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 give consideration to 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 would you want one?
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.
What makes an online Will work effectively?
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 key factor that makes an effective Will is ensuring it is clear and specific. A valid Will expresses wishes and provides some protection against disputes. Online Wills can be regularly updated to ensure a clear understanding is maintained and intentions remain transparent over time.
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 $99. 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. Make a Will online today!
What does and doesn’t go into an online Will?
Now you know what makes an effective Will, but what information do you actually put into a Will?
Some examples of items you may add to your Will include the following:
– Property and assets: Such as real estate, money, personal belongings, and investments.
– Guardianship: Who you would like to take care of your dependents such as your children.
– Hard-to-track assets: Memberships and digital profiles that may be difficult to find. Including hard-to-track assets makes it easy for the executor to cancel or transfer your services.
Some items that you may not add to your Will include the following:
– Illegal items: It should go without saying that you cannot pass down or include illegal items in your Will.
– Non-probate assets: Assets such as superannuation and life insurance are not included in your Will as they already have beneficiaries designated.
– Funeral instructions: Can be added, although they are not legally binding. It is worth communicating your funeral wishes during your lifetime.
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?
Online Wills have cut the traditional cost of Wills in half. You can minimise your Will costs by creating an online Will with One Click Life. With One Click Life, you can secure, maintain, and make a Will online from anywhere at any time. Our Wills online make it easy and convenient to protect your loved ones and ensure that your wishes are carried out.