:
Ownership or stakes in one or multiple businesses.
Complicated Family Structures:
Blended families, multiple marriages, or intricate relationships.
Tax Implications:
Significant estate taxes or complex tax structures.
Debts and Liabilities:
High levels of debt or complicated financial liabilities.
Special Needs Dependents:
Dependents with special needs requiring long-term financial planning.
International Assets:
Ownership of assets in multiple countries or dealing with international tax laws.
Charitable Giving:
Plans for significant charitable contributions or establishing a charitable foundation.
Lack of Clarity in Wishes:
Unclear wishes or potential for disputes among beneficiaries.
Ongoing Business Operations:
Business expected to continue operating posthumously, requiring succession planning.
Legal Agreements and Contracts:
Existing legal agreements, contracts, or obligations.
Trusts and Estate Planning Tools:
Use of trusts, life insurance policies, or other complex planning tools
Tips for Drafting Your Online Will
If you do decide to create your will with the help of an online template, we recommend that you apply the following tips.
Watch the price
Online templates may cost a small amount of money, but they are generally less expensive than using a lawyer.
Check your state’s laws regarding wills
Each state has slightly different laws concerning what constitutes a ‘legal’ will. Before you begin writing, research your state requirements. Some states do not accept Holographic Wills (handwritten) or oral wills. A will must be signed by the testator with 2 witnesses (in some states 3) simultaneously. All witnesses must be ‘disinterested’ persons (not listed as a beneficiary).
Register the location of the will
Your online will doesn’t do much good if no one can access it later. Make sure to register the location of your will so that your loved ones can find it after you pass away.
Review your will every year or after every major life event
It is imperative that you review your will regularly to address any life changes. In the event of a marriage, divorce, birth, adoption, death, increased assets, or newly appointed executor, you will want to be sure it is updated.
In Conclusion
Online wills are both legally valid and advantageous for several reasons. Firstly, they empower individuals to make personal decisions about asset distribution without the obligatory involvement of an attorney. Additionally, reputable online services, like The U.S. Will Registry, ensure compliance with state-specific regulations. This offers accessibility and convenience to users in organizing their thoughts and basic designations.
Most importantly, these platforms are not only cost-effective but also user-friendly. They provide educational resources to guide informed decision-making. Furthermore, with tailored state-specific processes, future editing options, and secure storage, online wills streamline the estate planning process. This saves time and makes the creation of a will affordable and accessible to a broader audience.
