The Pros and Cons of Using an Online Will Writing Service
We all know how important a will can be for protecting your family. But not all of us get around to it: every year, thousands of people die intestate in the UK. According to one study, this costs bereaved families a collective £175 million in lost assets annually – not to mention the stress of untangling those estates.
If you’ve resolved to write your will this year, there’s a fresh crop of new online services that claim to let you do it quickly and easily from home. But is an online will right for everyone? Let’s take a look.
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What is an online will?
An online will is a will that you make on a website, that’s all. The site will ask you questions about your family and your wishes, and use your responses to draft a legally-binding will. All you have to do is print it off and sign it in front of two witnesses.
The benefits of writing your will online
So why would you forgo the traditional solicitor and make your will online? Well…
- Online wills are cheaper
Money Advice Service say that a simple will written by a solicitor usually costs between £144-£240. A similar will written using an online service can be much less. The best-rated online will service on TrustPilot, Beyond.life, charges just £90.
- Special offers abound
On top of a cheaper initial cost, online will services often have additional special offers: Beyond offer couple’s wills (a will for you and one for your partner) for £135. An optional extra £10 a year subscription gets you unlimited new wills whenever you want, so you don’t have to pay hundreds in legal fees every time a grandchild is born.
- Make your will in your own time
As urgent as making a will is, a lot of us don’t have days off to spare for visiting a solicitor. With an online will, this isn’t a problem. You can make a will online in 10 to 30 minutes. You can also do it from home or even in your lunch break.
On Beyond, the service lets you save your progress and log back in later as well – so you can make your will in dribs and drabs whenever you can spare the odd minute.
The drawbacks of making a will online
So that’s the pros taken care of – now for the cons. When is an online will not the best choice for you?
- You can’t make complex requests
Online will services all make what’s called a ‘simple will’. This means you can use them to leave your money, assets and property to people, pass on gifts of belongings, choose guardians for your kids and pets, and select executors.
So far, so good. But if your affairs or your wishes are somewhat complicated, you will need a solicitor to sort out your will. For example, if you own properties abroad, have a difficult family situation, or if you’d like to set up various trusts.
A specialist will from a solicitor will cost upwards of £500, but it’s better to invest in that than try to use an online will to do something it’s not designed for.
- You need to take care
Online will services use interactive tools to automate a certain amount of the will drafting process. This is why the will can be so much cheaper, but it also means that you have to make absolutely sure you’re giving the site the correct information. The site only knows what you tell it.
This isn’t a deal-breaker for most people. Just make sure you check and double-check all the names, dates of birth and contact details you share with the service. And follow the instructions on signing the will carefully.
- You might not get to talk to a person
If you’re not comfortable with making a will without any input from an expert, an online will might not be for you. At Beyond.life, a dedicated team are on hand to advise you via live chat if you have any questions, and every will is checked by their team. But other online will services don’t always offer the same support.
Want to give an online will service a try?
You can see what it’s like to make a will online at Beyond: you can draft the whole will for free, and you’ll only be asked to pay if you choose to download it. Give it a try here.
Disclosure: This is a sponsored post on behalf of Beyond.life.