If you are looking to create your last will and testament, or will, online, you’ll find dozens of websites that let you prepare a variety of estate planning documents for very little money, and even for free. With so many do-it-yourself online document services out there, you might believe you can create your will online, all on your own, without paying a lawyer to help.
And in some cases, you can create your will online.
But if you do, you need to understand how these services can backfire on you and your family. Online estate planning can be a catastrophe for those who aren’t aware of the risks. And as you’ll see, creating your will online without a lawyer’s guidance can even be worse for your family than if you’d done nothing at all.
Meanwhile, if you are looking to create your own will online, first ask yourself the following 3 questions. After considering these 3 questions, if you determine you can create your own will online, you should seriously consider having us review it for you once you complete the document to be certain you’ve properly covered everything and everyone you care about.
01 – Will your online will keep your family out of court?
When contemplating the creation of your own will online, the initial question to ponder is: “Do I wish to spare my family from court proceedings in the event of my incapacity or passing?” If your answer is a resounding “Yes, I absolutely want to keep my family out of court,” then relying solely on an online will may not be advisable.
While a will is a crucial component of estate planning, it constitutes only a fraction of a comprehensive strategy. A will alone cannot bypass the probate process, wherein your assets are distributed according to your wishes but must first undergo court supervision. Probate, known for its duration, expense, and public nature, underscores the importance of supplementing your will with additional documents and discussions.
To circumvent probate and safeguard your assets, your will should be complemented by meticulously crafted and funded trusts, alongside updated beneficiary designations. Engaging in candid conversations with family members is also vital to prevent potential conflicts arising from unpreparedness.
Given the intricacies of beneficiary designations and trust planning, especially concerning assets subject to probate, relying solely on online document services may pose challenges. Thus, we advocate commencing estate planning with a comprehensive Planning Session. Through this process, we analyze your family dynamics and assets, forecasting the implications of various scenarios. Subsequently, we devise a tailored plan aimed at shielding your loved ones from court entanglements should unforeseen events occur.
02 – Is your online will’s execution legally valid?
If you do not have assets that would go through the court process, and you want to create an online will simply to name someone as your executor in the event of your death, you’ll want to make sure your online will is legally valid.
Each state has specific laws stipulating how a will must be documented and signed to be legally binding. If you fail to execute your will in accordance with these laws, the court can deem your will legally invalid.
If the court deems your will invalid, it’s as if the document never existed. In that case, a judge would name the person it considers is best to handle your estate, and your assets would be distributed according to state intestacy laws, which typically give priority to your closest living blood relatives.
If you want to ensure your online will is legally valid, you can look up your state’s laws governing the valid execution of a will. From there, make certain you sign it properly, with the right number and type of witnesses.
03 – Does your online will properly name an executor?
If you are going to create your own online will, the last question to consider is whether the will properly names an executor, along with back-up executors, and it ensures that those you name will be appointed by the court in the event of your death.
An executor, also called a “personal representative,” is the person responsible for carrying out the instructions in your will. Your executor is typically named in your will and appointed by the court to locate and manage your assets, pay any outstanding debts and taxes you owe, and distribute your remaining assets to your beneficiaries.
If you don’t name an executor in your will, or the person you choose is determined to be unfit, the court will appoint an executor for you. As an example of how things can go wrong here, one common situation in which a named executor can be determined to be unfit is if your will does not waive the requirement for the executor to obtain a bond, and your named executor cannot qualify for a bond. This is a frequent mistake made by those who create their own will online.
If you’re unaware of these requirements when creating your online will, your chosen executor could be deemed unfit, leaving the choice up to the court. We can make certain your choice for executor is properly qualified, so you can rest easy knowing someone you know and trust will handle your final affairs and support your loved ones when you no longer can.
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