When many of us think of estate planning, we think of old age, we think of expensive and we think of stuffy lawyers and elaborate estates.
But as modern technology continues to lower cost and widen reach in the estate planning space, online Wills are offering an easier and more affordable way to access the benefits of an estate plan.
In widening access to a tool previously reserved for the rich, this online Will technology is changing the game on not only who, but when, we can benefit from writing our Will.
Whilst writing your Will at a young age may seem like an unnecessary or even uncomfortable task, it can actually provide numerous benefits in the long run.
As an increasing number of young people start to make use of technology in the Will writing space, the advantage of writing your Will early is becoming increasingly apparent. Read on to find why.
By creating a Will early, you protect the assets you already hold and create a framework for future assets to distribute according to. In creating the original Will, you've taken care of most of the admin- set yourself up with a legal document which is there to be amended when life circumstances see fit.
Whether that's having children or buying a property, with a Will already in place you safeguard life changes against the uncertainty of what's round the corner.
This creates a tool to specify who you want the bulk of your estate to go to, any funeral wishes or just charity donations you’d like to make with your deceased estate. Even if things change, a Will can be easily updated.
2. Asset Management
Creating an estate plan early can help you start thinking about your financial future and how you want to manage your assets.
In deepening your understanding of your financial situation, you can get informed about decisions over investments, retirement planning and other financial matters.
Similarly, in speaking with experts in the field, you can write your Will and make alterations to your asset management or investment plan which will be more tax efficient.
Whilst it's tempting to live in the present whilst young, making financial provisions ahead of time can save you money, time and stress in future.
Whether you realise it or not, you’ve probably already qualified for being one of those people who would benefit from a Will. Why? Because, unlike popular belief, estate planning has benefits for everyone.
Regardless of how many assets in your estate or money in the bank- writing your Will creates a roadmap for where your assets should go, if the worst occurs.
Similarly, it also creates the opportunity to make provisions with a power of attorney or enduring guardianship, if you lose capacity to make decisions on your own estate.
This creates huge benefits for your assets, your own peace of mind and the loved ones you’ll one day leave behind.
For your Will to be considered legally valid, you must have full mental capacity. Leaving it till old age or illness to get your affairs in order risks questions raising concerns over undue influence, or lack of capacity to make these decisions.
These concerns can cause delays in probate, and snowball into greater expenses and stress for those you leave behind.
Writing your Will is more than just outlining how your money will be distributed. In communicating your funeral and end of life wishes, an estate plan provides a practical way to take a more empowered approach toward death.
Allowing you to take back control against the uncertainty of life, a Will can help lock in those all important end of life wishes, funeral preferences and stipulations on your celebration of life.
Contrary to popular belief, writing your Will has benefits at any age- helping to ensure that your wishes are fully safeguarded and your asset wishes recognised in court.
Safewill offers an affordable, flexible and easy platform to write your Will around your modern day life. Our team of legal professionals ensure the validity of your legal document, whilst working around your schedule to support you.