Estate planning is critical to managing your assets and ensuring your loved ones are cared for after passing. In the past, estate planning meant hiring a lawyer to write a will. The court and executor will then carry out the terms you wanted in your will. However, with the rise of technology, a new option has emerged: online wills.
Online will have changed the estate planning process, making it more accessible, affordable, and convenient. This article will explore the future of estate planning and the impact that online will have on the process.
What Is An Online Will?
Like a physical last will, an online will is a legal document that allows you to dictate how the court and your executor distribute your assets after your passing. Instead of going to a lawyer’s office and paying to have a will drafted, you can create one online using a platform or software.
Most electronic will contain questions designed to guide you through the process. Once you’ve answered all the questions, the software will generate a legal document you can sign and get a notary public to witness.
The Future Of Estate Planning
With the advancement of technology, an increasing number of individuals have resorted to online wills to facilitate their estate planning. Here are some of the ways online will have revolutionized estate planning:
- Accessibility: Online will make estate planning accessible to everyone. Online will have made it possible for individuals unable to bear expensive lawyer fees for drafting a will, helping them create one at a significantly reduced cost.
- Convenience: Creating a will online is much more convenient than visiting a lawyer’s office. You can make a will from the comfort of your home whenever convenient. This makes planning their estates easier for people with busy schedules or mobility issues.
- Speed: Anyone can create online wills in a matter of minutes. People can also quickly make changes to their estate plans. In contrast, visiting a lawyer and drafting a will can take weeks or months.
- Flexibility: Online will provide flexibility when it comes to making changes to the document. You can easily make updates to the will as your circumstances change. This flexibility allows you to keep your estate plan up-to-date without having to pay additional legal fees.
- Accuracy: Online will use software designed to ensure the document is accurate and legally binding. Most of the time, the software will ask you questions about your assets, your beneficiaries, and other important details. This helps make sure that your will reflects your wishes correctly.
However, it’s important to note that online wills may not be appropriate for everyone. Some people may have complex estates that require specialized legal advice. In these situations, consult a lawyer to ensure your estate plan is complete and legal.
The Pros And Cons Of Online Wills
Online wills are an innovative and cost-effective way to plan your estate. They offer numerous benefits, but they also have some drawbacks. The followings are some pros and cons of using online wills:
- Cost-effective: Online wills are often significantly cheaper than hiring a lawyer to draft a will.
- Convenient: People have the flexibility to create a will anywhere in the world as long as they have an internet connection.
- Speedy: Individuals can create online wills in a matter of minutes.
- Flexible: Online will allow individuals to make changes to the document easily and quickly.
- Accurate: Some platforms use software that ensures the document is correct and legally binding.
- Lack Of Personalized Advice: Most online will platforms don’t offer personalized legal advice, which can be a significant disadvantage for individuals with complex estates.
- Limited Scope: Some wills may only cover certain legal requirements in specific states, resulting in an invalid or incomplete will.
- Limited Customization: Most platforms may not provide enough customization to meet the unique needs of individuals or businesses with complex estates.
- Less Protection Against Disputes: Online wills may have a different level of protection against disputes than those created by a lawyer. Disputes may arise if the document needs to be more comprehensive or accurately reflect the individual’s wishes.
- Risk Of Errors: While most platforms ensure accuracy, some can still be prone to errors. These errors can lead to an invalid or incomplete will, which can cause problems down the line.
Before opting for online wills, consider their pros and cons meticulously. When making this decision, individuals should consider their needs and their estate’s complexity. For simple estates, online wills may be a suitable and cost-effective solution. However, consulting with a lawyer may be necessary for more complex estates to ensure the estate plan is comprehensive and legally sound.
The Bottom Line
Online wills are changing the estate planning process, making it more accessible, affordable, and convenient. They provide a fast and easy way to create a legal document outlining your wishes for your assets after passing. However, don’t forget to research and understand the limitations of online wills. If you have a complex estate, consult a lawyer to ensure you’ve drafted a comprehensive and legally sound estate plan.