Writing an online will is a thought which can be daunting, provided the circumstances that accompany the execution of the will. Leaving your loved ones may be a painful reality but inevitable. It’s therefore important to take the necessary steps to make sure that your loved ones will be taken care of when you’re gone. So, while you still can, you should prepare all the requirements needed to make sure that everything will run smoothly legally.
One of the ways to provide for your loved ones after transitioning to the afterlife is to have a will in order. A will is a legal document that specifies how you’d like your material possessions distributed after your death. This requires some serious thought for the execution to be a straightforward process. Nowadays, you can write a will in the comforts of your home. It’s ideal for people who lack the time and the strength to go outside and manage their legal documents. This practice has been gradually accepted by society because of its convenience and practicality.
If you want everything in order for your loved ones when the inevitable comes, here are some tips on how to write an online will:
- Choose An Online Writing Will Service
You can write an online will by searching for websites offering legal services on the internet, you can get expert guidance, ensuring that you don’t overlook certain aspects. On the other hand, you can also do this by downloading a template and filling it out with the suggested information independently. However, when you choose this option, no one will legally guide you and you’ll be drafting your will at your own discretion which can be prone to mistakes and confusion during the execution process.
For that reason, it’s advisable to engage the services of the experts in will writing because they can guide you by explaining the terms that you may not understand and suggest how to properly deliver your message through writing in a way that doesn’t leave any misunderstanding. By seeking the help of experts in will writing, you’ll have peace of mind knowing that your loved ones will benefit without the inconveniences and disputes.
- List Your Possessions
Once you have chosen a will writing service provider, you can list your possessions, such as the following:
- Real Estate (house, holiday home, rental houses)
- Financial Assets (cash, stocks, bank accounts, bonds)
- Personal Property (clothes, furniture)
- Family heirlooms (items passed down from generation to generation, such as ornaments or jewelry)
- Think About Beneficiaries
Will writing isn’t a simple matter of digitally filling up information in a blank form. A lot of thought needs to be put in before you finalize all the information you’ll incorporate in your online will. One of the most important details that you need to be sure of is the beneficiaries you want to be included in your will.
A beneficiary is a person who gains all the possessions that you’ve listed. This could be anyone from your child, parent, guardian, or family friend. You are at liberty to choose whom you want to benefit from your possessions, as there is no set rule as to who should inherit. There are different kinds of beneficiaries which include:
- Primary Beneficiary: The individual who is first in line to receive your material possessions
- Contingent Beneficiary: The person who can benefit if your primary beneficiary doesn’t have the capacity to do so. This may be in the event of the primary beneficiary’s death, for example.
- Residuary Beneficiary: The beneficiaries who’ll receive any residue of an estate, after everything has been distributed. These beneficiaries can be multiple individuals.
- Carefully Choose Your Executor
The executor has many duties to attend to for your wishes to be followed according to your will. The person you choose to be the executor has to be organized, disciplined, and committed because it’s more than simply reading out the will. The duties of an executor include the following:
- Safeguarding investments, debt payment, and liabilities that the estate may owe.
- Tax return filing
- Locating the will and liaising with lawyers involved
- Funeral and burial arrangements as per instructions, together with family
- Identifying your beneficiaries
- Listing of content, property and materials to be distributed
- Liaising with insurance companies to obtain particulars as per insurance policy
- Identifying digital assets and securing these
- Informing banks and other institutions where the deceased would have had existing accounts
- Collection of amounts owed to the deceased
The amount of work needed to be done by the executor shows that careful consideration has to be made before writing your online will. Choosing an executor doesn’t mean writing the first person who comes to mind just because of your close relationship with the person. You can consider other aspects such as the person’s integrity, loyalty, and objectivity when it comes to your property and the dynamics involved with your loved ones.
Nowadays, writing an online will is more convenient because you don’t have to leave the comfort of your home to accomplish it. You can write an online will anytime you want to. Although the thought of writing it can be overwhelming due to the fact that it’s a preparation for the inevitable.
That said, you need to carefully think about the decisions you’ll make regarding your online will, as this will shape how the process will unfold once you’ve passed away. You can also consider meticulously who you prefer to be your beneficiary and executor. Doing this early on can help facilitate a thorough and smooth execution of the process.