Think You’re Ready to Prepare a Will Online? Here’s how to Know for Sure
Preparing a Will online saves you time and money, and spares your loved ones the headaches of dealing with skyrocketing administrative fees and estate taxes once you have passed. Without a Last Will and Testament in place, your heirs may also be required to go through a lengthy court process, one which may impact to where and to whom the property, estate and assets you previously wanted to go.
Being clear about your intentions once you have passed is essential to creating a Will, so preparing yourself adequately for the process of creating one is vital.
We’ve outlined below the information you need to have handy and the questions you need to ask yourself now that you’ve decided to create your Will online.
Who are Your Beneficiaries?
Make sure you have carefully thought about to whom and to where you would prefer your assets/estate to go to once you have passed on. This is the first major step in creating your Will. To create a Will using FormalWill’s online system, you will be required to state your relationship status with any proposed beneficiaries (or heirs).
Naming Your Executor
The role of an appointed Executor can be complicated and time-consuming because he or she needs to make sure your assets are appraised and appropriately evaluated.Your Executor is in charge of distributing your property to beneficiaries and settling your estate and assets when you have passed. That person will also be responsible for closing any outstanding financial obligations left in your name (such as any outstanding debts to be paid), managing your funeral arrangements, and a wide array of other tasks.
When you are considering appointing an Executor for your Will, someone very close and trustworthy is the most likely candidate. An Executor appointee can be your spouse,children, sibling, relatives or a very close friend. When completing your Will online, you need to identify the Executor, your relationship with the person in question, and if necessary, designate an alternate Executor if your first choice has either passed on or is otherwise unable to fulfill their responsibilities for whatever reason.
You may also wish to appoint an estate planning lawyer to fulfill the role of your Executor, if that is your preference.
Decide Where Your Assets are Going
You can distribute your estate/assets among as many people as you prefer, to be split among your beneficiaries on a percentage basis. For instance, if you want to pass your assets onto a single person, identify that you would like 100% of your estate to that person. If you would like to split your estate to be divided among two beneficiaries in an equal 50-50 split, you can identify that in your Will.
You are also able to identify any specific gifts you’d like a particular person to have.
This includes charitable donations. All you need to do is determine the charitable group, their city/province of operation, and the dollar amount you would like to donate.
Formal appraisals of your assets are not required, but may be useful later in the process, especially when it comes to valuables such as jewelry and artwork.
Identify Any Trusts or Guardians
If you would like your estate/assets to be set aside as a trust for any minor children, identify your heirs and the age(s) at which the trust will be available to them.
At this point, you will also need to establish Guardianship for your children if they are under the age of majority at the time of your passing. A Guardian can be a friend or family member, but it is always a good idea to broach the topic of Guardianship first prior to identifying them in your Will.
Knowing what information you need to have at the ready before you create your Will online makes the whole process easier.
FormalWill.ca is a leader in online legal wills. Our system has been developed in close consultation with Canadian lawyers to ensure the utmost accuracy. You can create your free account in seconds and pay through our secure payment system. We have established a user-friendly online service that creates your legal documents instantly while saving you money and time.
Are you ready to start your will planning process instantly? Click here to learn more.