Before the advent of the internet, people who wanted to write their will would most likely visit a law firm. While a lawyer is not a legal requirement to write a will, most laymen would be unsure of the format and correct terms to use if they were to DIY the process at home. Today, there are a slew of online platforms which can help one draft a basic will from the comfort of home, without a lawyer. How does iWills.sg compare with other will-writing platforms, including going to a law firm? Let’s see.
Going to a law firm
While it is not necessary to go to a law firm to write a will, people who wish to write a complex will might need legal advice. People who might benefit from consulting a lawyer to write their will might find themselves facing complications including, but not limited to:
- Bequeathing foreign assets
- Setting up of trust funds
- Conditional clauses
- Complex family structure
Cost: $200 for a simple will to $500 for a more complex one.
However, when making an appointment to make your will at a law firm, do not assume that you’ll get to consult a lawyer for sure. You could very well be attended to by a paralegal or the office manager, instead of a legal associate. You may be given a form to fill in within an hour. If you want to bring home the will template, you might be charged extra, and you might incur another fee if you choose to return on another day.
Pros: For a premium price, it’s great if you can get a lawyer to assist and advise you on your will. A lawyer’s legal responsibilities extend beyond just the drafting of the will content. Their testimony and extemporaneous notes can serve as a safeguard especially where conflicts of interests between testator and beneficiary are suspected.
Cons: Customer may not get lawyer’s expertise with “package” deals. It’s time-consuming too. You’d need to take leave to head to the lawyer’s office during office hours. You may need to draft your will in one breath, instead of taking the time to mull over details. And when you change your mind or need to update your will, you’d have to repeat the process.
Other will-writing platforms
An obvious alternative to a law firm would be to go online to make a will. Online will-writing platforms provide convenience, ease and flexibility in drafting up a will.
In a competitor analysis, we found that the iWills.sg will template was the most value-for money. While most platforms require the user to make payment before you get to see the completed will, iWills.sg allows one to download and print one’s will for free.
If you look at the above table that we’ve drawn up, a two of our competitors charge a differential premium for each added layer of complexity to the will.
In contrast, iWills.sg offers flat pricing notwithstanding the inclusion of these clauses:
- Up to 2 joint executors
- 1 replacement executor, no limit on beneficiaries
- No limit on specific gifts
- Testamentary guardian clause included
- No limit on the number of residuary beneficiaries you wish to name
In particular, iWills adds value to the user as we offer the use of a Legacy Dashboard. When the user fills it up, it generates Schedule of Assets, which is an inventory list your executor will find immensely useful in locating each holding when the time comes.
The objective behind our competitive pricing? Our co-founders believe that will-writing should be made accessible to the masses. Even after making a will, they believe it should not cost an arm and a leg to update it.
If you can find two competent witnesses to sign off on your will, your will is basically free of charge. We’ll hold on to your will info for 30 days while you find out if our product suits your needs. And if you’d like us to store your will details securely on a permanent basis, our platform fees cost only $38/year (or $0.79/week, excluding GST). Sign up for the Executive Plan before the 30 days are up, and you’ll be able to return over the next 365 days to update your will and wealth holdings at any time. As a subscriber, you can leave messages and letters of instruction in the iWills Time Capsule. This feature is something no other competitor has! Add-on services such as Print & Will-Witnessing with a Premier Law Firm and Premium Print & Delivery are also available.
Don’t just take our word for it, head on to iWills.sg to find out more now.