Month: November 2022

Whether you have realized the essence of creating a will ahead or not, this article will be beneficial. As important as creating a will is, there may still be one or two pieces of misinformation about it, which may lead to gross mistakes. In the end, if the document you create is not done correctly, it cannot be tenable as a legal document when its use comes. The days of spending hours with an attorney to make your will are gone.

Today, you can truly create the legal document called a will in a digital form but note that it does not end there. This article will give you at least five reasons why you should consider creating an online will after you have concluded making a will. Let us start with what a will is and what the term ‘online will’ connotes. Then, do you need a lawyer, or can you complete an online will without the service of a lawyer at all?

What is an Online Will Service?

When we refer to an online will, we are referring to creating a will online and filling in all the necessary details. However, it does not mean you will not need the services of a lawyer, or you will not have to print. You will still need to print and sign it in the presence of at least witnesses for the document to be legal. Any digital copy you create online, be it scanned in a softcopy or snapped, cannot become legal until it undergoes other processes. 

Even if you still store the will in the cloud, it must first become the hard copy format and be duly appended before storage. Presently in Australia, you will need a professional attorney to append their signature for your will to become a legal document. In addition, the signing will also involve two witnesses. Also, when the will is ready to be probated, we cannot use the online or digital version. We will need to produce a hard copy.

So, an online will service is a service that helps you create your will using digital means. But you will still need to produce a hard copy and take it through due process. It is time to consider the five critical reasons why you should create an online will.

5 Reasons You should Create an Online Will

1. It allows the do-it-yourself (DIY) approach

One of the peculiar advantages of digital tools is that they allow anyone to use a DIY approach. Research showed that over 52% of adult Australians don’t have a will, which may be a problem. Their families may run into severe problems if and when the need arises. This alarming rate shows a need to continue to educate Australians about how important a will is. Similarly, you can do it yourself when you create an online will.

Doing it yourself will require choosing the right platform, such as Chamberlain. Then you must back your decision to make a will or testament with convenience. You will provide all the required information and follow the other steps to validate the document. In addition, you may need to answer a few questions before the will can be ready for download and printing. You must arrange for witnesses and an attorney to sign it when you print it. 

2. Online will is affordable to create

Another important reason why you should choose an online will is its affordability. An online will is inexpensive since you don’t have to see a lawyer until the final stage of signing and safekeeping. Anyone would choose the latter if they could save up to $800 between creating a regular will and an online one. Not only does this process makes things easier for you when creating it, but it is also easier for your family when the time comes. 

Even if you can afford the money to pay for the complete services of a lawyer, will you also be able to afford the time? Often, it takes more than a session to complete one’s regular will, but the online choice does not require payment for different sessions. You can bookmark the page and continue even if you cannot meet all the information. Ultimately, the time and money you spend online will be lower than what you would have paid otherwise. 

3. It’s an education on its own

Many Australians don’t even know it is possible to create an online will until they encounter Chamberlain. That is why we make it a duty to give optimum service to all our clients. In the end, these clients learn a few more things about creating a will and how to keep one. There are also different case scenarios that we look out for in preparing the will to give you the best. For instance, you can set up other benefits alongside the will to make it worthwhile.

In addition, we provide professional assistance in the latter stages of preparing your will. You can discuss this with a potential executor who can guide what you need to put in place. As for those struggling with the decision, we analyze the process of writing a will with the disadvantages of not having one. We describe how the executor will carry out the probate process while your will is executed. A better understanding often gives the testator peace of mind. 

4. Value-added services

Value-added services for outstanding performance often accompany online will creation. Since the online design will come through digital means, losing a client to other competitors is easy. Therefore, we provide some unique services in addition to our essential usefulness of a legal online will or testament. Some of the extra benefits you may find include

• Lifelock services
• Keyholders
• Messages
• Funeral services

5. Updates are easy and often free

Another advantage of using an online will creation platform is that it is easy to update. Online intentions differ, unlike a regular will that may require undoing and redoing some legal processes before getting an updated copy. In an online will, there is no need for a codicil. Moreover, your choice can even provide for all future issues, including children you are yet to have. Also, unlike a traditional will, the update does not require a lengthy legal process.

