Writing a will helps you to control how your possessions are distributed after your death. While many will put off this important task, one way that isn’t as time-consuming is to complete the process online. Although one of the best things about creating your will online is that it’s convenient, it is more than just plugging in information into the site. You obviously have to take some time to think about what you want to do and to make sure that the document will ensure that your wishes are carried out. Read on for information about creating your will online.
Inventory of your Assets
An individual’s assets can determine their estate planning strategy; you don’t want to overlook any of your possessions so that you make a mistake concerning distribution. Before you start, you need to take stock of your assets. Although many people mistakenly believe that the will covers all your assets, it only covers assets that aren’t passed by operation of law, through a trust, or have a beneficiary designation listed, such as a life insurance policy where the named recipient gets the assets after your death. This is relevant information that you should know before starting an online will so that your intentions will be reflected in your will.
Leaving Money to Minors/ People with Disabilities
Online wills simplify the process of passing down your assets to children. It usually allows you to leave money to children outright. However, this presents myriad problems if a child is a minor or has a disability. Leaving money to a minor child can cause issues in probate and a guardian will need to be appointed, which can lead to excessive administrative fees and other complications. With disabled children, you often want to leave their part of the inheritance in a supplemental needs trust, so that they can maintain eligibility for government benefits. These are very significant details that aren’t always contemplated when using online software.
When You Don’t Have a Spouse or Children
There can be issues when it comes to online wills if you don’t have a spouse or children. Online will sites often default to requiring information about a spouse and children. If this is the situation, the probate process is more complex and the closest relatives of the deceased need to be identified. Any New York estate planning attorney would have their client fill out an extensive family tree, but the online site may not necessarily provide for this.
Additionally, in situations where an individual doesn’t have a spouse or children, a revocable trust is generally advisable. However, when you create your will online, it won’t necessarily provide you this information that might help you accomplish your goals more successfully.
Need Help Preparing Your Will? Talk to an Experienced Attorney
Although you can create a valid online will as long as it’s executed properly, the details of your case might be such that a generic site isn’t as helpful to you. You can get valuable insight from an experienced MOWk law New York estate planning attorney. Contact us today to follow up with more information.