Where is the best place for Canadians to create a will online? While it may not be the conversation you most want to have, planning for your death and what comes after it, is a critical step that all Canadian adults need to take. According to RBC Wealth Management, less than half of us have a last will and testament, so don't be a statistic. You may not have your will at the forefront of your mind, but leaving the courts and legislation to decide the fate of your estate isn't something you really want either.
Average
Saying they are "Canada's first free online will platform," FormalWill has helped over 100,000 people across the country to create a will online in just minutes. Developed in consultation with Canadian lawyers, they've been in business to help people get their estates in order without the help of a lawyer since their start in 2010.
Discrepancy from the start
On their social media, FormalWill claims to be the first online platform for wills in Canada, though another company we reviewed has been in the business of providing them for a decade longer at no cost. This is our first point of concern regarding this company.
Easy application with helpful information makes the process a breeze
Proclaiming themselves "Canada's Will Company," FormalWill says it's easy and quick to create your legal will on their platform. With custom-tailored wills for each province and territory in Canada, anyone can try their process by registering with an email address. After creating the account, you'll choose between their two plans (free or paid), and then start the questionnaire. Unlike some sites that give one question at a time, FormalWill shows questions by category, providing additional information to help you understand. For example, in "details of executors," it offers a place to name your executor or estate trustee, offering a detailed, easy-to-understand description of the role. Each individual section has allowed answers and shows the ones you could have answered in the premium will service. Once you've answered all of the questions, you are given a chance to review the answers prior to having the will made for you. It's very easy to quickly see your answers and edit anything that you need at this point. Once you've reviewed it, you can download and print.
Free for certain basic wills or pay for other options
Saying their "sophisticated user-friendly technology" allows estate planning documents without hidden fees or extra paperwork, FormalWill offers different packages to help customers choose only what they need. The standard package offers a legally valid basic will with one executor, up to two beneficiaries, one guardian for minor children, and basic executor powers and assets sections. If you don't require more than these things, this might be what you're looking for. For a one-time payment of $79, a more customizable will is allowed by their premium will plus package, a complete estate plan that adds powers of attorney for financial and health, additional executor tools, and a year of free unlimited updates and edits. We appreciate that they don't waste our time trying to get a will for free when what we really need is the more expensive option.
Process length can be quick if you ignore sales tactics
They say you can complete the process in minutes at FormalWill, and the document is available instantly. A back-up copy is emailed to you with an online version immediately available when you finish their process. It truly only takes a few minutes for a basic, free will - as long as you're able to ignore the annoying upgrade reminders. This is another aspect that irritated us when checking out their service.
Free guide to making a will in Canada offered
No legal advice will be provided at FormalWill, but they will refer you to their lawyer network if you'd like. For a fixed fee, these attorneys will provide a consultation. Alternatively, FormalWill has a free guide to making a will in Canada that anyone can read on their website. This guide attempts to put legal concepts into everyday language to make the process easier for those who choose to do this on their own. In their knowledge centre, they include articles about planning for a will, including information about provincial differences, duties of an executor, and explanations of probate. While we like this information, we really would like to know about their security measures, which we weren't able to locate on their website.
Reputation needs work
Unfortunately, this is where we really have some trouble with FormalWill. They have no rating with the BBB because they suspect that the company is out of business. This has remained the issue since the last time we reviewed them. They don't have any complaints or reviews on the BBB. Plus, they have just eight reviews online that we were able to find. While they were all positive, they were mostly made within days of each other, which is slightly suspicious. The BBB thinks they're out of business, which is concerning, and lack of reviews for a company reportedly around for nearly two decades doesn't build confidence. While we like their streamlined platform, we recommend waiting on more feedback. This is the final and truly concerning point to make us more than a little wary of this platform.
Barely average for us
With misleading statements, nothing about their security, and concerns about their reputation, FormalWill raises a red flag for us. We'd suggest checking out one of our higher ranked options and take a pass on this option until they make improvements.
Continued from above...
While it may not be the conversation you most want to have, planning for your death and what comes after it, is a critical step that all Canadian adults need to take. According to RBC Wealth Management, less than half of us have a last will and testament, so don't be a statistic. You may not have your will at the forefront of your mind, but leaving the courts and legislation to decide the fate of your estate isn't something you really want either.
Even those who are single without children should consider making a will so their hard-earned assets don't end up with the government instead of a friend or relative. Though it seems like this is a difficult process and only for those with significant assets, wills are important for all adults, providing peace of mind so that your final wishes are heard.
A common misconception is that you need a lawyer to create a will, or at least a notary public. However, it truly just needs to be a written document signed in the presence of witnesses who aren't beneficiaries. This makes things much easier - and potentially much more affordable - for people to create their last will and testament. While lawyers are helpful in preparing such documents, their services are not a legal requirement to crafting a will. The rise of online will services has made obtaining a legal will even easier for those without legal knowledge. If your wishes are straightforward, this process is significantly cheaper - even free, perhaps - and faster than using a law firm.
To create your online will, it's recommended that you gather details about family members and be prepared to make decisions about who you trust to appoint as executor of your estate (manage your affairs) or guardian to your minor children or pets. Then think about how you want to distribute your assets (who gets what after you pass). That's the basics. These online services will guide you through the questions, most allowing you to pause and save your work so you can return as you gather what you need or make decisions. If you're afraid of missing something, don't worry - these platforms are designed to ask all of the questions so you don't have to be an expert. Some of them will even offer explanations along the way so you're not lost in a sea of legal jargon.
Online wills can be made for a fraction of the cost of seeing an estate lawyer, an unnecessary step for most simple wills anyway. The convenience of creating the will at home, at work, or on the go cannot be overlooked since you don't have to waste time making an appointment, dealing with traffic, waiting for the professional to see you, and other time-consuming details. The time involved in the online will-making process is significantly shorter as well, just taking minutes to complete the questionnaire and be ready to download and sign. You could even do it on your lunch break. The simplicity involved in the online will process means no adult has a valid excuse for being without a will.
There are many factors to consider when comparing online will creation services in Canada. Here are the top ones on our list:
Creating a will doesn't have to be a burden any longer. At Top Consumer Reviews, we have done the work for you, looking at the best Canadian will creation services to assist you in making a choice for directing your final wishes so you can get on with the business of living.
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