Creating a comprehensive estate plan, including a legally binding Will, is essential to ensure your assets are protected and your final wishes are carried out. With the advancement of technology, writing an online Will has become a convenient and accessible option for many individuals. But even with this convenience in mind, it still requires prep.
Read on as we walk you through the necessary steps to prepare for writing an online Will, and empower you to create a secure and effective estate plan from the comfort of your own home.
Before you embark on your online Will journey, it’s crucial to understand the significance of this legal document. From choosing how your estate is distributed, to setting out end of life wishes, an online Will allows you to:
Clearly state how you want your assets distributed.
Appoint a trusted executor to carry out your wishes.
Specify guardians for minor children or dependents (if applicable).
Address your digital assets and online accounts.
Minimise potential conflicts among beneficiaries.
Ensure your loved ones are taken care of after your passing.
Just like a traditional Will, this document holds a lot of weight. From financial to emotional, it can set the trajectory for how your estate is distributed and your legacy remembered.
With this in mind, it’s important to choose an estate plan platform that you trust, understand and feel supported on. At Safewill, we understand this need more than most and work harder than anyone to make your Will writing journey as smooth as it can be.
To create a comprehensive online Will, start by compiling a detailed inventory of your assets. This includes but is not limited to:
Financial assets: Bank accounts, investments, retirement accounts, life insurance policies, etc.
Real estate: Properties, land, vacation homes, etc.
Personal belongings: Valuables, jewellery, art, collectibles, etc.
Digital assets: Online accounts (social media, emails, etc.), cryptocurrency holdings, digital media (photos, videos, etc.).
Debts and liabilities: Mortgages, loans, credit card debts, etc.
This can take up the bulk of time when writing your Will, so planning ahead can help minimise the time to get it done. With platforms like Safewill, you can also reach out at any point ahead of time for specialised legal advice, tailored to you.
Next, it’s time to choose your executor. This person or institution will be responsible for administering your estate and carrying out the provisions of your Will. With this in mind, it’s important to get your choice right, thinking about:
Choosing someone who is trustworthy and reliable.
Discussing your decision with the potential executor to ensure their willingness to take on the role.
Considering appointing an alternative executor in case the primary choice is unable to fulfil the duties.
Choosing beneficiaries is central to ensuring your Will supports those you love the most. It can be a good idea to identify these people or organisations ahead of time, helping to support the individuals or entities with your leftover estate. Make sure to:
Include full names and relationship details for each beneficiary.
Specify what assets each beneficiary will receive.
If you have minor children or dependents under your care, designate guardians who will take care of them in the event of your passing. Yes, we might not want to think about it, but this decision can save stress for all involved if the worst occurs. At this time, you might also want to consider appointing a power of attorney to insure against the possibility you lose capacity or get sick.
It’s also worth noting the importance of discussing your decision with potential guardians and POA's ahead of time- ensuring they are willing and capable of taking on the responsibility.
Next, it's time to gather essential legal documents and personal information necessary for your estate plan, including:
Social Security numbers
It’s worth setting aside a safe and secure place to store these documents, alongside your finalised and signed Will. This can make it easier for family and executors to administer your estate when the time comes, and also make it easier for you to make updates.
In the digital age, it's essential to consider your digital assets when creating an online Will. These can make up an important part of many modern estates, yet often get forgotten in the Will writing process. Whilst preparing and writing your Will, it’s important to consider:
Social media accounts (Facebook, Twitter, Instagram, etc.)
Cloud storage accounts
Online subscriptions (Netflix, Spotify, etc.)
Digital currency holdings (Bitcoin, Ethereum, etc.)
As well as taking inventory of your digital assets, it’s also important to provide necessary access information, and specify your wishes regarding their management or disposal.
Selecting a reputable and secure online Will service is a vital step in the estate planning process- helping to ensure your Will is valid, your wishes secured and your Will available to be updated at any point.
Things like customer reviews, security and customizability are all important in deciding who to write your Will with. And whilst we might be biassed- as the highest rated online Will platform in Australia, Safewill provides a good option. It’s affordable, it’s user-friendly and it’s even overseen by specialist lawyers.
Get started on your online Safewill Will today, and help to protect your family and your estate in one. Or, for more info on how you can get prepared to write your Will, reach out on 1800 103 310 , or via live chat now.