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When it comes to estate planning, one of the biggest challenges people face is deciding what type of will to create. With the rise of technology and the internet, there are now two main options available: digital wills and traditional paper-based wills.
In today's digital age, where most of your personal and financial transactions are done online, it's only natural that the concept of a digital will has become increasingly popular. While traditional wills have been around for centuries, the advent of digital technology has brought new options.
In this article, we will explore the advantages of both to help you decide which one is right for you.
What is a digital will?
A digital will is an electronic document that outlines your wishes for how your assets will be distributed when you pass away. It is created and stored online, which makes it faster and easier to update and revise. There are several platforms and services available to help you create a digital will.
Advantages of a digital will:
Flexibility and customisation
Writing a digital will gives you the flexibility to tailor it to your specific needs. You can easily make changes whenever you need to too, great for times when you acquire new assets or change your beneficiaries.
Ease of updates
Updating your will is essential and with a digital will, it is much easier. You can quickly make updates and tweaks to your will, print it off and have it witnessed and signed. You do not have to go back to a lawyer and pay for their services every time you need to make a change.
Simplicity and convenience
Writing a digital will can be done in as little as 20 minutes from the comfort of your own home. It is a quick and painless process that does not require a lawyer or any special skills.
Legal validity
It is essential to know that a digital will is just as legally valid as a traditional will. It means you can be confident that it covers you and your assets and it will be honoured after your death.
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What is a traditional will?
A traditional will is a paper-based document that outlines your wishes for how your assets will be distributed after your death. It is typically created by a lawyer or a will kit and it is signed and witnessed in-person.
Advantages of traditional wills
Familiarity and tradition
Traditional wills have been used for centuries and many people are familiar with them. The process of creating one may feel more comfortable and familiar to you.
In-person signatures
Signing a will in-person and having it witnessed by others can add an extra layer of protection against challenges to its validity. It also ensures that the right people are aware of your wishes.
No need for technology
If you are not comfortable with technology or prefer to do things the old-fashioned way, a traditional will may be the right option for you.
So which type of will is right for you? Ultimately, it depends on your individual needs and preferences. Here are some factors to consider when deciding between a digital will and a traditional will:
Complexity of your estate
The first thing to consider is the complexity of your estate. If you have a large and complex estate with multiple assets and beneficiaries, a traditional will created with the help of a lawyer may be a better option. A lawyer can help you navigate the legal complexities of estate planning and ensure that your Will is comprehensive and legally valid.
On the other hand, if your estate is relatively simple and straightforward, a digital will may be a good option.
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Ease of use
Another factor to consider is the ease of use of each option. Digital wills are generally easier to create and update, as you can do so from anywhere with an internet connection. You don't need to make an appointment with a lawyer or fill out complicated forms.
Traditional wills, on the other hand, require more time and effort to create. You will need to make an appointment with a lawyer and spend time discussing your wishes and preferences. This can be time-consuming and may not be as convenient as creating a digital will online.
Cost
Cost is another important factor to consider when deciding between a digital will and a traditional will. Traditional wills created with the help of a lawyer can be expensive, particularly if your estate is complex. You will need to pay for the lawyer's time and expertise, which can add up quickly. Digital wills, on the other hand, are generally more affordable making it easier to create a will that fits within your budget.
Privacy and security
Finally, it's important to consider the privacy and security of your will. Traditional wills are typically stored in a safe or filing cabinet, which can be accessed only by those with the key or combination. This can provide a high level of privacy and security.
Digital wills, on the other hand, are stored online and can be accessed from anywhere with an internet connection. This can raise concerns about the privacy and security of your will.
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Choosing the right option for you
If you value flexibility and convenience and are comfortable with technology, a digital will may be the right choice. On the other hand, if you prefer a traditional approach, value familiarity and want to ensure in-person signatures, a traditional will may be the best option for you.
Both options have their advantages but it ultimately comes down to your personal preferences and circumstances. Whatever your decision, remember that it is of the utmost importance to have a will that reflects your wishes and ensures that your assets are distributed the way you want them to be.
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