Most of us would prefer not to think about death, but planning for it is crucial to being financially responsible and making sure that your loved ones are taken care of after your passing. It is important to consider an online Will to assist your loved ones.
Do you need to make an online Will?
In this blog, we’ll explore what an online Will is, what makes a Will work effectively, what you can and cannot include in an online Will, your obligations towards potential beneficiaries, and whether it’s a better idea to give away your assets while you’re still alive.
What is an Online Will and Why is it Important?
One of the oldest known Wills dates back to 2500 B.C. from ancient Egypt. Found in a tomb, the Will passed down the deceased’s property to his wife, under the condition that she would not destroy the properties that his brother had built for him. The Will was even witnessed by two scribes!
It is fair to say that the Will mentioned above was not an online Will! However, in modern times, online Wills still hold the same value and purpose as over 4,000 years ago. A Will is a legal document that indicates how a person would like their possessions to be distributed after passing. Many people opt for online Wills as they are simple to prepare and can clear up any confusion and debate between family members regarding their assets, reducing the potential for legal battles.
Without a Will, it is up to your state’s intestacy laws to determine who inherits your assets. That means your precious belongings may be distributed to people who were not in line with your wishes. It is also a lengthy and costly process that is unpleasant for your loved ones to have to go through.
How to create a legally valid online Will
To make an effective online Will, you need to make sure it is legally valid. The legal requirements for a valid Will differ between states but generally must adhere to the following criteria:
- A valid online Will must be printed and signed by the Will maker.
- It needs to be signed in the presence of two witnesses over 18.
- No alterations should be made after signing.
- Executors need to be named to carry out wishes after death.
A clear and well-structured Will minimises disputes and ensures that assets are distributed according to the testator’s wishes. Online Wills also provide the advantage of easy updates to reflect life changes.
Your printed Will should be accessible and easy to find for loved ones. Your Will should be kept in a secure location such as a safety deposit box, or with your attorney or a trusted family member. This is important so your wishes can be executed upon your passing.
The cost of Wills from a lawyer can be expensive. Creating a One Click Life online Will can drastically cut your Will costs. We can help you make effective Wills online for only $49. Built by lawyers, you can create your online Will in a simple four-step process. With One Click Life your online Will can be updated anytime, and we store your online Wills for a lifetime, ensuring your Will remains safe.
What Can and Cannot Be Included in an Online Will?
Items to Include in an Online Will
- Property and assets: Real estate, bank accounts, personal belongings, and investments.
- Guardianship designations: Naming a guardian for minor children or dependents.
- Digital assets: Memberships, online accounts, and digital property.
Items That Cannot Be Included in an Online Will
- Illegal items: A Will cannot include instructions regarding unlawful property or actions.
- Non-probate assets: Superannuation and life insurance typically have designated beneficiaries and do not form part of a Will.
- Funeral instructions: While funeral wishes can be mentioned, they are not legally binding. It is best to discuss these preferences with loved ones.
Are you obligated to provide for anyone?
In most cases, you are not obligated to include specific people in your online Will. However, you generally need to provide for your family members such as your spouse and dependents. If you do not have a spouse or dependents, you can give your belongings as you please.
It can be beneficial to discuss these matters whilst you are alive to remove confusion and debate after your passing.
Is it better to give away your assets whilst you are alive?
Whether you decide to donate your possessions whilst you are still alive or leave them through an online Will depends on your circumstances. Some considerations include:
– Tax implications: Some regions around the world may impose inheritance tax or tax on gifts. This means your beneficiaries may pay a different rate of tax depending on whether they inherit your possessions or if they are gifted them. Australia does not directly tax gifts or inheritance.
– Financial security: Giving away all your assets whilst you are still alive can put you through financial hardship. It is important to ensure that you have adequate assets to maintain your lifestyle.
– Seeing your contributions make a difference: Giving away your fortune whilst you are still alive means you can actively see the difference that your assets are making
Why pick One Click Life to create your online Will?
Creating an online Will with One Click Life simplifies the process while reducing costs. For only $49, users can generate a legally valid Will in a four-step process designed by legal professionals. Additionally, One Click Life offers lifetime storage and easy updates to ensure the document remains accurate and secure.