Writing a will is one of the most important things you can do to ensure your loved ones are taken care of when you’re no longer around. With advances in technology, there are now more options than ever to create a legally binding will. The rise of online wills offers a simple, fast, and affordable way to get your affairs in order, but traditional, face to face lawyer-guided wills remain a preferred option for many, especially in more complex situations. So, how do you decide which approach is right for you?
What is an online will?
An online will is exactly what it sounds like – an easy, digital way to create a legally binding will from the comfort of your home. For straightforward estates, online wills are an affordable and convenient solution. At APS, we provide an online platform where you can input your wishes, and for a low, fixed fee, and you will receive a finalised document reviewed by legal professionals.
But while online wills offer a simple way to get your affairs in order, they may not be ideal for everyone. Let’s dive into the situations where an online will might work, and where a more personalised approach could be required.
When an online will might be right for you
Online wills are a fantastic option for individuals with relatively straightforward estate plans. If your assets and beneficiaries are simple and there are no unusual complexities in your family or financial situation, an online will can help you finalise your wishes quickly and affordably.
Here are some reasons why an online will might be perfect for you:
- Simplicity: If your estate involves basic assets like a home, savings, or investments, an online will is a great way to ensure your wishes are documented.
- Cost-effective: Online wills are typically much cheaper than traditional wills. With APS, a single will costs $130, and couples pay just $195, with no hidden costs or ongoing fees.
- Fast and easy: You can create your will in under 30 minutes, without having to schedule in-person meetings or navigate complicated legal jargon. APS will send you your finalised will within three business days, making the process quick and hassle-free.
- Secure and legally reviewed: Unlike many other online platforms, wills created through APS are reviewed by a lawyer. This means you get the peace of mind that your will is legally sound and complete.
If your estate is simple and you’re looking for a cost-effective, fast, and straightforward way to put your plans in place, an online will could be just what you need.
When a traditional will might be better
While online wills are ideal for simple estates, they might not cover more complex family and financial situations. If any of the following scenarios sound familiar, you may need a more personalised, face to face lawyer-guided will:
- You are a business owner: If you own a business, there are likely more intricate aspects to consider in your will, such as succession planning, ownership transfer, and managing your business’s future after your passing.
- You have a self-managed super fund (SMSF): Handling superannuation within a will can be complicated, especially if you have an SMSF. Specific tax and legal considerations come into play, which often require professional legal advice.
- You or your partner have children from previous relationships: Blended families can introduce complex dynamics into estate planning. A traditional will can help you carefully structure inheritances to ensure all parties are considered and family disputes are avoided.
- One of your beneficiaries has special needs: If a beneficiary has a disability or may have difficulty managing their inheritance, your will needs to include provisions to protect their financial future, such as setting up a trust.
- Concerns about substance abuse or financial mismanagement: If you have concerns about a beneficiary’s ability to manage money due to issues like substance dependency or high-risk business ventures, you may need to structure inheritances carefully, which can be better handled in a traditional will.
- Setting up structured or staggered inheritances: Some individuals prefer to distribute inheritances in phases rather than all at once, especially for younger beneficiaries. A lawyer can guide you through the legal structures necessary for this.
- You feel emotional about the process: Estate planning can be an emotional process, especially if you are navigating complex family relationships or difficult decisions. Working alongside a lawyer offers you the support and guidance to make the best choices for your situation.
In these cases, it’s often worth sitting down with a lawyer to draft a more comprehensive estate plan. A traditional will can address unique complexities and ensure your estate is managed in a way that reflects your wishes and protects your loved ones.
Which option is right for you?
Ultimately, choosing between an online will and a traditional will comes down to your personal circumstances. If your estate is straightforward and you’re looking for a quick, affordable solution, an online will could be the perfect fit. But if you have more complex needs, such as business ownership, blended family dynamics, or special provisions for certain beneficiaries, it may be worth investing in a traditional will crafted by a legal professional.
If you’re unsure which path to take, the APS legal team can help you determine whether an online will is right for you or whether more personalised estate planning is needed.
Chat with the team at APS Legal Services
Written by APS Wills & Estates Principal Lawyer Phillip Lambourne
Phil is a lawyer with over 35 years of experience in private practice and over 25 years of experience in the trusts and estate planning area. As Principal Lawyer with APS Wills & Estates, Phil provides advice and prepares documentation in the areas of Wills, Powers of Attorney, Probate and Estate Administration for clients across Australia. He also provides clients with conveyancing and property law, commercial law and state tax advice services.
When Phil isn’t working, he enjoys spending time with family, reading new books, and watching new shows with some good scotch whisky, red wine and cheese. Phil also enjoys playing trombone in the Melbourne Lawyers Big Band!