Do you have a will? If not, do you know why? Perhaps you think it’s unnecessary and that your estate is so small it won’t make a difference. Or maybe you’re concerned that creating an online will could put your personal information at risk. Whatever the reason may be, not having an will can have serious consequences. Without a will, the laws of intestacy must be followed in order to determine who receives your property when you die. This means that if you don’t specify who gets what, your estate will likely go to your closest blood relative. The problem with this is that perhaps this person does not share the same values as you or may not be able to handle such a large inheritance responsibly. Creating an online will can help ease some of these concerns by enabling you to leave your assets to whomever you choose and in ways that make sense for them, too.
What is an Online Will?
A digital will is a will that is created, stored, and executed online. This type of will is often referred to as a “click-through will” or “e-will.” Because an online will is created and stored digitally, it can be customized to suit your individual needs. You can add photographs, videos, and audio recordings to share your life story with those you leave behind. You can also add links to important documents, such as your health care directive, funeral wishes, and financial accounts. An online will is a great option for those who want their will to be as personalized as possible. Creating an online will is also a good option for those who want to make sure that their will is up to date as life circumstances change. This guarantees that your final wishes are executed exactly as you desire.
What to Include in Your Online Will
Not all wills are the same. Yours should reflect the specific wishes of your family and the nature of your assets. Generally, an online will should include the following:
Testimentary instructions: These are the general instructions for your will. You should state the name of your executor and the methods by which your beneficiaries should receive your assets.
Disposition instructions: These instructions dictate who should receive which assets.
Beneficiary designation instructions: These instructions are used to designate all accounts that are not cash, such as life insurance policies or real estate.
Input instructions: You should include instructions for any accounts that must be accessed with a PIN, password, or biometric identifier, such as a brokerage account or online brokerage account.
Final disposition instructions: These instructions dictate what should be done with any assets that your beneficiaries do not want after they have come into ownership of them. This could be an amount of money or a charity of your choice. You can create a standard will or a will with specific bequests.
Why You Should Make an Online Will
One of the greatest reasons to make an online will is that it allows you to be as specific as you like. You can write your will in a narrative form if you prefer, or you can opt for the click-and-drag feature that generates a professional-looking document. You can also easily add attachments to your will, such as the name and contact information for your executor, details about your beneficiaries, and digital copies of important documents. If you have ever wondered how you will distribute your assets upon death, making an online will can help you solve this problem while also ensuring that they fall into safe hands. Additionally, an online will allows you to make changes whenever you like. If you have a new child or a family member who passes away, you can simply make the necessary updates to your will. If you make changes to your will, they will be digitally signed, which will make them just as legally binding as a handwritten will.
How to Make an Online Will
There are a number of online will kits available. It’s best to research a few to find one that fits your specific needs. Here are a few things to keep in mind when making your will: – Keep it short and sweet: It’s best to keep your will short and sweet. You don’t want it to be overwhelming for your beneficiaries, but you also don’t want to leave anything out. – Consider your language: You want your will to be clear and easy to understand. This might mean using language that younger members of your family can easily grasp. – Don’t forget about your digital assets: Your will doesn’t have to be limited to physical assets. It’s also a good idea to include information about your online accounts and passwords in your will, so your family members can access them after your death.
3 Things to Remember When Making Your Will
Make your will as detailed as possible while still remaining simple.
You can contact your financial advisor to see if they offer will kits that may suit your needs.
You can make your will as public or private as you like. This means that you can decide who has access to your will, either by sending a copy to a select number of people or by making it accessible to the public.
Bottom line
A will is an incredibly important legal document. It’s supposed to reflect your final wishes, so it’s important to make sure it’s accurate. If you don’t have a will, the laws of intestacy must be followed, which means your assets could go to someone whom you don’t even know. An online will is a great option for those who want their will to be as personalized as possible. It also allows you to easily make changes to your will whenever necessary. Make sure to keep these tips in mind as you work on your will. It’s also a good idea to have your will reviewed every few years, as your life circumstances may change.