Now, you will update it online and reclose it the legal way. However, suppose you wish to change an executor before the due date. In that case, you can easily do so with an online will but not otherwise. You may even want to update your grandchildren into the plan or factor in the strategies of other family members and other donations.

Have you heard of trust in place of an online will? Whether you have or not, this article will make some distinguishing analyses between the two. Afterwards, you can decide which of the two you want to go for, an online will or a trust. Regarding estate planning, the two serve the same purpose, but different conditions bring each one into action. 

On a general note, a will created online can serve the general purpose of distributing your property to beneficiaries when you die. However, before the final execution of your will online, a probate process must validate the will and the property transfer. On the other hand, a trust is a legal document that transfers the ownership directly to a beneficiary without undergoing the process of probate. 

See also: Discounting the Myths of Online Wills in 2022

This difference is essential in guiding anyone to decide on the path to take when deciding to plan for an estate feels overwhelming. But at Chamberlain, we take up the responsibility of helping you figure out which of the two options works better for you than the other. Before this decision, we will have to know the peculiarity of your condition. Then you also need to understand what the options are in detail. 

Ultimately, both parties must reach a conclusion that works best for you as the client. To achieve this aim, we have a team of experts committed to meeting your needs at the barest possible time and cost. Saving these two resources is an advantage that creating an online will brings to the table that traditional will drafting doesn’t. We will discuss the differences between wills and trusts concerning planning for your properties. 

An Online Will vs Trust: What is the Difference?

Both wills and trusts are similar on many grounds, yet there are stark differences between them. Regarding the similarities, both are ways you can receive your assets. Only you need to do it differently. At the same time, the two terms refer to processes with their advantages and disadvantages. One difference between the two that cannot be ignored is how and when they are affected. In the case of a will or testament, it only comes into effect when the testator dies. But the trust is effective as soon as it is signed and funded by the initiator. In more precise terms, the role of a will as a legal document includes the following

• Designate where each of your assets goes in terms of the beneficiary
• Name guardians and custodians for your kids and your pets
• Tidy up the final arrangements for the execution

These processes appear to be very simple, and indeed they are, but that is not without its price to pay. For instance, when you choose the will route, know that you may have limited control over the eventual distribution of the asset. You indeed get to state how you want them to the distributed, but the actual execution will be behind your back. Moreover, there may be disputes or other matters during the probate process that will warrant some changes. 

As for trust, the conditions can be a bit more tricky and comes with peculiar benefits such as;

• With trust, you get more control over how your assets are assigned and distributed since you can monitor it yourself
• A trust covers any asset you hold under it
• Trust can come in different types and forms to cover other needs

Another unique feature of a trust is that whenever you create a trust, remember that you will have to fund it. This funding process will require that the assets are in the custody of the owner of the trust. Due to this funding process, a trust may be a little more complex before adding support than setting up an online will. But remember that if you want to remove the issue of probating your property, you should choose a Trust rather than a will. 

Trust or Will – which one is better?

As the name sounds, each has its pros and cons, which will contribute to which option is better for you. Another factor to consider is that your specific situation or case will determine your choice above the other. Therefore, seeking which one is better is not a good idea. Instead, it would help if you focused on understanding the situation at hand and the goal of setting up the property management plan from the start. A good understanding of these factors will create a better perspective to find a better solution.

Is it possible to use an online will and a trust together?

In practical terms, yes, you can have a will and a living trust to your name for your assets. The simple reason is established in our description above to show that they have different purposes. As a result, trust can help you manage and distribute your assets, whether alive or after death. However, a will is only active in managing and distributing your purchase after you must have passed on. 

You get to state how you want the assets distributed, and an appointed executor does that at your demise. While that is clear, it is essential to add that it is often not recommended to have both a will and a trust active on one’s property. The reason is simple: the assets included in a funded trust do not require going to a probate court. The assets in your last will or testament would go through an extensive probate process. 

Therefore, you can easily spare yourself and your family all the burden by choosing one means of protecting your assets rather than doing the two together. 

Conclusion

Finally, we have clearly stated the differences between a trust and a will, including an online will. In all these processes, you should not do it alone if you need help or more clarity. Contact Chamberlain for details on how to set up an online will, and we will lead you easily. Moreover, creating an online will allow you to do it yourself and keep private matters. Whichever way you decide to go, ensure you do it right and according to the state’s prevailing laws.

