Setting up a Will is the most important part of planning for your death. The cost of drafting the simplest of Wills can cost you around $150 – which is quite a reasonable amount. But what if you want additional Estate Planning documents along with your Will? It will surely cost you $1000 at least.
The question of when should one opt for an Online Will or DIY Will over the traditional Will creation process might pique your interest.
Ask yourself these three questions before jumping onboard and writing your own Will.
1. Is my family situation simple?
Online Wills are suitable for a single person with fewer assets or a couple without children. Less family members is proportional to less complications while bequeathing an Estate. Estranged children, siblings or spouses, divorces and separations or any other family problems might require the need for a complicated and/or elaborate Will through the help of a lawyer.
2. Are my finances in order?
Have you made a list of your assets and kept them in order? Do you have any assets that might be taxable at death in your state of residence. These are the circumstances where you might not want to draft a Will on your own. If your estate is taxable, a financial advisor or an estate planning lawyer can help you in saving taxes while creating your Estate Plan, thus leaving more money to your next-of-kin.
3. Does my Executor have the right knowledge and skills to implement the instructions left to them through my Will?
An Executor of an Estate is an individual who handles your Estate for you after your demise. Even if you are drafting a simple Will, there are details to handle and accounting to record. So, you have to choose an individual who is not only knowledgeable but also has the skills to implement the instructions left to them through your Will.
If you have answered YES to the above questions, then an Online Will or a DIY Will is the right choice for you.
There are few more things to consider while drafting a Will.
- Who do I leave my assets to?
- Who should I choose as my Estate’s Executor?
- Is there a specific property that I want to leave to a specific someone?
- Who will look after my Digital Assets after I’m gone?
These are the questions to consider before drafting a Will. If you are thinking of your Digital Assets and who would handle them after you are gone, we have the perfect solution for you.
Consider creating a Digital Estate Plan for your Digital Assets. A Digital Estate Plan is nothing but an Estate Plan exclusively created for your Digital Assets. All your online accounts such as social media profiles, online shopping and subscription accounts, gaming profiles, email accounts and cloud storage services are called Digital Assets.
Creating a Digital Estate Plan is not very difficult. All you have to do is make a list of all the accounts you own and leave instructions as to what must happen to them after you’re gone. The next step is to appoint a Digital Executor. A Digital Executor is someone who is tech-savvy and knows how to handle your online accounts the way you want them to.
Read our blog post to know more about creating a Digital Estate Plan for your Digital Assets.