Once you decide how your assets will be distributed when you pass away, the next step is choosing the method to document the information. Traditionally, you had to record it in a signed physical document with witnesses present.
Fast forward to today, when everything is going digital, it's no surprise that legal documents are also drafted, signed, and notarized online, including electronic wills.
E-wills have additional benefits that physical wills lack, such as convenience, cost-effectiveness, and easy accessibility. These benefits also come with drawbacks, such as the potential for fraud. Considering these dynamics, is an electronic will right for you?
This article will explore the pros and cons of creating electronic wills and give you additional information to help you decide whether it's the best choice for your estate planning needs.
Understanding Electronic Wills
What is an e-will? An electronic will is a type of last will and testament that is created, stored, and signed using digital technology. Unlike traditional wills, which you sign on paper in the presence of witnesses, wills are created and signed digitally.
It is similar to a traditional will in that it documents the names of beneficiaries and guardians of your estate. It also assists you in outlining your other wishes for your estate.
You can create an e-will using a computer or a mobile device using an online platform that facilitates digital will creation and storage. However, the e-will should adhere to the state's electronic will act, which addresses issues such as the storage and retrieval of e-wills, the admissibility of e-will in court, and the procedure for revoking and amending them.
How an e-will works
If your state legally allows an e-will as a valid document, you can use our online Last Will and Testament Template. The following steps are involved:
- Fill in the will template
- Sign the e-will using a digital signature or other forms of digital authentication, such as fingerprint or biometric scan
- Store the e-will in a cloud-based storage system or a digital platform designed for that purpose.
When you need to make changes or after you pass away, the authorized person can retrieve the e-will from the storage system to begin administering the estate.
E-will applications in various states
In the United States, only ten states have passed as law the use of e-wills as legally binding documents in estate planning. The ten states where electronic wills are permitted are Arizona, Illinois, Florida, Indiana, Maryland, Nevada, North Dakota, Colorado, Washington, and Utah. Each state has its laws and regulations governing electronic wills.
For example, Florida requires the testator to use a qualified custodian to store the e-document and for them to sign an affidavit attesting to the will's validity. Further, Arizona adopted the Uniform Electronic Transaction Act, which recognizes e-documents and signatures as legally binding if it adheres to the outlined legal requirements.
Advantages of E-Wills
Like most digital services, e-wills have advantages that traditional methods could not meet. They include:
- Convenience: You can create and sign your will at home or in the office without needing to book an appointment with a lawyer.
- Accessibility: You or your loved ones can easily obtain the electronic will.
- Security: With strong security measures, your e-will is safer online than physically having it.
- Accuracy: The online templates and other tools ensure the information entered has little to no errors.
Disadvantages of E-wills
Even with the welcomed advantages, e-wills have disadvantages that interested parties contemplating using this method must consider. These include:
- Legal uncertainty: The laws governing electronic wills are still evolving, and some jurisdictions raise concerns about ambiguity in enforceability and validity.
- Technical issues: Digital technology is vulnerable to technical issues such as data breaches and system failures.
- Fraud and unwanted influence: E-wills can be created without an attorney or advisor present and may be tampered with or altered.
- Execution requirement: Some jurisdictions have strict requirements for electronic wills that failure to meet the standards would render the e-will invalid.
Pros and Cons of Electronic Wills
While most pros and cons apply to all, some depend on an individual's circumstances and jurisdiction. The following table outlines the most common pros and cons of e-wills.
| Pros of E-Wills | Cons of E-Wills |
|---|---|
| Less expensive than traditional paper wills, which may require having a lawyer or advisor present | Can have legal challenges that lead to costly and time-consuming court proceedings |
| Saves time by eliminating the need for in-person appointments | It may not be available to individuals without internet and technology access |
| Easy to update and make revisions without having multiple copies | It can be hacked or accessible to unauthorized persons if not well-secured |
| Collaboration between parties is possible, such as executors and beneficiaries | Requires technical competence or familiarity with the tools which not all people have |
| It can be created and signed from anywhere in the world | Some individuals may prefer the tangible nature of paper wills and may find it difficult to connect to an e-document |
Is an E-Will Right for You?
Determining whether an e-will is right for you depends on your circumstances and needs. As we have seen, e-wills have attractive pros such as convenience, accessibility, and security. But, the cons, such as legal uncertainty and technical issues, can cause you to decide otherwise.
For most people, a traditional paper-based will is the better opinion, as it provides a tangible document you can physically sign and store. Fortunately, even with paper-based wills, you can make the process easier by obtaining them online using a Last Will and Testament template—created by legal professionals. The process is safe, easy, and relatively quick compared to drafting the document yourself.
