Can You Rely on Do-It-Yourself Will Kits, Or Are Online Wills a Bad Idea?

We all know we need a will so that our affairs will be in order and our last wishes carried out once we have passed on. But according to a study done by the Angus Reid Institute, about 51 percent of Canadians do not have a will.¹  

Did you know you have options when it comes to creating a will? You may have heard that you can do-it-yourself when creating a will, and it is fairly easy to accomplish online. There are a few considerations to make, however, before going this route.

What Is a Do-It-Yourself Will?

Just as it sounds, a do-it-yourself will (or DIY will) is a last will that you create yourself, without the help of an attorney. In most cases, you utilize an online tool to download and print forms. Fill out the forms, upload your information and the online service will create your will.

Pros of a Do-It-Yourself Will

Pro #1: Avoids Lawyer Fees

There are, of course, costs associated with having an attorney help draw up your will. Some lawyers will charge a flat fee for creating wills, which can vary greatly - from a couple hundred dollars to a thousand or even more depending on the will’s complexity.

While you may still have to pay a fee to use online resources, taking a do-it-yourself approach is almost always initially a more cost-effective option.

Pro #2: Saves Time

Creating a will using an online service can be a huge time saver upfront. If you have all the information ready, it can take a matter of minutes or an hour or two. You’re able to complete the entire process from the comfort of your home, and there’s no need to make an appointment, commute to an office and meet with an attorney face-to-face.

Cons of a Do-It-Yourself Will

Con #1: Could Cost Your Heirs Time & Money

Wills can be complicated - and you want to know that yours will stand up to scrutiny. When it comes to ensuring your estate is cared for and passed on in a way you’re comfortable with, having an airtight will is key. Any mistakes, misinformation or improper execution can end up costing your heirs time and money later down the line.

If your estate must be probated because your will was improperly executed, this again could cost your heirs time and money before they’ll be able to receive or access their inheritance.

Con #2: Province Laws Aren’t Always Considered

If you’re using an online site to complete your DIY will, it’s likely the site will not take into consideration any province-specific regulations regarding the validity of a will. Before thinking that simply printing your will is the final step, do some research into what your province requires.

Con #3: DIY Wills May Be Too Simple

If you’re particularly concerned about the tax burden your heirs will face upon your death, a DIY will may not offer the more sophisticated tax solutions needed. Additionally, a DIY will may not provide enough direction or specification regarding the future care of any minors currently dependent on you. 

Who May Benefit Most From an Online Will?

Taking a do-it-yourself approach to your will means you will have no assistance from a licensed professional. If your estate is fairly large or complex, you may need the expertise of an attorney. Additionally, if you have dependents who are minors (like children or grandchildren), you need to know that your will depicts exactly how they should be cared for after your passing. If that’s the case, having an attorney involved can help make sure you’ve put the proper measures in place. If you don’t have any dependents, and your estate is fairly small, taking a DIY approach may be sufficient.

If you’re currently working with a trusted financial advisor, ask him or her to help you determine whether or not a DIY will might work for you. If not, they may have their own network of attorneys available to help in your estate planning needs.