The Modern Way to Will

The practice of creating a Last Will and Testament dates back to ancient Greece. In the United States, procedures for writing a Last Will are not altogether different than they were several hundred years ago. Archaic laws and requirements for creating a Last Will have contributed to the growing problem of people not having a valid Will at the time of their deaths.

According to experts, 2 out of 3 Americans do not have crucial estate planning documents. Despite the COVID-19 pandemic increasing people's desire to create a Last Will, the overall percentage of people with a Will has largely remained the same. The one exception has been among young adults. The number of young adults that have a Will increased by 63% since 2020.

And it's not that younger Americans are taking the risks of serious illness or death more seriously than those aged 55 and over. Rather, younger generations have openly embraced the modern way to Will. Leveraging easy to use and affordable digital platforms, they create their Will, update it as life changes, store it securely, and keep their loved ones in the loop.

The modern way to Will leverages the convenience and cost-effectiveness of a digital platform to create, store, access, update, and correspond with interested parties regarding your Will.

What is the Modern Way to Will?

The modern way to Will leverages the convenience and cost-effectiveness of a digital platform to create, store, access, update, and correspond with interested parties regarding your Will.

We rely on a broad range of digital tools to manage nearly every aspect of our lives. From ordering takeout, to booking a ride to the airport, to opening a bank account and even buying a car. We handle these and other transactions digitally because they are simple, cost-effective, and secure. Yet when it comes to the legal industry, processes for the most part remain paper-based and inefficient.

This is slowly starting to change, however, as the industry has come to grips with changing consumer behaviors and preferences. In terms of creating a last Will, the emergence of web-based solutions has simplified the process. There are countless do-it-yourself (DIY) Will platforms that make it easy and affordable to create and print a Will at home.

What these platforms lack is any guarantee that the Will you create is valid. Requirements for creating a valid Will vary by state. One simple mistake can result in your Will being voided, and your assets disposed of based on statutory law. Heirloom overcomes this limitation by having a licensed attorney review all Wills created on the platform at a small fraction of the cost of hiring an attorney to prepare a Will. Read more about the importance of legal validation here.

Electronic Wills: The New Normal

There is a clear movement towards digitalization of the process to create a Will. The Uniform Law Commission recently approved the Electronic Wills Act. The Act provides a framework for states to adopt legislation authorizing electronic Wills. Electronic Wills are those that are created entirely online and allow parties to sign all documents electronically. Several states have either adopted the Act or created similar legislation that authorizes electronic Wills.

Legal experts anticipate that electronic Wills will become commonplace in the United States in the coming years. If you do not live in a state that has authorized electronic Wills, you can still leverage modern technology to simplify the process of creating a last Will.

For instance, with Heirloom you can create a Will in as little as 15 minutes through a simple questionnaire-style experience. You can seamlessly notify interested parties like your named executor or guardian to include them in the process. Once completed, your last Will is sent to a licensed attorney to review and validate it. Once reviewed the documents can be mailed to you or you can simply print them at home. Then, you simply follow the step-by-step instructions to sign and witness your Will.

Benefits of Going Digital with Heirloom

Users that have embraced the modern way to Will with Heirloom experience the following benefits.

Legal review. With traditional DIY Will platforms you have no way of knowing whether your Will is valid. A simple mistake can void your entire Will. Hiring an attorney to prepare a Will is cost-prohibitive for many and inefficient. With Heirloom, you get the convenience of a DIY Will platform combined with review by a licensed attorney for one low fixed fee price. 

Location and Security. With a digital Will, you always know where it is. With Heirloom, your Will is kept securely on our platform. You can access it at any time to make changes as your circumstances dictate.

Seamless notification. Easily notify people to inform them of the role that they Will play. Give your executor or guardian the opportunity to politely accept or decline your invitation. Keep interested parties in the loop regarding important information like revisions to your Will and where you store it. 

Reduction in fraud. Creating a Will on Heirloom's secure platform offers transparency. All revisions are logged and interested parties are notified. This prevents the occurrence of undue influence, elder abuse, and fraudulent attempts to modify a Will without the testator's knowledge or permission.

Learn More or Get Started with Heirloom Today