The COVID-19 pandemic couldn’t have made it any clearer that all adults should have a will because death can strike at any moment with no warning. At the same time, adults are unprepared for such an unforeseen event as many believed the biggest misconception around wills is that it is reserved for those with sizable assets.
Quite the contrary is true as online wills have surged in popularity throughout 2020 and attracted young parents motivated to be responsible at a very attractive cost.
Most of the debate over who reigns supreme in the online will space pits RocketLawyer Vs Legal Zoom and both names enjoy tremendous reputations. This article will take a look at the two giants and briefly discuss other players in the space that potential customers should check out.
An online will, as the name implies, is simply a will that is prepared online. The best online will providers perfected the process so it can be completed within minutes.
Since a will is merely a document that outlines how a recently deceased individual’s possessions are divided up, it can just as easily be replicated over the internet. Online will providers simply present the user with a series of closed-ended questions that can be easily answered.
The will itself, whether it is created online or through an attorney, is not valid unless it satisfies local laws. Some states require a will to be signed in the presence of a witness while other states might require two witnesses.
If an individual passes away without a will, a state court will likely have the sole authority over how assets will be divided up. The consequences of this mean that someone’s estranged relative could end up receiving a lot of money while an individual’s favorite charity won’t see a penny.
According to at least one study, the online will market is expected to grow at a compounded annual growth rate of 35% from 2020 to 2026. At that time, the market for online wills will reach $41 billion.
RocketLawyer was founded by Charley Moore in 2008. Moore, a law graduate from UC Berkeley, practiced law and offered legal representation to high-tech companies when they were still in their startup phase.
While working with tech startups, Moore realized there is a path to leverage the internet and provide affordable legal services online. He founded RocketLawyer to do exactly that: provide online do-it-yourself legal services and access to documents like online wills.
RocketLawyer’s unique business and growth potential attracted the attention of notable investors, especially Google Ventures that invested $18.5 million into RocketLawyer in 2011.
LegalZoom is a much larger enterprise, although its products and services extend beyond just wills. LegalZoom was founded by Brian Liu and his beginning days as an entrepreneur resembles Moore’s story.
Liu worked in investment banking and specialized in initial public offering and M&A but he wanted to start his own business.
Along with three other entrepreneurs, the group of entrepreneurs looked to capitalize on the idea that the internet can help customers save a lot of money on legal documents, especially wills. Other legal documents that LegalZoom facilities include copyright registration and business formation documents.
LegalZoom surged in popularity over the years and also attracted the interest of major investors, such as Silicon Valley powerhouse Kleiner Perkins.
RocketLawyer’s main selling point is that an online will in 2021 should be completed in three simple steps.
The first step is building the will by answering simple questions that are needed to complete an online will. For example, it asks the name of your children and who will act as a legal guardian, who will inherit property, among others.
The second step consists of saving and downloading the document so it can be printed. The last step varies by region and must be signed according to local laws.
The online will company offers a free seven-day trial to its website and costs $39.99 a month afterward. This includes a 30-minute consultation with an attorney.
Legal Zoom offers consumers the choice of three online wills for a one-time fixed fee. The cheapest is the “Basic” will that costs $89 and offers a step-by-step guide for creating a simple will.
The second option, the “Comprehensive” package, costs $99 and includes legal advice for two weeks and the option to continue paying for legal advice at a cost of $14.99 a month.
Finally, the “Estate Plan Bundle” includes one year of legal advice for $179.
While not necessarily the cheapest, LegalZoom is perhaps the largest of its kind with a valuation of $2 billion. The company couldn’t have grown to become the behemoth it is without offering top-quality services and guaranteeing customers are satisfied with their important purchases.
EForms is relatively new to the online legal space but boasts very high reviews. The company offers a free seven-day trial so it would be possible for users to create a free will so long as they don’t forget to cancel within a week of joining.
The main drawback of eForms is it is not a law firm and doesn’t provide legal advice. For many, this is not necessarily a deal-breaker although lots of people love the option of paying a very small fee to speak with an in-house lawyer and discuss their concerns.
The online will maker offers an easy and straightforward process, including a step-by-step tutorial.
US Legal Forms sells its online wills via monthly subscription packages. There is no option to create an online will for a one-time fee and be done with it. Fortunately, US Legal Forms stands out among its competitors for offering among the best prices in the industry.
The “Basic” package at $8 a month offers unlimited access to tens of thousands of legal forms, including online wills. The pricier “Premium” package costs $15 and offers users an online PDF editor and fillable form builder and the ability to digitally sign documents through signNow.
As the name suggests, Trust & Will specializes in estate planning and three tiers of online wills for a fixed-fee. The basic option is “Guardian” ($39) and meant for parents to dictate who will look after their minor children.
