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.
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.
As mentioned, Om Company offers two plans:
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:
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.
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.
If something in your life changes, you can quickly and easily modify your will with Om Company accordingly.
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.
You can get ’round-the-clock support with a representative from Om Company via telephone, email, or live chat.
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.
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.
You can have your will drafted and printed out in just a few minutes from the comfort of your home.
Looking for other will providers? Check out Willful or Epilogue Wills.
You can get in touch with a representative from Om Company in a variety of ways:
| 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 |
Look into getting pet insurance.
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.
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.
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 personal finance 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.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Don’t pay until March with this offer from our partner, Fairstone.* Ends January 31st.
New Offer! Get up to $2,000 cashback + a $50 bonus on signing up. Conditions apply.
Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.
With KOHO’s prepaid card you can build a better credit score for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.
