Advertisement
Before falling for these cheaper options, read this
Q: I’m considering getting an online will. What are the pros and cons of having my will done up this way?
—Sam
A: Sam, you asked me to identify pros and cons of making wills online. I understand online services allow you to make your own will. No lawyer is involved in providing advice. I will describe the dangers.
I must disclose that I have a conflict. I am an Ontario Certified Specialist in Estates and Trusts Law. This means that I have a bias. Online wills are no substitute for lawyer prepared wills. There are only dangers, not advantages, as I will describe.
Do online wills have benefits?
There are no positives for online will services. At least none that I can recommend. Most online forms include disclaimers. They are not responsible for what you do with their forms. Like all do-it-yourself wills, you may be only fooling yourself. You may think you have protected your family. (If you’d like to read another perspective on online wills, click here.)
How would you know if your online will has mistakes? What does your family do if there are errors or problems?
Most online forms do not consider your unique needs. Even if you paid for legal advice, it would not help to prepare online wills.
Use lawyers to prepare your will if…
I can never recommend online will services. However, these providers should tell you not to use their service if:
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
A MoneySense reader has limited retirement income, a paid-off condo, and anticipates a substantial inheritance from her mother. How...
A time will likely come when you have to care for your elderly relatives' money matters. Here are some...
Non-registered accounts held individually can lead to frozen funds and probate fees. Learn how joint accounts can protect your...
Canadians have more options than ever to learn about personal finance. Here are the best free courses available—online or...
If you receive a severance package, you’ll have choices to make around your finances. Here’s how to make the...
Cost, complexity, and confusion about what financial planning involves prevent Canadians from taking action, but 93% of those who...
Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...
Online tools and tax assessments often miss the mark. A professional appraisal gives you a reliable, market-based property value.
Ontario heirs face a huge tax bill after their parents’ deaths—highlighting the importance of planning ahead to reduce taxes...
Your article states there are NO benefits to online wills – how about it’s easier and cheaper and its the way of the future.
I was looking for some real dangers to be outlined. Couldn’t find any. What a stupid faffing article, perhaps sponsored by some lawyers.
What misleading bull crap Online wills mirror lawyer drawn up wills with three obvious differences; they are considerably less expensive, they are much more convenient, and you can change them for free if your life situation changes. Lawyers are and always have been an overpriced signature. The office clerk does all the work and the lawyer just signs it and spends 15 minutes reading it too the client.
When I was in law school more than 60 years ago, our dean told us that unlike lawyer drafted wills (which were in those days averaging $200) we should encourage Pre-printed wills (before the internet) because most people would create errors which generated litigation…which was much more lucrative than drafting a will. (While the numbers have changed0 that advice is still good.)