As our world becomes increasingly digitized, the importance of navigating online becomes essential. This includes preparing for what’s best for ourselves and our loved ones. We need to protect both our digital and physical assets. This is where online Wills come into play. It is a testament to the marriage of technology and legal paperwork that we can now create online Wills.
You do not need to go with some online Will template that is a boilerplate option. You will want to work with a proper legal platform offering the best online Will option in Canada. When you create your Canadian Will online, you will want to ensure that it legally holds up in court or during a dispute. There should be instructions regarding what to do once the Will is complete.
What’s in a Will?
Breaking down Wills
Are Online Wills legal?
What service should I use?
In the End
What is included in a Will?
Let’s take a closer look at what a Canada online will looks like: it requires exactly the same type of requirements of that a traditional paper Will. You should start with the first and last names of the beneficiaries. Your beneficiaries are the recipients of the assets you are leaving behind once you pass away. There should be a breakdown of the assets each beneficiary is meant to receive. This breakdown can include either specific items or a percentage of assets.
You also want to include someone responsible for carrying out the wishes that you have requested in your Will. This person is called the Executor of your Will. This person is responsible for distributing your assets and managing your requests.
If there are minor children involved, you can also appoint a Guardian for those children (in the event of your untimely departure from this world.) Finally, if there are any special instructions, requests, or actions that your beneficiaries or Executor need to be made aware of, those should also be included in the Will.
Understanding the mystery of Online Wills In Canada
Online wills can also be known as electronic Wills or even digital Wills. These are stored electronically. They can even be delivered electronically. You simply have to print out the Last Will in question and make sure that it’s signed and witnessed in the right places.
Another benefit of creating an online Will versus a traditional written Will is the convenience factor. Online Wills can be made from the comfort of your own home (or office), which removes the need for any type of in-person meeting as well as any costly meetings with lawyers.
Another major plus point is just how accessible creating an online Will is. It is perfect for those who may live in remote areas (or have reduced mobility). Online Wills may allow people living in (relatively) inaccessible areas the convenience of creating their Will online. They would simply have to have access to a computer, the Internet, and a printer. This also goes into the benefit of cost-effectiveness. An online Will tends to be significantly cheaper than creating a traditional Will.
You may think creating a Will is a complex, taxing process, but you would be wrong. Many services today offer an online Will kit for Canada. You may want a service providing you with a step-by-step guide to create your Will. These services will take you by the hand and guide you through a platform that helps simplify the creation of your Will. Before creating your Last Will, you need to know what your assets are, who your beneficiaries are, your Executor(s), Guardian(s), etc. Have your information ready before you start.
Online Wills offering customization options that cater to your specific needs are the best option for you. Online Will services allow you to create a Will that is tailored to your circumstances. Your Will can be tailored to your wishes.
What about the legality of online Wills in Canada?
The legality of the Will may vary from province to province. You may want to check directly with your provincial laws to see the rules and current legislation. But any credible Will service will have the proper instructions to follow in your province/territory of residence. You can print the Will and signing instruction letter out. Just follow any instructions in letter that comes with it. Be certain the letter is tailored to your province/territory of your residence. With that said, if you feel as if you require legal advice, you may still want to consider speaking with a legal professional. This too, is covered by credible online Will services. When you create your Will, these online Will services may have lawyers you can consult with (for a fee). The cost of using these lawyers may be a lot cheaper than going through a lawyer directly. There are always options available.
If you follow the instructions provided by the online Will service, the Executor should be able to access your Will with no issues. Once the Testator (the person who drafted up the last Will) passes away, the Executor should know what to do: the Executor should know where to find the Will, what the next steps are, etc. This will help streamline the process of Will creation.
It is important to note that there are fundamental requirements for the Will to be considered legal. They are as follows:
The first specification is to ensure that whoever is creating their Will is of sound mind; that their mental capacity is not in question. The Testator needs to be able, within the legal framework, to understand what they are doing. There may also be requirements to have witnesses present and sign off on the Will. These witnesses, may or may not able to be beneficiaries themselves. This information should be included in your Last Will.
Another legal requirement circles back to storage requirements. As mentioned above, the document should be securely stored and yet, easily accessible. The right people should be able to access the document when necessary.
What to take into consideration when choosing an online Will service in Canada
If you have already made up your mind and want to go completely digital with this critical document, the next step is finding the right platform for you. It all starts with finding one with a strong reputation. You’re looking for a track record, testimonials, and reviews of their products and services. This allows you to better understand whether the service in question is the right fit for you. You are looking for people with a background in legal expertise and are familiar with Canadian laws/laws related to Wills, etc.
Beyond this, you want to do your due diligence on the security features these online platforms have. Make sure they are robust with the right type of encryption and authentication features and have a proper team managing their cyber security.
The final item you’re going to want to take a look at is pricing. You clearly want to compare the cost to the quality of service. Just be comfortable with everything before proceeding.
In the end
Don’t make the mistake of thinking you’re not old enough to set up a Will. Creating your online Will in Canada can be done as soon as you have loved ones you care for and assets in your possession. This also applies to both Millennials and GenZ; yes, these two generations are struggling financially, and yes, they have a rocky start in comparison to the post-war baby boomers of the 50’s and 60’s. But, and this is a big but, at some point in their lives, there will be a time when they accumulate at least some of their wealth. This could be in the form of digital assets (such as bitcoin), or physical assets (such as jewelry, antiques, etc.) As life circumstances change and evolve, you may want to create a Will at some point in your life. Additionally, creating a Will has many tax benefits. A Will can also eliminate any family squabbling that could occur after your passing. There is no reason to postpone such an important document as you may never know when your time comes.
Even with an online Will, nothing is set in stone, and you can periodically review your Will to ensure the document is kept updated. Maybe your children are no longer minors, or there are additional assets to add to your Will. You can easily update these items through your online Will. You can do this without the need to go through expensive revisions through a lawyer.
This is a revolutionary option that can help protect generational wealth in an easy-to-use format. There’s no fear of losing your documentation as the documents will be stored digitally. Whenever you’re ready to consider doing your Will online, feel free to reach out to us. We will be prepared to handle your inquiries and help get your online Will setup in no time. We can help you make the best-informed decision about online Wills and, more importantly, ensure that you’re going to secure your legacy and protect your loved ones.