A will is one of the most crucial documents that you can draw up in your lifetime.
It’s a legal document that has instructions regarding how your properties and belongings should be distributed when you’re deceased.
Such a decision impacts your family that’s left behind, therefore it needs serious thought and planning.
Some have put off the process of constructing wills because of the legal expenses that incur when involving a lawyer.
Online wills, however, eliminate the legal expenses required and can be drawn up quickly, and in a cost-effective manner. Let’s take a look at the seven things that are required of you when drawing up an online will.
For your will to be effective, detailed personal information is required. Many people cringe at giving out information online in fear of identity theft.
This is why it’s important to work with professional and reputable online entities such as Willed, which deal specifically with wills. Information that’s required of you includes your name, address, relationship status, and age.
If you have a spouse, their name is required, as well as the name of your executor.
An executor is a person who will be responsible for overseeing that your requests in the will are followed. You must allocate this important role to a person who you know is trustworthy and committed to seeing your requests through.
If you have children, this part of the will is crucial and sensitive. You will need to provide details of the person with whom you will entrust your children if they’re are minors.
Failing to do so means that the governing laws can ultimately dictate the fate of your children.
People in close relation to you, such as your siblings, parents, or grandparents, are usually the most common options for allocating your children.
If these choices are not the most beneficial for you, then you must explicitly state who will be attending to your children come your demise.
In your will, you have to provide detailed descriptions of all your assets, and how you wish for these to be distributed.
Assets can include cars, gadgets, furniture—any your belongings. You need to clearly describe each property in terms of its features and where it is located.
The heir, to whom you wish to give these belongings, must also be declared clearly in order to avoid any confusion among anyone else.
For example, you can state that you wish for your green Mercedes-Benz that is parked in the garage to be handed over to your firstborn child when they’re 18 or older. The more descriptive your will is, the easier it will be for the executor to facilitate.
Real property includes houses and buildings that you wish to have distributed. The process of allocating real property can vary depending on your location.
In order for this to take place, this may require some degree of legal advice or research regarding the dynamics, such as location and documentation. Detailed descriptions of your property structure and location are also important to provide.
Listing your debt doesn’t mean that you are passing on the financial obligation to your family. It simply means that a real evaluation regarding your assets and property can be calculated with the debt in mind.
The debt list can include car loans, mortgage, credit cards, student loans, and personal loans. Those to whom you leave your property and assets will then be aware that debt has to be factored in. This can sometimes shift the dynamics of property and asset value.
If you draw up a perfectly detailed will but leave out your signature, your will is completely invalid. Your signature, along with those of two witnesses, is required for the will to be official. Most online will platforms make sure that such minute, yet crucial details, are included.
7Notarising The Will
If you include a self-proving affidavit in your will, it will have to be notarized. This makes the process of proving the actual document much easier. The processes of notarizing your will can differ depending on your location.
Online platforms, that include legal teams for drawing up your will can assist you with all the necessary information to ensure your document is complete. This can lower the risk of you overlooking any important details, such as notarising.
Drawing up your will doesn’t need to be a daunting task that you put off.
You can leave your loved ones in a positive state regarding your property and assets by engaging online will platforms.
Such online platforms will assist you in including details, such as your personal information, description of assets and real property, guardianship, signatures, and notarizing processes.
Make sure to use a reputable and recommended online platform to draw up your online will and give you peace of mind.