Creating a will is an essential step in ensuring that your wishes are respected after your passing. In Australia, the landscape of will creation is evolving rapidly, particularly with the rise of online services. This article explores the ins and outs of creating a will online in Australia, providing you with the knowledge you need to make informed decisions.
The Rise of Online Will Services
In recent years, wills online services have gained significant traction, with approximately 25% of wills in New South Wales being created using these platforms. This shift is largely attributed to the convenience and accessibility that online services offer, allowing individuals to create legally binding documents from the comfort of their homes.
David Kaplan, co-founder of Willed, notes, “At Willed, we’ve removed the logistical barriers to will creation.” This sentiment reflects a broader trend where traditional estate planning methods are being disrupted by technology, making the process more user-friendly and affordable.
The global online will writing service market was valued at US$450 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.3%, reaching US$874.9 million by 2030. This growth indicates a significant shift in consumer behaviour and preferences towards online solutions for estate planning.
Benefits of Using Online Will Services
Online will services offer numerous advantages that can make the process of creating a will more appealing. Here are some of the key benefits:
- 24/7 Accessibility: Unlike traditional legal services, online platforms are available around the clock, allowing you to create or modify your will at your convenience.
- Affordability: Online services often come at a lower cost compared to hiring a solicitor, making it a more budget-friendly option for many Australians.
- User-Friendly Experience: Many online platforms are designed to be intuitive and straightforward, guiding you through the process step by step.
These benefits have contributed to a significant increase in the number of Australians creating wills. In fact, 38% of users reported that they finally got around to creating a will specifically because online services made the process more approachable.
Understanding the Legal Framework
While online will services simplify the process, it is crucial to understand the legal requirements surrounding wills in Australia. Each state and territory has its own laws governing the validity of wills, and it is essential to ensure that your online will complies with these regulations.
In general, for a will to be considered valid in Australia, it must:
- Be in writing.
- Be signed by the testator (the person making the will) or by someone else in their presence and at their direction.
- Be witnessed by at least two individuals who are not beneficiaries of the will.
Failure to meet these requirements can result in your will being contested or deemed invalid, which could lead to complications for your estate and loved ones.
Common Pitfalls to Avoid
While online will services can be a convenient option, there are common pitfalls that individuals should be aware of to avoid potential issues down the line.
1. Not Seeking Professional Advice
Even though online services are designed to be user-friendly, it is still advisable to seek professional advice, especially if your estate is complex or if you have specific wishes regarding guardianship or asset distribution. Consulting with a solicitor can help ensure that your will is comprehensive and legally sound.
2. Failing to Update Your Will
Life circumstances change, and so should your will. Failing to update your will after significant life events, such as marriage, divorce, or the birth of a child, can lead to unintended consequences. Regularly reviewing and updating your will is essential to ensure that it reflects your current wishes. Learn more about: Online Will: How to create a legally binding will from home
3. Overlooking the Importance of Witnesses
As mentioned earlier, witnessing is a crucial step in the will-making process. Many individuals overlook this requirement, leading to potential disputes regarding the validity of the will. Ensure that your witnesses are present when you sign your will and that they understand their role in the process.
Contested Wills: Understanding the Risks
Contested wills have become increasingly common in Australia, with a 25% increase in contested wills over the past decade. Approximately 10% of all Australian wills face legal challenges, often leading to disputes among family members and beneficiaries.
According to a study by the University of Queensland, 74% of contested wills result in a change of distribution, with the median cost to the estate being $11,900. These statistics highlight the importance of creating a clear and comprehensive will to minimise the risk of disputes.
How to Create Your Will Online
Creating a will online can be a straightforward process if you follow these steps:
- Choose a Reputable Online Will Service: Research and select a platform that has positive reviews and meets your needs.
- Gather Necessary Information: Before starting, gather all relevant information, including details about your assets, beneficiaries, and any specific wishes you have.
- Follow the Instructions: Most online services will guide you through the process, so follow the prompts carefully to ensure that all necessary information is included.
- Review and Finalise: Once you have completed your will, review it thoroughly to ensure accuracy. Make any necessary changes before finalising the document.
- Sign and Witness: Arrange for your will to be signed and witnessed according to your state’s legal requirements.
Conclusion
Creating a will online in Australia offers a convenient and accessible solution for many individuals looking to secure their estate and ensure their wishes are honoured. However, it is essential to approach the process with care, understanding the legal requirements and potential pitfalls involved. By taking the time to create a comprehensive and legally sound will, you can provide peace of mind for yourself and your loved ones, ensuring that your legacy is protected.
As the online will service market continues to grow, it is crucial to stay informed about the latest developments and best practices in estate planning. Whether you choose to create your will online or seek professional assistance, the most important thing is to take that first step towards securing your future.
FAQs About Creating a Will Online in Australia
1. Are online wills legally valid in Australia?
Yes. Online wills are legally valid in Australia as long as they meet the requirements under state or territory law—being in writing, signed by the testator, and witnessed by two independent people who are not beneficiaries.
2. What are the benefits of using an online will service?
Online will services are affordable, accessible 24/7, and user-friendly. They simplify the process and encourage people to finally create a will without the delays and costs of traditional solicitor services.
3. When should I update my online will?
You should update your will after major life events such as marriage, divorce, the birth of a child, purchasing property, or significant changes in financial circumstances.
4. Can I use an online will if my estate is complex?
If your estate involves business ownership, multiple properties, overseas assets, or blended family arrangements, it’s advisable to seek professional legal advice in addition to using an online service.
5. Do I still need witnesses for an online will?
Yes. Even with an online will, you must sign it in the presence of at least two witnesses who are not beneficiaries. Failing to meet this requirement could make your will invalid.
6. What happens if my online will is contested?
If contested, your will may be subject to legal challenges in court. Around 10% of wills in Australia face disputes, and most result in changes to distribution. A clear, well-drafted will reduces this risk.
