If you have browsed around our website you may have noticed that we use different terms to describe Wills. As Myend has grown and evolved, so have our services. For instance we have both a last will and testament and an e-will. But what is the difference?
Let’s have a look at all the various Myend terms, just to keep you updated!
What is an e-will?
In short, Myend’s e-will is a set of instructions you can leave to your loved ones. It is inspired by the idea of a last will, but it is not the same as it. The e-will is always accessible to all users, regardless of the plan they have selected. You can activate and update it on your Myend profile (Left panel > Directives > E-will).
The main benefit of an e-Will is that it is extremely easy and quick to use. Just make sure you’ve added entries to your belongings, messages and vault and they will automatically show when you generate the e-will.
Click here to read more about our innovative e-will.
What's a last will then?
Myend’s last will has the structure and function of a traditional last will and testament. You can officially distribute property, name beneficiaries and even create a trust for your children. Just like the e-will, you can activate it on your Myend profile (Left panel > Directives > Last Will & Testaments).
If you want to read more details about Myend’s last will click here.
So what's the difference?
Legal status
An e-will is a digital document that describes your final wishes. E-wills are not recognized by the legal system but they may be helpful nonetheless.
On the contrary, a last will is a legally binding document and a court has to take it into serious consideration. Any potential confusion might come from the fact that Myend’s last will is digital – just like our e-will. However, a major difference is that our last will is legally binding, so long you have filled it in correctly and it has been witnessed.
Note: For now this applies only to US residents. Myend plans to expand its legal services in additional countries in the future.
Size of Estate
Something for you to consider is the size and value of your estate. The larger and more expensive it is, the more it calls for serious estate planning. As a result, a last will is much more important for such an estate.
Don’t get it wrong though: Having a last will doesn’t mean that you don’t need an e-will! We discuss next all the ways that Myend’s e-will has unique features, not available in our last will.
Unique Features
Reading the above remarks may lead you to the conclusion that that the e-will is a lesser version of a last will. Although they are both sets of instructions, an e-will offers benefits not present in a last will.
For instance note that over time your personal situation may change so you may want to revise the information of your e-will and last will. The advantage of an e-will is that you can do this with no extra cost of a lawyer or notary.
Moreover, you don’t need any witnesses to effectively make changes in your e-will. Your e-will doesn’t need to be notarized, nor do you need a self-proving affidavit. If you update your last will there are additional actions that you have to undertake.
The final difference
The e-will also includes features that are difficult or impossible to exist within a last will. An excellent example of that is the e-will’s Last Goodbyes feature. This allows you to create messages that become available to your loved ones after you pass away. Your e-will is made to generate lists of your recorded messages, helping you keep track of everything! These listings are not present in a last will.
Final Thoughts
If there is one thing you need to take with you from this article is that you should have both an e-will and a last will. We here at Myend, have dedicated thousands of hours to create a comprehensive set of services. And having both an e-will and a last will, is only going to reinforce that these truly are your wishes.
So what are you waiting for? Make your own account completely free of charge and experience the end-of-life planning services of the future! 🚀
