It may be shocking to discover that you don’t even need a lawyer to draft your own will. There are many ways to create an online will and still validate it as if a lawyer wrote it. This article discusses how to factor all properties into an online will without sitting with a lawyer to do it. Recent statistics show that about 52% of Australian adults still live without a will to their name. Each of these people comes up with one or two excuses. The common excuses we find include
- Not getting around to it yet
- Not having quite enough assets to share and go around everyone
- The wills are usually too expensive to work on
- Not having an idea of how to create one with ease
Even for those who don’t admit to one of the above reasons, their reason is usually not far-fetched. Others may even sit on a perceived barrier of cost without knowing exactly how much it costs. Moreover, comparing the cost of losing your properties to planning, the latter is more reasonable. Whether your reason for not having a will is the difficulty, cost or lack of access, we can help you.
A Step-by-Step Guide to creating an Online Will without a Lawyer
Below is a guide on how you can create an online will without the services of a lawyer. Depending on your service provider, some of these steps can vary from one Service Company to another. However, it retains the essential components of a typical will, whether you create an online copy or the traditional method. Moreover, you can save yourself and your family from stress as you prepare.
Step 1: Create a List of all your Assets
When you need to make an online will, the first step is to make a list of all the assets you remember. None of your assets must be left out of the will, including the projected ones. For instance, you can begin with your financial support, including liquid and non-liquid cash assets such as stocks and bonds. Other assets may include your personal belongings, inherited properties, family heirlooms, tangible property assets and anything you remember.
Below are essential assets to include in your list to secure them for future generations after you depart.
- The real estate, including landed properties, whether developed or not
- Checks, savings, money market accounts and every other valuable account, including debts
- Retirement accounts, Stocks, and Bonds
- Digital assets, including cryptocurrencies
- Cars, jewellery, artwork and other sentimental assets you may have
- Business investments, business assets, and intellectual properties, including royalties
Step 2: All essential languages
Your online will should also take care of all legal languages that may matter going forward. You may want to protect the ones you acquired for professional reasons. The outcome of this step is to prepare some resulting document titled “the last will”, written in your name. In addition, it does not matter if you have to edit the will later. Until then, the one you have completed is still called the testament.
In addition to the title or the testator’s name, the online will should show that you are in a sound mind. You should also add further clarification such as your full name, date of birth, address, and maiden name. At the same time, the template of the online will should also include your unique signature. In addition, you should provide the details of the two witnesses you provide. Their submitted information should include such as full names, addresses, dates and their signatures.
Step 3: List out all your immediate relatives
The next step is to list your immediate relatives and family members. While assigning a property to each family member is not essential, you still need to include and recognize them. At least, you should state your spouse’s and children’s full names and other details. Some of the additional necessary information to include is the birth dates and the marriage dates.
After stating all the details, try to review the list to confirm that you have included any influential person. In addition, you should consider all personal and financial circumstances of these family members. It should also include the specific needs that they may have. If you want to include two or more witnesses in the will processing, you should add them. Moreover, you have to decide on how you want to assign these assets.
Step 4: State the Beneficiaries
The next step is apportioning these properties and stating the beneficiaries and who gets what. Let it be clear who among your family members will get so and so property after you depart. State the full name of the beneficiary and state the details of the property the person receives.
If the property is real estate, you must describe it and state the specific address. In the case of a financial asset, display the current amount of support at the time of writing the will. If it’s a car, you should state the model, make and year of release with all the necessary papers. If any of your beneficiaries need guardianship, you should also note such details.
Step 5: Name the online will executor
At this step, you should name the executor of the will, which is an important part. The executor must be someone you trust to fulfil your wishes. It would help if you chose someone who is also fair-minded and will remain neutral in the scheme of things. In addition, you may want to pick a backup executor. He carries out the same duties in case your primary executor is not available to do the job.
Step 6: Print and Sign the Will
After producing an online will, you must print it and file it for signing. The signing process must involve two witnesses whose names are not included in the will or testament. Moreover, the witnesses cannot be natural heirs to any properties inside the will. The role of the witnesses is to verify that the will conditions are correct with the sound mind of the testator. Also, they ensure that there is no manipulation. All present will then append their signature and date to the will. Another essential step is to tell your loved ones about your will and where they are kept.
More to read: How to Write your DIY Online Will without a Lawyer