Creating a will is crucial for ensuring your assets are distributed according to your wishes after you’re gone. And you don’t have to spend thousands using a lawyer.
Online will kits have become increasingly popular for their convenience and accessibility. They’re designed to help individuals draft their wills without the need for expensive legal assistance.
They provide a user-friendly platform where you can input your personal information, assets, and preferences, guiding you through the process of creating a legally valid will.
Most online will kits guide users through a series of questions about their personal circumstances, family, and assets. The questions are designed to cover essential aspects of estate planning.
Users can customise their wills based on their unique situations. This includes specifying beneficiaries, distributing assets, appointing guardians for children, and detailing any specific wishes or instructions.
The online will kit generates legal documents written in clear and understandable language. The language used is crafted to meet legal standards, ensuring the will is valid and enforceable.
There are a number of online will kits available specifically dealing with Australian estate law. Consumer group CHOICE looked at some of the most popular options, listing the pros and cons of each.
Legal 123
Legal 123 is a simple-to-use will option with a user-friendly site with easy navigation and straightforward instructions. There is also an instructional video explaining the process if you get stuck. They offer their basic online will kit for $86.90.
On the downside, Legal 123 lacks specific options to list superannuation information and tax advice on the site is sparse.
Online Australian Will Kit
One of the cheapest options on the list, the appropriately named Online Australian Will kit, costs just $49.95. Positives include a modern easy-to-read layout filled with useful background information and simple instructions. Detailed sections for children-related matters, spouses and executor selection are covered.
Law Depot
American-based Law Depot offers free online will kits for residents of Australia, Canada and the UK that comply with relevant local legislation.
The questionnaire-based will kit features an easy structure that requires no prior knowledge and a comprehensive section on choosing an executor.
But significant omissions include a lack of any real expert advice on offer and again this kit is lacking in directions on superannuation and tax.
Willed
The Willed online estate kit, costs a total of $159 to file. Willed conveniently segments issues related to children, spouses and executor selection.
It is lacking in any expert advice or tax information.
Online will kits provide a cheap, convenient and accessible way for individuals to create a basic will.
While they may not be suitable for all situations, they can be a valuable starting point for those with fairly straightforward estate planning needs.
Do you know anyone who’s done their will online? Would you ever consider it? Let us know in the comments section below.
Also read: When should you make an advance healthcare plan?
Disclaimer: All content on YourLifeChoices website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care but no guarantees are provided for the ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness in regard to your own circumstances. You should seek professional advice from a financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances.