Creating a will is an essential part of life planning, ensuring that your assets are distributed according to your wishes after you pass away. In Australia, many people are turning to online will services as a quick, cost-effective, and convenient way to write their will. The ease of creating and updating an online will has made it an attractive option for many Australians, but the question often arises: how often should you update your online will?
In this guide, we’ll walk you through the importance of updating your online will, how often you should consider doing so, and other key details you need to know about making sure your will stays valid and reflective of your current life circumstances.
Introduction
The rise of online wills has made the process of writing and updating a will easier than ever. Previously, creating a will required the assistance of a solicitor, which could be time-consuming and costly. Now, with the ability to use online platforms, you can write your will quickly, and for a fraction of the price, without sacrificing legal validity.
But just as life changes, so too should your will. Many people make the mistake of thinking their will is a “one-and-done” document, only to find that it no longer reflects their wishes. Updating your online will ensures it remains legally valid and that it accurately represents your desires. But how often should you be updating your will, and what life events should trigger an update? Let’s explore these questions in more detail.
What is an Online Will?
An online will is a digital tool that allows you to create a legally binding will using an online platform. It generally includes step-by-step guidance for documenting your wishes, choosing beneficiaries, appointing an executor, and specifying how your assets should be divided after your death. Many online services also provide options for guardianship if you have minor children, as well as other specific wishes.
The key difference between an online will and a traditional will is the process: online wills are typically quicker, more affordable, and can be updated anytime without needing to visit a solicitor. Many online will platforms also allow you to securely store your will and make changes whenever your life circumstances change.
Online Will vs. Traditional Will Written with a Solicitor
While both an online will and a traditional will serve the same purpose—ensuring your estate is distributed according to your wishes—the major difference lies in how they are created.
- Online Will: Created using an online service, typically through a website or app. It’s designed to be quick and easy, with most services offering a simple user interface to guide you through the process. You can also update it whenever you need to.
- Traditional Will: Written with the assistance of a solicitor, who ensures the will meets legal requirements and provides legal advice. A traditional will can be more expensive and time-consuming but may be necessary for those with complex estates or specific legal concerns.
Online wills are gaining popularity due to their affordability and ease, especially for people with relatively straightforward estates. For those with more complex estates, it might be worth seeking legal advice to ensure everything is handled correctly.
Is It Legal to Make an Online Will in Australia?
Yes, online wills are legal in Australia, provided they meet the requirements set forth by the Wills Act in your state or territory. The key legal requirements for a will in Australia include:
- Testator’s Capacity: The person creating the will must be at least 18 years old and of sound mind. This means they understand the nature of making a will and the extent of their estate.
- Witnessing: The will must be signed in the presence of at least two witnesses, who must be 18 years or older and not be beneficiaries of the will.
- Clear Intention: The will must clearly express the testator’s wishes regarding the distribution of their assets.
Most online will services in Australia are designed to meet these legal requirements and ensure that your will is enforceable. However, it’s essential to ensure the service you choose complies with the laws in your specific state or territory.
See more: Wills & Estate Planning: Securing Your Legacy for the Future
Steps to Create an Online Will in Australia
Creating an online will is straightforward. Here’s a general step-by-step guide:
Step 1: Choose a Reliable Online Will Service
The first step in creating your online will is selecting a trustworthy online will service. You want to choose a platform that complies with Australian legal requirements, has strong customer support, and ensures that your will will be stored securely.
Step 2: Create an Account and Input Necessary Personal Details
After selecting your service, you’ll need to create an account and input basic personal information, such as your name, date of birth, and address.
Step 3: Select Your Assets and Beneficiaries
In this step, you’ll specify the assets you want to include in your will and select who will inherit them. This can include property, bank accounts, personal possessions, or anything else you wish to leave to a loved one.
Step 4: Appoint an Executor
An executor is the person responsible for carrying out the terms of your will. You’ll need to appoint someone you trust, and it’s a good idea to speak to them beforehand to make sure they’re willing to take on the responsibility.
Step 5: Sign and Finalize the Will, Including Witness Requirements
After reviewing your will, you’ll need to sign it in front of two witnesses, who must not be beneficiaries or their spouses. Some online services offer digital witnessing, but you’ll need to verify that this is allowed under your state’s laws.
Things to Consider Before Creating an Online Will
Before you start drafting your will, here are a few things to keep in mind:
- Complexity of Your Estate: If your estate is complex, such as owning multiple properties or having significant investments, it may be best to consult a solicitor for advice. Online will services are ideal for straightforward estates but might lack the necessary features for complicated financial arrangements.
- Guardianship of Children: If you have minor children, you must name a guardian in your will. This is a significant decision that requires careful thought. Consider discussing your choice with the potential guardian first.
- Special Circumstances: If you have specific wishes (such as charitable donations, family trusts, or complex family dynamics), you may want to seek professional legal advice to ensure everything is handled according to your wishes.
Benefits of Creating a Will Online in Australia
There are several advantages to using an online will service in Australia:
- Cost-Effectiveness: Online will services are typically much more affordable than hiring a solicitor, which can be ideal for people with straightforward estates.
- Convenience and Accessibility: You can create and update your will from anywhere at any time. This makes it easy to stay on top of your estate planning without the hassle of booking meetings with a lawyer.
- Speed: The process is often much quicker than traditional methods. You can create your will in as little as 30 minutes, depending on the complexity of your estate.
- Flexibility: You can easily update your online will whenever your circumstances change, ensuring it always reflects your current life situation.
Common Mistakes to Avoid When Making an Online Will
While creating an online will is relatively simple, there are several common mistakes that people often make. These mistakes can lead to the will being contested or invalid:
- Not Meeting Witnessing Requirements: The will must be signed and witnessed according to the legal requirements of your state or territory. Make sure to follow these requirements carefully.
- Being Vague or Unclear: Ambiguities in your will can lead to disputes. Be specific about who gets what, and don’t leave room for interpretation.
- Overlooking Digital Assets: Many people forget to include their digital assets, such as social media accounts, email accounts, or cryptocurrency. Be sure to include these if they form part of your estate.
- Not Updating Your Will Regularly: Life events like marriage, the birth of children, or acquiring new assets may necessitate an update to your will. Make sure to revisit your will regularly, especially after significant life events.
How to Ensure Your Online Will is Valid in Australia
To ensure your online will is legally valid, follow these simple tips:
- Witnessing: Ensure the will is signed by at least two non-beneficiary witnesses.
- Signature: Sign the will in front of your witnesses. Some services may allow digital witnessing, but check if it complies with your state’s legal requirements.
- Compliance: Ensure the online will service you’re using complies with your state or territory’s legal requirements.
Conclusion
Creating a will is an essential part of securing your legacy, and online will services make the process easier, cheaper, and more accessible than ever. However, it’s important to remember that your will should be updated regularly to reflect any changes in your life circumstances. Whether it’s the birth of a child, a new property purchase, or a shift in your beneficiaries, keeping your will up to date ensures that your wishes are respected after you’re gone.
By following the steps to create an online will and avoiding common mistakes, you can ensure that your estate is handled exactly as you intend. Take control of your future today by creating an online will that’s legally valid and always reflective of your current life situation.
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