Writing a will online is a lot quicker and less expensive than having a lawyer draft one for you, but you should always do your homework to determine which option will benefit you the most.
Several websites now provide templates that you can use to create your will online. The process is simple since templates speed up the writing process by guiding you on how to respond to the questions.
A lawyer will also be available online to go through your will and ensure that your documents comply with the law and are legally binding.
This post is for you if you’re unaware of the details to include when looking to create a will online. It’s a step-by-step guide that helps you ensure your beneficiaries get what is rightfully theirs and that no conflicts arise in the future.
Ready? Let’s dive in!
Table of Contents
Make a List of Your Possessions
These possessions include your home, car, and other items you intend to leave to future generations. The typical ones are as follows:
- Land, automobiles, and other tangible commodities like pricey jewelry are examples of physical assets.
- Financial resources like bonds, mutual funds, bank accounts, and pensions.
- Insurance assets such as life and health insurance.
Include copies of supporting documentation and directions on how the executor can access the assets. These records include title deeds, insurance policies, and paperwork proving car ownership.
Your list of assets may need to be updated because they could vary over time.
Identify Your Heirs
Closest relatives such as spouses and children are usually the first in line as heirs. If you have no surviving spouse or children, parents, siblings, and extended family follow.
List all your heirs by name and specify which assets belong to whom. Include relevant information, such as when a minor should inherit property or how accounts will be divided.
Animals are not included as beneficiaries, but you can make a provision for their care by designating a person who will manage how the pet funds are used.
Be precise while mentioning names. Find a means to identify who you are referring to if two people have the same name. If the first-level beneficiaries pass away, you must also choose backup beneficiaries.
Name Your Estate’s Executor
The person you want to carry out the instructions in your will is known as the executor. You should be able to trust the person. You can pick your partner, a family member, or a close friend as a beneficiary.
Your executor will have information regarding:
- Your funeral and burial arrangements
- Where you keep critical documents
- Details about your bank accounts
- Any insurance coverage you may have
If you don’t designate an executor, the court will appoint an administrator who might not be familiar with your beneficiaries and assets.
Prepare for Complex Circumstances
You need to designate a backup executor in case your original executor passes away. Who will inherit an heir’s property if they pass away?
Are there beneficiaries with special needs or stepchildren from prior marriages? Who will run enterprises and receive company stock? These are some of the complicated issues to decide when writing a will.
Other complex issues include wanting to disinherit a child or spouse or if you want to choose an executor who is living in another country.
To prevent disagreement after you die, clarify such issues by providing a strategy for handling them. A lawyer may be included at this point.
Update Your Will and Keep It Safely Stored
It’s wise to revise your will whenever a significant life event occurs, such as marriage, a newborn, or purchasing a new home. Have your witnesses sign it after you make the necessary changes.
Print them out if you have updated your will, and make sure your executor has the most recent version. You could decide against amending the current will and instead draft a new one.
Protect your will from floods, fires, and break-ins. However, you should keep it in a reachable place when needed. You can keep it locked in your house, in a safe deposit box, or with your executor.
Draft Your Will Today
It doesn’t require much to create an online will nowadays especially with all the services available on the web today. If you’re just getting started, ensure you carefully list every asset, the beneficiaries, and the executor.
Also, include secondary beneficiaries so that if one heir passes away, another can inherit their property. Finally, if there are complicated concerns, such as beneficiaries with special needs or several marriages with children, specify how to resolve each prevent family strife after you are gone.
Good luck!
