In our increasingly digital world, online wills have emerged as a convenient and cost-effective means for basic estate planning. However, their legal validity can vary wildly based on state laws and complexities related to individual assets and wishes. To navigate the intricacies of estate planning, it may be beneficial to consult with a professional, such as a financial advisor or an attorney who specializes in estates. You may want to talk through the legality, workings, advantages and drawbacks of online wills with a financial advisor or lawyer to help you make an informed decision.
Is My Online Will Legally Binding?
Online wills are estate planning documents created digitally with the help of online platforms or software. An online will created on your own without the help of an attorney is just as legal as any other will, as long as it adheres to any state laws or regulations. For example, some states might have a rule for how the will is to be
Understanding your state’s specific requirements is crucial to ensure your will is legally valid as acceptance of online wills isn’t uniform across the country.
Therefore, you can consider professional guidance such as consulting with a financial advisor or an attorney who specializes in estates.
How Do Online Wills Work?
Creating an online will involves the completion of a questionnaire about your assets and beneficiaries. This allows the online tool to generate a will that aligns with your state’s legal requirements. The will that ends up being created is typically very generic with a few specifics about you included to make sure that it is relevant to your estate.
Equally crucial to the creation of the document itself is the validation process which can require the signing of witnesses and potentially a notary public. Every state is going to have a different requirement to make a will valid without having to go through probate or without having to prove that the will was the wish of the deceased.
Many states require at least two witnesses to sign the document to fulfill this requirement. Some states also require a notary public to authenticate the signatures for each to be valid. By making sure you understand and fulfill these requirements, you can strengthen the legal standing of your online will.
Potential Disputes of Online Wills
Several factors determine whether an online will is legally binding. Compliance with state laws and obtaining witnessed signatures are essential. However, potential legal issues can arise, such as:
- Unclear language: One of the most common issues of not having an attorney draft a will is having language that is unclear to your intention.
- Lack of witnesses: If your state requires one or two witnesses to see you sign the will but you don’t provide that then your will could be contested.
- Unspecific direction: This can lead to disputes, which further emphasizes the importance of professional legal counsel.
An online will may not be legally binding if it fails to accommodate all of your assets, leading to a delayed probate process or legal disputes among beneficiaries. Therefore, it’s advisable to consider professional legal guidance, especially for complex estates.
Pros and Cons of Online Wills
Online wills offer several advantages. One of the largest is that they provide a convenient way for you to create a will without leaving your home. Online wills also offer a cost-effective alternative to traditional attorney services, making estate planning more accessible to individuals with lower incomes.
However, online wills may not be suitable for complex estates or those with assets in multiple states or countries. In such cases, a thorough review of your estate with a professional financial advisor or attorney is highly advisable. Potential issues such as disputes over interpretation or lack of legal advice can complicate matters.
These advantages and disadvantages are not just theoretical—they play out in real-life scenarios. For instance, an online will might easily distribute a simple estate, while a more complex estate might undergo lengthy probate due to an insufficient online will. It’s important to really do your research if you want to rely on an online will for your estate planning.
The important thing to consider before deciding whether an online will is right for your estate planning is considering how complex your estate is. If your assets are straightforward and your needs are pretty simple then an online will might be beneficial for you. Otherwise, you’ll likely want to consult with a professional.
Bottom Line
Online wills can serve as a convenient tool for simple estate planning. However, their legality can vary based on state laws and the complexities of an individual’s assets and wishes. If your estate planning needs are straightforward, an online will may be a suitable option. However, professional legal help, which may include collaboration with a financial advisor, could be invaluable for larger or more complex estates.
Tips for Estate Planning
- One of the best things anyone can do when planning out their estate is to speak with a financial advisor. It’s a great way to get professional guidance on all the things you need to consider to make sure your assets transfer to the next generation. Finding a financial advisor doesn’t have to bre hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you’re trying to do your estate planning on your own then you may want to consider SmartAsset’s estate planning checklist.
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