The Advantages of Do-It-Yourself Will Kits
A Last Will can provide you with the peace of mind necessary to be certain that your final wishes will be followed through after your death. If you do not have the time or money to go through the process of sitting down with a lawyer and paying the fees a lawyer would charge for a Will, a do-it-yourself online Will kit is a valuable alternative.
Prior to moving forward with making an online Last Will and testament, you should know what it entails.
Online Will Kits are Fast, Efficient, and Legally Binding:
When you create a Will using an online website (such as FormalWill.ca), you create your legally-binding document quickly and in minutes. Once you print off and sign your document, you need to have your witnesses sign and initialize in the appropriate areas of the document. This ensures that your document is legal. Make sure that it is stored safely, either in a deposit box, a fireproof safe, or with a lawyer.
The Will provided in a court should be the original signed document.
What Does My Online Will Kit Do?
Just like a Will executed with the assistance of a lawyer, a Will created online ensures that your wishes are followed upon your death. This document includes the following:
- Your appointed Executor and alternate choice
- How your assets and estate are shared among your loved ones
- The name and the relationship between you and the Guardian appointed to look after minor children
- The age a minor child is eligible to start receiving income from a trust
- Specific gifts left to individuals
What Assets Should I Specify in My Will?
Your Will includes the entirety of your estate and assets. This usually includes the following:
- A residence, be it a house, condominium or an apartment
- A car or motorcycle
- Items of sentimental value (i.e. jewelry passed down between generations)
- Stocks, bonds
- Antique furniture
- Fine art
You may, if you wish, create an inventory list of all of the above items and attach it to your Will. This list may change overtime, so you may want to ensure that it is kept updated along with your Last Will.
Your online Will kit walks you through the steps of leaving assets to different people. Make sure your Will is kept as accurate as possible and updated as necessary. This is critical if probating your Will ever becomes necessary. You want to ensure that your estate and assets are distributed as promptly as possible to your beneficiaries. A poorly executed Will along with other estate planning issues may hinder the likelihood of your beneficiaries receiving your assets and estate right away. This may also cause your Will to be end up in probate.
Are Living Wills Different?
Living Wills are not the same as a Last Wills. A Living Will allows you to name an “attorney” who can make legally-binding health-care decisions for you if you are unable to speak on your own behalf. An “attorney” does not necessarily refer to a lawyer, but instead refers to a very trusted individual whom you have appointed to make decisions on your behalf. A Power of Attorney, likewise, is a legally-binding document which allows you to appoint someone to make financial decisions on your behalf.
You May Want to Consider a Living Will if:
- You have specific health care wishes that you would like to be carried out on your behalf (i.e. you do not want to be resuscitated if you are in a vegetative state)
- You are about to be hospitalized or have a major upcoming surgery
- You are diagnosed with a terminal illness
- You want to complete your estate plan
If you are concerned about the time and financial resources necessary to complete your estate planning, a do-it-yourself Will kit is an excellent resource. Do-it-yourself Wills (along with do-it-yourself Power of Attorneys and Living Wills) can help you complete the estate planning process quickly and efficiently, at a price much more affordable than consulting with a lawyer. All of this provides you with peace of mind and ensures that your loved ones are taken care of when you have passed on.
No matter your decision, it is critical that you make a Last Will and Testament as soon as possible, and update it if any major circumstances in your life change (i.e. births, deaths and divorces in the family).
FormalWill.ca is a leader in online estate planning. Our system has been developed in close consultation with Canadian lawyers to ensure accuracy. We have established a user-friendly online service which creates your legal documents instantly and is designed to save you money and time.