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Having a will in place ensures that your estate is distributed the way you want it to be, rather than leaving it in the hands of the courts to decide for you. But creating a will takes time, effort, and money. Typically, it costs a few hundred dollars to have a lawyer draft up a will for you, and sometimes over the $1,000 mark for more complicated wills.
Luckily, you can have a will created for a fraction of that price and much more conveniently than the traditional route of having an attorney do it for you. With online will software tools available, creating your own will has never been easier, and one such platform is Om Company.
See why you need a will in Canada.
Om Company is part of the Legal Innovation Zone at Ryerson University, a leading legal technology incubator in Canada. The firm is composed of technology experts in estate planning and makes it easy for anyone to plan for their estate.
Let’s take a closer look at Om Company to help you decide if you should use this online tool to create your will.
Find out what happens to your student debt when you die.
What Services Does Om Company Offer?
Om Company promises to help you create your will in as little as a few minutes with its step-by-step instructions and ongoing guidance. You can easily access the platform online and print your documents once they’re complete from the comfort of your home. No lawyer is needed, nor are any sky-high attorney fees charged.
There are two price plans to choose from: individual or couples plan, which we will get into more detail about below.
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How Much Will It Cost To Make A Will?
As mentioned, Om Company offers two plans:
- Individual plan: $90
- Couples plan: $180
Both plans come with Last Will & Testament and Funeral Wishes documents (one each on the individual plan, and two each for the couples plan). Wills created under any one of these plans provide you with the following perks:
- Update anytime with no limit on changes
- Legally binding
- Establish an inheritance plan for children
- Assign guardians for minors
- Care for pets
- Give gifts to family and friends
- Donate to charities of your choice
- Detail your funeral wishes
Pros And Cons Of Using Om Company vs. A Lawyer
There are a few perks and drawbacks of using an online platform to create your will like Om Company versus going to a lawyer to have your will crafted.
Pros:
Affordable
It’s much cheaper to have your will created using Om Company compared to the fees that a lawyer would charge to draft up a customized will. While lawyers will charge upwards of $1,000 for their services, you can get a comprehensive will made for you for less than $100.
Unlimited Free Changes
If something in your life changes, you can quickly and easily modify your will with Om Company accordingly.
Resource Library
The Om Company website has a section of articles that you can peruse if you’re ever curious about wills.
Find out what happens to your debt when you pass away.
Support
You can get ’round-the-clock support with a representative from Om Company via telephone, email, or live chat.
Transparent Pricing
Whatever price you are quoted when you start the process of creating your will with Om Company is all you’ll pay. There are no hidden fees.
Lawyer-Based Documents
While a lawyer isn’t sitting down with you to create your will, the document you fill out to eventually become your will is based on legally compliant information crafted by real attorneys.
Create Your Will In Minutes
You can have your will drafted and printed out in just a few minutes from the comfort of your home.
Cons:
- More complicated estates may be difficult to deal with through an online will-creation platform.
- Estate taxes can be tough to mitigate without the assistance of an attorney.
- Not ideal for those with a high net worth.
Looking for other will providers? Check out Willful or Epilogue Wills.
What Support Is Available?
You can get in touch with a representative from Om Company in a variety of ways:
- Telephone: Book a call using the site’s online call scheduling tool
- Email: support@omcompany.com
- Live chat: Available from 6am – 6pm (PST)
Overview Of Key Features
| Individual Plan | Couples Plan | |
| Cost | $90 | $180 |
| Potential savings vs. visiting a lawyer | $350 | $1,250 |
| Documents included | 1 Last Will and Testament 1 Funeral Wishes | 2 Last Will and Testament 2 Funeral Wishes |
| Best Suited For | Simple wills | – Those with higher net worth and more complex estates – When beneficiaries differ from your spouse |
| Features | – Update anytime with no limit on changes – Legally binding – Establish an inheritance plan for children – Assign guardians for minors – Care for pets – Give gifts to family and friends – Donate to charities of your choice – Detail your funeral wishes | – Update anytime with no limit on changes – Legally binding – Establish an inheritance plan for children – Assign guardians for minors – Care for pets – Give gifts to family and friends – Donate to charities of your choice – Detail your funeral wishes |
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Is Om Company Safe?
The sensitive and private information that is contained within wills might make some people feel uncomfortable going the online route. However, all information you provide to Om Company will be kept entirely safe and confidential, making it a secure way to create your will quickly online.
However, if you have very complicated tax issues to deal with or other situations that you are concerned won’t be accurately dealt with without the help of a real-life lawyer, then perhaps going the traditional will-generating route might be best for you.
Find out what happens to your TFSA when you die.
How Do You Create A Will With Om Company?
To create a will with Om Company, you’ll need to supply a few pieces of information about yourself, including your full name, address, and marital status. Then, you’ll be asked a number of questions to help the platform populate the appropriate documentation and to customize your step-by-step instructions. You’ll have a chance to look over your options and choose the plan that’s best for you.
After you complete the documents, they will be ready for you to review and print. The documents will need to be signed by yourself and two others in each other’s presence in order for them to be considered legally binding. Once that’s done, your will is official! Just be sure to store your will someplace safe where the executor can easily access them.
Is Om Company Right For You?
Anyone with a simple estate who likes the convenience and affordability of being able to have a will drafted completely online without the need to visit a lawyer will find Om Company very useful. If you want to have a say in how your children or pets are cared for or how your assets are distributed in the event of your passing, you may find Om Company a great option.
You will also have the flexibility to dictate how you want your funeral to be arranged as your final wishes and leave behind gifts to specific people through the use of a will drafted through Om Company.
Having said that, Om Company may not be the right choice if you have a more complicated estate or a high net worth.
Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!
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