You can now make a Will online.
Two e-Will services were launched recently. One of these services is offered by NSDL e-Governance Infrastructure in partnership with Mumbai-based Warmond Trustees and Executors. Ezee Will is the product that this joint venture launched and is accessible at www.ezeewill.com.
The second is through a joint venture between HDFC Securities Ltd and Legal Jini.
These ventures will allow one to complete the final leg of their financial planning–succession-planning-online. The firm also offers e-will services. These services make it easier for Will writers.
How to draft an electronic will
- Before you begin drafting your e-Will, it is important to complete an exercise. This includes a list to which people you want to leave your assets and your legal heirs. This exercise will help you to draft your e-Will. You may also consider the unmarried daughter’s marriage expenses, provision for a family member who is disabled, retention of a portion of the house for the spouse, among other things.
2. The customer must register, create a login ID, and pay the fee online with a debit/credit card or net bank facility.
3. The third step involves providing general information such as your gender, age and occupation.
4.. You will now move to the fourth stage. Here you need to fill out all your family’s details and your assets. Also, you must decide how you would like to leave your assets to your loved ones.
Process
You should save all information you fill out to be saved to the service provider’s website. This will allow you to complete the details whenever you want. After you have completed the form, click submit to generate a will in the required format. This information will now be sent to the website’s legal experts. They will create the Will. It will then be delivered to your home via email or speed mail. You can draft The Will from any location you choose. There is, however, a time limit. HDFC Securities, for instance, gives you 60 days to complete all details.
Guidelines
There may be different requirements for will writing and laws depending on the case and where you live. The e-Will service providers consider the succession act applicable to a customer’s faith and community. They have lawyers who are trained to assist customers with different religions.
You can also mention your intellectual and digital properties through the e-Will service.
From the time you submit the data to the service provider, the entire process takes approximately two weeks. After you submit all information, the service provider will send you a draft for you to review. This is done to make sure that all parties are represented and minimize the possibility of misunderstandings later. The customer should carefully read the text and ensure that it is in line with their expectations.
If there are any mistakes in the final copy or you wish to make modifications later, you can upload the document and resend it to the company. They will then draft a new copy. However, if you lose the original draft, you will need to fill out the form again and start over.
A few additional services are available, such as the registration of the Will or the appointment of an executor. These add-ons help to make the Will run smoothly.
Is it safe?
Both companies have a history of handling sensitive data on a large scale and can assure confidentiality. The e-Will process is as secure as any online trading transaction. The client’s information will be encrypted and secured in company databases. The companies promise that clients’ information will be completely secure and encrypted in company databases.
What is the cost of this?
These e-Wills services help to promote the idea of making a Will online. However, one can still choose to make a Will traditionally. However, a lawyer will usually prepare a Will for you at a minimal cost of between 15000 and 25000. This option is for clients who need extremely complex legal advice and prefer to have a face-to-face interaction. Prices for similar services will vary depending on the complexity of the case. An e-Will costs you only 4000. Additional reviews can be done for a nominal fee of 250 each.
