Why Having an Online Will in Canada is Essential

Your will includes all the assets that are truly yours, and that you have designated for someone else, such as insurance money, brokerage or investment accounts, retirement and pension plans, and bank account payouts upon your death so online will in Canada is essential.

It’s crucial to have the best online will Canada has to offer because estate planning involves ensuring that you have a legally binding will in place when needed. Your estate, comprising your money, assets, property, and investments, will go to the people you care about upon your death. A will is the only way to ensure this happens.

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However, despite its importance, many Canadians don’t have a will, often because they’re uncomfortable discussing their death or believe it will be too costly. This is where online wills come in handy, providing a convenient and affordable solution.

Understanding Online Wills

An online will is a tool that allows you to create a legal will without having to go through a lawyer. It typically takes between 25 and 35 minutes to complete, during which you will be asked various questions about your estate. Once you provide all the necessary information, the tool will generate a document that you can print out.

To make the will legally binding, you will need to sign it in the presence of two witnesses. Creating an online will is much easier and more affordable than hiring a lawyer to draft one for you.

Are Online Wills Legal in Canada?

Given the importance of a will, it’s crucial to ensure that any online will kit you use is legally binding and valid in Canada. The legality of an online will in Canada depends on how it’s created. If done correctly, an online will is legal and enforceable in Canada.

Regardless of how a will is created, whether by hand, online, or with the help of a lawyer, it must comply with specific basic rules. Experienced estate lawyers work with online will kit providers to create templates that comply with the law in different jurisdictions, ensuring the creation of legally valid online wills.

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Who Can Benefit from Making an Online Will? If you fall under any of these categories, then an online will may be a suitable option for you:

• You have a straightforward estate and don’t need to make unique rules for your beneficiaries.
• You want to create power of attorney documents to appoint someone to make decisions on your behalf if you become incapacitated (also known as a living will).
• You are a parent or have pets that you want to provide for after your passing.
• You have property, assets, or investments in Canada that you want to protect.
• You want to leave specific gifts for your loved ones, such as antiques or art, when you pass away.
• You want to leave a portion of your estate or a monetary gift to a charitable cause.

Top Online Will Kits in Canada: Choose the Right One for You

In just 25 minutes, the best online will-writing services can provide you with a legal will that you can customize according to your needs. These services can also help you save money on the fees you would have to pay for an estate planning lawyer. Here are some of the top online will kits in Canada:

1.LegalWills.ca

LegalWills.ca is the most popular platform in Canada for making legal wills and other documents online. This platform has been used for over 20 years by Canadians to create legal online wills. The service costs $39.95 for a single will and $63.92 for a mirrored will, which is the same price for both spouses. Adding a power of attorney or a living will to your account costs $29.95. LegalWills.ca offers free updates for a year and unlimited updates and storage for a one-time fee after that. It is available in all provinces, including Quebec.

2.Willful

Willful is another highly recommended platform for creating legal online wills in Canada. It offers three packages: a basic plan, a premium plan, and a mirrored plan for couples. Prices range from $99 to $250. All plans include unlimited changes and you can put a power of attorney and a health care directive in your last will and testament at no extra charge. Willful is available in Ontario, Alberta, Manitoba, Nova Scotia, New Brunswick, British Columbia, and Quebec.

3.Epilogue

Epilogue is an online platform that helps Canadians create wills. It offers a full package of wills and powers of attorney for couples at $289 and for individuals at $139. Making a will with Epilogue takes just 25 minutes, and they offer free changes to your documents at any time of the day. Epilogue is currently available in Ontario, Alberta, and British Columbia, with plans to expand to the Atlantic Provinces later this year.

4.FormalWill

FormalWill is a platform that allows Canadians to create a legal will online. Prices range from $39 to $59 for a power of attorney, living will, pet will, or legal will. FormalWill doesn’t allow revisions to legal wills unless you pay an additional fee for “peace of mind.” The power of attorney and living will documents on FormalWill cannot be changed. You can also have a lawyer look over your will or give you advice for up to $249. FormalWill is available in all of Canada’s provinces and territories.

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5.CanadaWills

CanadaWills is a free online will kit platform that is funded solely by donations. This service allows Canadians to create their legal will and living will for free. To create a will, you need to fill in all the required information online, then print out a PDF version of the document, sign it in front of two witnesses who aren’t beneficiaries, and sign it. Keep in mind that CanadaWills doesn’t offer the same level of customer service and support as other companies on this list. It is available in every province except Quebec.

In conclusion,

Online wills are ideal for creating simple wills that address the distribution of assets, taking care of loved ones, and planning for end-of-life wishes. However, if you have complex legal needs, it is advisable to seek the assistance of a lawyer.

Online wills offer a convenient and efficient way to create a legally binding will if you have straightforward legal needs. Keep in mind that you must print and sign your online will in the presence of two witnesses who are not beneficiaries in order for it to be considered valid.