Key Considerations for Crafting an Online Will

KEY TAKE-OUTS:

• Our online will services allows you to complete a simple online instruction form that is then sent to our professional team of qualified lawyers to draft your Will.
• Several advantages to using our online Will service include: convenience, cost effectiveness, time saving and accessibility.
• Online Will services fall short where there are complex estates or family dynamics. In these instances, we recommend scheduling a meeting with one of our lawyers.

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What to Consider Before Creating an Online Will

In this digital age, even traditional legal procedures like drafting a Will have moved online. This blog aims to guide you through the process, helping you understand the considerations you should make before deciding to create an online Will.

What is an Online Will?

An online Will is a legally binding document prepared using a digital platform. The online Will service allows you to complete a simple online form containing details about your assets, beneficiaries and instructions that is then sent to our professional team of qualified lawyers to draft your Will.

The Advantages of Making an Online Will

Creating an online Will offers several advantages such as:

1. Convenience 

Opting for an online Will allows you to receive a professionally drafted Will in the comfort of your own home and on your own time, without the need to talk face-to-face with a lawyer.

2. Timesaving

You can complete your Will online in as little as 15 minutes. Our team of lawyers will get to work on drafting your Will and send it to you within 5 business days.

3. Cost-Effective

Without the in-person meetings, we are able to offer discounted prices.

4. Accessibility

The online form does not contain any legal jargon, making it simple to understand and giving you access to quality Will drafting. Our online service also allows equal access to legal services for those unable to travel from their homes or who may have anxieties about speaking to a lawyer.

The Disadvantages of Making an Online Will

For complex estates or family dynamics, our online Will services may fall short in addressing all necessary details and considerations. If your estate requires more customised instructions or you are unsure of what assets form part of your estate, we recommend scheduling a meeting with one of our lawyers to ensure your wishes are reflected accurately in your Will.

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Essential Elements to Include in Your Online Will

1. Information About Your Assets and Liabilities

This is a comprehensive list of everything you own (assets) and owe (liabilities). Your assets could include property, bank accounts, investments, insurance policies, vehicles, jewellery, artwork, and other valuables.

Liabilities encompass all your debts, like mortgages, car loans, student loans, credit card debt, etc.

2. Executor Selection

An executor is the person you appoint to carry out the instructions in your Will. This role involves a lot of responsibility, so it’s important to choose someone trustworthy, capable, and willing to take on these duties.

They’ll manage your estate, pay off any debts, and distribute assets to beneficiaries as specified in your Will.

3. Beneficiary Details

Beneficiaries are the people or organisations that you want to inherit your assets. Clear information should be provided, including their full names, addresses, and their relationship to you.

If the beneficiaries are minors, you should also indicate the age at which they should receive their inheritance.

4. Guardian Nomination for Minor Children

If you have minor children, your Will should specify who will take over as their legal guardian if both parents were to pass away. The chosen guardian should be someone you trust to raise your children according to your wishes.

5. Specific Wishes or Instructions for the Distribution of Your Estate

Your Will should detail how you’d like your assets distributed. This could include specifics such as who gets the family home, who inherits specific items of sentimental value, how your money should be split among your children, or what portion of your estate should go to charity.

These details help to avoid misunderstandings and potential disputes among beneficiaries.

6. Funeral Directions

While not legally binding, many people use their Will to express preferences for their funeral arrangements. This can include whether you prefer burial or cremation, specific details about the service, how you’d like your remains handled, or even plans for a memorial.

By including these details, you can provide guidance to your loved ones during a difficult time.

Questions to Ask Before Choosing an Online Will Service

Before you select an online Will service, consider the following questions:

1. Is the will drafted by a lawyer or by Artificial Intelligence (AI)? 

While AI can be efficient, a lawyer’s expertise can offer peace of mind ensuring that your Will is drafted in accordance with legal requirements to avoid potential errors.

2. Is my personal information secure?

Our online form is hosted by a secure web service, and we use industry-standard encryption to protect your data. We also have strict policies and procedures to ensure your personal information is private and confidential.

3. How long will the process take?

You can complete our simple online form in as little as 15 minutes. As soon as you submit your information, our team of lawyers will begin drafting your Will and send it to you within 5 business days.

Taking the Next Steps to Create Your Online Will

If you decide that an online Will is the right choice for you, Coutts offers a secure Online Will Service designed for your convenience. Our user-friendly platform allows you to take the time you need, carefully considering each decision without any rush.

Our 100% online will eliminates the need for scheduling appointments or commuting to our office, offering you a practical, time-efficient solution available virtually anywhere. Each Will prepared by Coutts Online Will Service is drafted by a licensed and experienced Estate Lawyer so you are guaranteed a professional Will.

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