Start your Last Will and Testament now
Helpful Resources:
Once you decide how your assets will be distributed when you pass away, the next step is choosing the method to document the information. Traditionally, you had to record it in a signed physical document with witnesses present.
Fast forward to today, when everything is going digital, it's no surprise that legal documents are also drafted, signed, and notarized online, including electronic wills.
E-wills have additional benefits that physical wills lack, such as convenience, cost-effectiveness, and easy accessibility. These benefits also come with drawbacks, such as the potential for fraud. Considering these dynamics, is an electronic will right for you?
This article will explore the pros and cons of creating electronic wills and give you additional information to help you decide whether it's the best choice for your estate planning needs.
Understanding Electronic Wills
What is an e-will? An electronic will is a type of last will and testament that is created, stored, and signed using digital technology. Unlike traditional wills, which you sign on paper in the presence of witnesses, wills are created and signed digitally.
It is similar to a traditional will in that it documents the names of beneficiaries and guardians of your estate. It also assists you in outlining your other wishes for your estate.
You can create an e-will using a computer or a mobile device using an online platform that facilitates digital will creation and storage. However, the e-will should adhere to the state's electronic will act, which addresses issues such as the storage and retrieval of e-wills, the admissibility of e-will in court, and the procedure for revoking and amending them.
How an e-will works
If your state legally allows an e-will as a valid document, you can use our online Last Will and Testament Template. The following steps are involved:
- Fill in the will template
- Sign the e-will using a digital signature or other forms of digital authentication, such as fingerprint or biometric scan
- Store the e-will in a cloud-based storage system or a digital platform designed for that purpose.
When you need to make changes or after you pass away, the authorized person can retrieve the e-will from the storage system to begin administering the estate.
E-will applications in various states
In the United States, only ten states have passed as law the use of e-wills as legally binding documents in estate planning. The ten states where electronic wills are permitted are Arizona, Illinois, Florida, Indiana, Maryland, Nevada, North Dakota, Colorado, Washington, and Utah. Each state has its laws and regulations governing electronic wills.
For example, Florida requires the testator to use a qualified custodian to store the e-document and for them to sign an affidavit attesting to the will's validity. Further, Arizona adopted the Uniform Electronic Transaction Act, which recognizes e-documents and signatures as legally binding if it adheres to the outlined legal requirements.
Advantages of E-Wills
Like most digital services, e-wills have advantages that traditional methods could not meet. They include:
- Convenience: You can create and sign your will at home or in the office without needing to book an appointment with a lawyer.
- Accessibility: You or your loved ones can easily obtain the electronic will.
- Security: With strong security measures, your e-will is safer online than physically having it.
- Accuracy: The online templates and other tools ensure the information entered has little to no errors.
Disadvantages of E-wills
Even with the welcomed advantages, e-wills have disadvantages that interested parties contemplating using this method must consider. These include:
- Legal uncertainty: The laws governing electronic wills are still evolving, and some jurisdictions raise concerns about ambiguity in enforceability and validity.
- Technical issues: Digital technology is vulnerable to technical issues such as data breaches and system failures.
- Fraud and unwanted influence: E-wills can be created without an attorney or advisor present and may be tampered with or altered.
- Execution requirement: Some jurisdictions have strict requirements for electronic wills that failure to meet the standards would render the e-will invalid.
Pros and Cons of Electronic Wills
While most pros and cons apply to all, some depend on an individual's circumstances and jurisdiction. The following table outlines the most common pros and cons of e-wills.
| Pros of E-Wills | Cons of E-Wills |
|---|---|
| Less expensive than traditional paper wills, which may require having a lawyer or advisor present | Can have legal challenges that lead to costly and time-consuming court proceedings |
| Saves time by eliminating the need for in-person appointments | It may not be available to individuals without internet and technology access |
| Easy to update and make revisions without having multiple copies | It can be hacked or accessible to unauthorized persons if not well-secured |
| Collaboration between parties is possible, such as executors and beneficiaries | Requires technical competence or familiarity with the tools which not all people have |
| It can be created and signed from anywhere in the world | Some individuals may prefer the tangible nature of paper wills and may find it difficult to connect to an e-document |
Is an E-Will Right for You?
Determining whether an e-will is right for you depends on your circumstances and needs. As we have seen, e-wills have attractive pros such as convenience, accessibility, and security. But, the cons, such as legal uncertainty and technical issues, can cause you to decide otherwise.
For most people, a traditional paper-based will is the better opinion, as it provides a tangible document you can physically sign and store. Fortunately, even with paper-based wills, you can make the process easier by obtaining them online using a Last Will and Testament template—created by legal professionals. The process is safe, easy, and relatively quick compared to drafting the document yourself.
Start your Last Will and Testament now
Helpful Resources:
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