An online will is a document that outlines your last wishes and instructions for the distribution of your assets after death. It is a popular option for people who want a simple and convenient way to create their will without the need for an attorney. However, it is important to be aware of the common mistakes that people make when creating an online will to ensure that your will is valid and your assets are distributed according to your wishes.
Not updating the will regularly
One of the biggest mistakes people make with online wills is not updating it regularly. Life changes quickly and it is important to keep your will up-to-date with the latest information about your assets and beneficiaries. If you do not update your will, it could result in unintended consequences and your assets may not be distributed as you currently want. With a Gentreo membership, it is easy to update your will and other estate planning documents as your life changes.
Failing to appoint an executor
An executor is a person who is responsible for carrying out the instructions in your will. This person should be someone you trust and who is capable of managing your estate after you die. If you do not appoint an executor, the court will appoint someone on your behalf, which could result in the wrong person being in charge of your assets. Gentreo offers its customers the opportunity to nominate up to three choices of executor to enable its customers to do good planning.
Not obtaining witnesses
In many states, a will must be witnessed by two or more people to be considered valid. This is to prevent fraud and to ensure that the will is signed voluntarily. If you create an online will without witnesses, it may not be considered valid, and your assets could end up being distributed according to the laws of your state. Gentreo offers wills with state specific instructions to ensure that the documents comport with each state’s laws.
Not including all of your assets
When creating an online will, it is important to include all of your assets, including bank accounts, real estate, stocks, and other investments. If you leave out any assets, they will be distributed according to .your state’s laws, which may not be what you intended. Gentreo offers its customers an opportunity to choose how you want to distribute your remaining assets to avoid this mistake.
Not considering tax implications
Tax laws can have a significant impact on the distribution of your assets. It is important to understand the tax implications of your will and to include provisions that minimize the tax burden on your beneficiaries. If you do not consider the tax implications, your beneficiaries may end up paying more in taxes than they would have if you had included tax-saving provisions in your will.
Not making arrangements for your digital assets
Digital assets are becoming increasingly important and should be considered when creating an online will. These assets include online bank accounts, social media accounts, online stock portfolios, and other digital assets. If you do not make arrangements for your digital assets, they could be lost or inaccessible to your beneficiaries.
Not using a reputable online will service
Finally, it is important to use a reputable online will service when creating your will. A reputable service will ensure that your will is legally binding and that all of the necessary formalities are followed. If you use a service that is not reputable, you could end up with a will that is not valid and your assets could be distributed according to your state’s laws.Gentreo has been recognized by Forbes and others as one of the best online estate planning solutions.
In conclusion, creating an online will is a convenient and cost-effective way to ensure that your assets are distributed according to your wishes after death. However, it is important to be aware of the common mistakes that people make when creating an online will to ensure that your will is valid and that your assets are distributed as you intended. By avoiding these mistakes, you can ensure that your last wishes are carried out as you intended and that your assets are protected.
