The Advantages of Do-It-Yourself Will Kits
A last will can provide you with the peace of mind that your final wishes will be followed after your death. But perhaps you don’t have the money or time to go through the process with a lawyer. If this is the case, a do-it-yourself will kit is a valuable option for you.
But before you move forward with making a last will and testament online, you should know the pros and cons of doing so.
Online Will Kits are Fast, Efficient, and Legally Binding
When you use an online will kit like those offered by FormalWill.ca, you will have a legally binding document quickly. Once you print and sign the document, you need to have a witness sign it so it’s recognized as a legal document. Make sure it’s stored in a safety deposit box, fireproof safe, or with your lawyer. To be recognized in court, the will provided must be the original document.
What Does My Online Will Kit Do?
Just like a will executed with the assistance of a lawyer, your online will ensures that your wishes are followed upon your death. It will name:|
- Your executor and an alternate executor
- How your assets are shared among your loved ones
- How any retirement funds and other investments are divided
- A guardian for any children that may be left without a parent
- When a child will be eligible to start receiving income from a trust
- Specific gifts left to individuals
What Assets Should I Specify in My Will?
You will want your will to itemize each piece of property in your estate. Don’t be afraid of being too specific. Doing so eliminates any confusion and prevents challenges in court.
While your house and cottage are obvious choices to include on the list, you shouldn’t forget:
- Fine jewelry or art
- Items of sentimental value
- Investment accounts
- Savings bonds
- Antique furniture
- Designer clothing, handbags, shoes, and watches
Your online will kit will walk you through the steps of leaving different assets to different people. Making sure the will as accurate as possible is critical to probating your estate and distributing assets to your heirs promptly. Poorly executed wills or other issues related to your estate can be held up in probate court, slowing the process significantly.
Is a Living Will Kit Different?
Living will kits aren’t the same as a last will and testament. Living wills kits allow you to name an enduring power of attorney will make health-care decisions for you if you become unable to. Living wills kit will have you name a financial power of attorney and one for the health decisions.
You should 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 significant upcoming surgery
You are diagnosed with a terminal illness
You want to complete your estate plan
If you’re concerned about the time and financial resources necessary to complete your estate planning, a do-it-yourself will is an excellent solution for you. Do-it-yourself versions help you complete the estate planning process quickly and efficiently, at a price much more affordable than consulting with your lawyer, giving you the peace of mind that your loved ones are taken care of when you’ve passed on.
No matter your decision, it’s critical that you make a last will as soon as possible, and keep it update if any of your life circumstances change (i.e., births, deaths and divorces).
FormalWill.ca is a leader in online estate planning. Our system has been developed in close consultation with Canadian lawyers to ensure the utmost accuracy. We have established a user-friendly online service which creates your legal documents instantly and is designed to save you money and time.
Are you ready to start the process of establishing a Living Will instantly? Click here to learn more.