Online Wills Are The Way Of The Future  

Before the digital age, estate planning involved endless meetings with attorneys and sifting through hours of paperwork. Technology has advanced the process of estate planning to streamline it and make it easier to create your Will, Power of Attorney, and Living Will. Online Wills are a popular alternative for people looking for an alternative to a lawyer.

A. The Traditional Estate Planning Process

There are four main aspects of traditional estate planning:

1. Consultation with an Attorney: In the past, if you were looking to create your estate plan, the meeting with your attorney would involve a plan to discuss your financial situation. It would also be about how you would want your assets to be dispersed upon your death.
2. Legal Documentation: Attorneys would then draft Wills, trusts, powers of attorney, and Living Wills.
3. Probate and Court Proceedings: After the individual passed away, their estate would go through probate, a legal process to validate the Will. This typically involved court proceedings. It could cost a lot of money and time.
4. Record Keeping: Families were tasked with ensuring physical copies of these documents. As you can imagine, the family members tasked with this important responsibility would have to remember where they were kept. Holding onto these documents could also lead to disputes with other family members, who would feel slighted as not being the ones able to hold onto the documents. This could lead to squabbles among family members.

Here are some key technological advancements when it comes to estate planning:

1. Online Wills: Online platforms and software allow individuals to create legally-binding Wills from the comfort of their own homes. The user is guided through the process and asked a series of questions, and a Will is generated in no time.
2. Digital Assets: Almost everything is online now, so it makes sense that digital assets are becoming more popular. Cryptocurrencies, online banking, and social media accounts are all included in these digital assets. These digital assets can also be passed on when someone dies.
3. Electronic Signature and Notarization: Digital signing services like Echo, and online notarization services exploded during the pandemic. Many provinces/states do accept electronic signatures and notarizations. This makes the process of estate planning easier.
4. Cloud-Based Storage: Storing important documents on an online cloud drive is convenient. It also reduces the risk of loss or damage to physical copies.
5. Automation and AI: Artificial intelligence is being used to streamline the estate planning process. AI can help bring up specific issues and offer insights you might not have thought of.

Online Will services have gained popularity for several reasons:

1. Cost-Effective: Online Will services are more affordable than hiring an attorney. This makes estate planning accessible to a broad range of people.
2. Convenience: Users can create Wills at their own pace and convenience. You don’t have to see an attorney. These online systems guide you through the process of creating a Will.
3. Accessibility: These services are usually available 24/7. This allows people to create their documents whenever it suits them. However, we would caution against starting your Will or Power of Attorney the day before you run off for a vacation (we have had plenty of users who have done this.)
4. Customization: Online platforms offer a user-friendly interface that guides users through the process of creating a Will, and customizes it for them as well.
5. Updates and Revisions: Online Wills can be easily updated and revised as your circumstances change. If you get married, or someone remarries, dies, etc., you can update your estate planning documents.

There are a lot of advantages to creating a Will online, but there are a few things to be wary of as well:

1. Legal Validity: Online Wills must adhere to the legal requirements of the jurisdiction in which they are executed. That is why online will services like FormalWill, offer a signing instruction letter that is tailored to your province/territory/state. You follow the instructions to ensure the validity of the Will.
2. Complexity: FormalWill does offer a lawyer network, which you can take advantage of if you reside in specific provinces/territories. If you create a Will, PoA, or Living Will through FormalWill, you can see the options we have for our Lawyer Network, which allows you an hour of legal advice from a lawyer. If your situation requires it, legal advice is available.

Despite the rapid technological, there is still a place for attorneys and their services, when it comes to estate planning. Many lawyers are combining their expertise with technology in the following ways:

1. Reviewing Online Wills: Attorneys can review and validate online Wills. They can ensure they meet the legal requirements.
2. Addressing Complexity: Attorneys can provide specialized expertise for various financial situations, trusts, specific wishes, etc.
3. Mediation: This one may not be as obvious, but Attorneys can help mediate family negotiations and deal with family squabbles.
4. Tax Planning: Estate tax laws can be complex. An estate planning attorney can help navigate the complexities surrounding estate taxes.

It’s important to marry technology and human experience together. Relying solely on AI can lead to unnecessary headaches.

The future of estate planning is a combination of both human expertise and technological innovation.

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