What Should You Decide Before Starting an Online Will?

You’ve been meaning to make a will. An online service makes it feel possible to sit down tonight and get it done. Then a question stops you. If you put someone’s name in the will, will the money you have in mind actually go to them?

It can feel good to finally get started. It can also be unsettling to realize that an account you opened years ago may already have instructions about who gets the money. You can make progress by getting clear on what you want and finding out where those instructions are recorded.

This article provides general education. Dovetail Financial does not provide legal advice. Ask an estate-planning attorney licensed in your state how the law applies to your situation, whether an online service fits your needs, and how to sign your documents validly.

What do you want to happen?

Picture what you would want to happen if someone had to settle your affairs. Who should take responsibility for that work? Who should receive what you leave behind? Who would you choose if the person you named couldn’t handle the estate? What would you want to happen if someone you meant to leave property to had already died?

A will can express your wishes for property that passes through your estate and name someone you want to administer it. The probate process is where a court recognizes the will and appoints the person who will administer the estate.^[1] A form can help you put a name in the right place. The choice itself deserves a little time. The person you trust most may already be caring for someone or may live far away. Talking with them early can help you find out whether they’d be willing to take on the work.

Which property would your will cover?

Suppose you want two people to receive similar amounts. Your will says they should share what passes through your estate equally. A brokerage account has a transfer-on-death instruction naming only one of them. That account may pass under the brokerage’s beneficiary arrangement, separately from the division in the will.^[2] The same question can arise with retirement accounts or property held with a right of survivorship.^[3]

Start with the account or property you have in mind. Check the current ownership or beneficiary record against what you want to happen. If the record and your wishes point to different outcomes, note the difference for your attorney before changing the will or the account instructions. You may have a good reason for the difference. You may also discover an instruction you had forgotten.

What determines who receives the property?

Even with an equal split in the will, one person may receive more overall.

Dovetail Principle: Financial Decisions Need to Fit Together

Compare what you want your will to say with the instructions already on your accounts. You can spot a difference while there’s still time to ask your attorney about it.

Which questions should you bring to an attorney?

You might know who you want to handle your estate and still be deciding who should receive a particular asset. You can write down the person you’ve chosen and take more time to think about the asset.

An estate-planning attorney can help you understand how the law would apply to your wishes. If you want to protect someone’s access to a home while leaving the home to someone else later, the wording and ownership can both matter. Property in another state or a family situation with competing expectations can also change what an attorney needs to consider.^[3][4] Tell the attorney what you want to happen and what you know about the property. Ask which documents or account changes, if any, could help make that happen.

Even if you know exactly what you want, ask how to sign the document you choose. Creating a will online and signing it electronically are separate steps. States can apply different requirements to different forms of wills. North Carolina’s statutes, for example, specify different formalities for an attested written will and a handwritten will.^[5] A lawyer licensed in your state can explain which signing requirements apply and how to check that you’ve met them. Your state bar can help you verify an attorney’s license and good standing.^[6]

Where should you start?

Before you open the form, name the one outcome you most want to get right. Then look at the records that could affect it. If a question remains about who would receive something, how someone would be protected, or whether a document would be valid, bring that question to an estate-planning attorney. Knowing what you want to happen gives your attorney a clearer question to answer, however you end up preparing the will.