Several myths have been associated with creating an online will that has limited its acceptance. Many who believe these myths have not even checked rationally before making decisions. Are there problems with online will services, or are every negative things you see fake? Are there matters to be concerned about? Are there mistakes you can avoid making to have a smooth run? Let’s begin by showing some of the common myths of online wills.

Myth 1: Online wills have incomplete documents

The first myth you may have to contend with is that an online will come with incomplete documents. That is so untrue. When you enter your details into the online platform, it compiles all the necessary details and generates an online will for you. In many cases, the final will or testament is the same, word-for-word, with all the details you provide. 

In there is a disparity or complexity in the situation, such as a child with special needs, it requires a separate addendum document. You will have to create an intricate trust clause written separately. However, the primary online will service gives room for some of the provisions you may need to add, such as trusts or guardianship for minors and powers of the trustees. We make room for as many as 25 clauses.

Myth 2: Online Wills don’t regard local laws

It is quite intriguing that a legal document will disregard local laws, particularly if the local court probates it. A competent lawyer in any country, province, state or locality must operate concerning the provision of local laws. We pay high regard to the provincial laws of the land, which form a significant part of our online will services. One of the first questions we ask is about where your will or testament will be operating. 

Therefore, we design our services to align with your local laws to avoid taking you through a generic path. The Power of Attorney law is one of the most vital branches of law that accommodates the most comprehensive form of variation in an application. However, we ensure that we provide the right services concerning your province. 

Myth 3: An Online will is usually not up-to-date

Another myth about online myth is that it is usually not up to date, which is also untrue. Not only do we align our legal papers according to the laws of your province, but we also update them when the laws of the land change at any time. Suppose a state in Australia makes a significant change in the law. In that case, we have our hands on these laws by monitoring and equally updating our terms. Another important reason you should choose Chamberlain is to provide your online will. 

Even if you get some scare tactics from people about preparing an online will, be sure to let them know that you know better. Now you know you can design your will online and have a perfect will without exorbitant lawyer fees and still produce a legally acceptable document.

Myth 4: An Online Will can only be legal by notarization and filing at a courthouse 

It may sound normal to ensure that you notarize your online will and file it in a courthouse before it becomes legal. But the truth is that your will or testament can also be valid without taking these exact steps. Ask me how. Firstly, not all states require that the online will be notarized before it can be helpful. What is prevalent in Australia is that you sign the prepared documents in the presence of two witnesses.

You may need to prove your will or testament using a different option. On the other hand, it is not compulsory that you file all your document in a courthouse. Instead, you can consider it an optional step to protect your will and hasten the probate process when the time comes. However, if you don’t feel like having a copy of your will at the courthouse, you can also choose a safe place to keep it, such as a fireproof place or a safe deposit box. 

Myth 5: No one eventually follows an Online Will

One of the fears of people who create an online will is that they think no one will check their will after death. Moreover, their families may not even know there is a will or disregard it and proceed to do whatsoever they like. However, a choice is a legal document and should be regarded as such. Moreover, it can provide lawful wishes that must be duly appropriately followed. What is important is that we maintain the provision of the law in the online will.

Sometimes, your exact wishes may not be executed if there is an issue with the planning process. The following conditions can enhance the decision to follow or unfollow your finished online will:

1. Your online will may be rejected due to invalidity, especially if the document is not signed correctly or has no witnesses.
2. If your will or testament is missing at the point of death or no one even knew it existed, it may not be executed. Another case of ignoring the will and not submitting the will or testament to the court at all
3. A will may also be rejected if the content conflicts with the state laws and are overruled. For instance, some state laws state that no matter what your plan is inside the will, a certain percentage of your property must go to your spouse at your demise.

Conclusion

On a final note, instead of following the deceit and non-clarity of the myths associated with online will, why not understand the truth is. When you do, you can demystify these myths and have the best experience possible. Meanwhile, suppose your case is a complicated one, such as a huge property that is co-owned with others or a special child with a particular need. In that case, you will need professional counsel from an attorney. We can easily recommend one for you at Chamberlain.