The second option, “Will,” ($89) adds the option to list how someone’s assets will be distributed. Finally, the “Trust” ($399) option caters to those that have needs that extend beyond a simple or basic case.
Thanks to the advanced technology and the fast development of the Internet, most of the products and services that we need in our everyday lives are available online. Regardless if you are looking for entertainment, shopping, reading the news, and even lending money – you name it, the online world can offer it to you.
Even though the Internet brought the world much closer and enabled us to live much better, there are some cons to it. The most popular backlash that people are facing is the online scams. In the last few years, scams have been happening very often and governments are having a rough time controlling them.
Protecting yourself against these scams can sometimes be very difficult. That’s why we wanted to share the most common online scams and raise your awareness level when it comes to this problem. Let’s check them out.
Online lenders have become very popular in the last few years. Many people started favouring them over the banks because their approval rates are significantly higher, the approval time is smaller, and they are easy to deal with. Unfortunately, scammers have used their momentum to rob people of their money.
Since this is sort of a financial institution, you would think that you are safe, which is not the case on some occasions. Luckily, there are some ways to spot if the lender is fake or not. If they request upfront payments, or they don’t do a certain credit check, then they are most likely scammers. So, it’s very important to pay attention to the details and be aware of personal loan scam companies.
Although they may seem easy to spot, online lending scams have a success rate on people that don’t know how to use the Internet. Make sure you do good research and abandon all contact if the company seems a bit suspicious. It’s better to be safe than sorry.
The second-most common type of online scams is shopping sites. In all fairness, this is the easiest and most accepted scam because the process of manipulating the clients is much easier. Scammers set up shopping sites where people can browse for their favourite products. After they order certain stuff online and wait for it to arrive at their address, they find out that it’s a scam after the products don’t arrive.
If the offers are too good to be true, then the site is probably fake. Make sure you check the domain name, browse their site, read some reviews, and most importantly, check their return policy. These steps will give you a clue if scammers are trying to get to you.
Now, we must note that there are sites like Groupon – they offer tremendous discounts and are trustworthy. In the end, it all falls to you; you must research the site’s credibility before making any decisions.
Finally, we have phishing. This type of scam is usually done via email spoofing where the potential victim is required to leave personal information like credit card details and passwords to fake websites that are alike the legitimate sites. For example, scammers recreate sites like eBay or Amazon so that you think like you are contacted by a reputable site. Phishing is very hard to control which is why you must pay attention to the details and do not trust anyone with your personal information.
Make no mistake, online scams are a real deal. Recently, 80 people were charged in the US in the country’s biggest scam of that type. Be very careful of the details you leave at certain websites.
Before you indulge in the world of managing finances and loans you have to take a moment to learn everything there is so that you can experience all of the guaranteed benefits. To put this in other words, do not make any rash decisions before you do accurate research. We all have different levels of knowledge about finances and loans and we can take measures that will help us expand the existing one. We are talking about taking an interest in the general world of the installment loans and understand how we can actually benefit from them.
There are so many ways that will help you get the money you are needing right now, but choosing the right method for this notion is something you should pay extra attention to. So, before you make any decisions take a look at this article and determine the true value of your loan.
Start From the Basics
Installment loans can refer to both personal and commercial loans that include payments or installments on a regular basis. These loans require a portion of the sum to be repaid by the borrower of the loan. This way the borrower also pays interest on the loan. As a simple representation of installment loans are the one we take to buy a car, to enroll in college or student loans, mortgage loans, and any other personal ones.
The next thing you should pay attention to is the no credit check installment loans. This is of great importance just because if you are able to pay your loan on the scheduled terms then your credit will improve. But if your credit history is not that great and you need to borrow money then find the best no credit installment loan option and consider how it will change your overall credit score before you agree to the terms and conditions of applying for installment loans.
To have the best effect on your credit score you should payout your loan on the scheduled time, track your progress, and use the credit card.
Consider the Possible Debt
Taking on a long-term loan can result in a higher interest rate that can bring you to the never-ending cycle of debt. Understanding the risks that come with the installment loans will help you eliminate the chances of falling in debt and will help manage your finances in a better way.
The initial thought of borrowing the exact sum of money you need at the moment is quite appealing but think about the long run. Having a realistic representation of your financial capabilities will help you make the right decision.
Calculate the Potential Benefits
Understanding the core purpose of installment loans will help you calculate the possible outcome from taking on a loan and see whether it is beneficial for your particular situation. The best thing is that you can find general benefits of the installment loans that will create a guideline and help you understand your credit score, financial stability, and the basic borrowing needs.
Those general benefits include fixed interest rate, set monthly payments, and high credit limitations. So, think about how the installment loan will affect your budget and how it will impact the credit balance in the long run. Carefully evaluate the loan offer and see if it corresponds with your budget, use this opportunity, and make responsible decisions that will meet your financial need and keep you out of debt at the same time.