When it comes to creating a Will, many people focus on choosing the right executor, specifying their wishes, and ensuring the document is legally binding. However, one critical aspect often overlooked is the importance of Will Storage. Where you store your Will can significantly impact its validity, accessibility, and safety. This article will explore why Will storage matters and provide key insights into making the right choice for your situation.
Why is Will Storage Important?
There are several reasons why Will storage is an essential part of estate planning. These include:
- Validity: A Will must be properly executed and stored to be considered valid. Incorrect storage can lead to a Will being deemed invalid, causing confusion and legal complications.
- Accessibility: If your family or executor cannot locate your Will after your death, it will delay and complicate the probate process. Storing your Will in a secure yet accessible place ensures it is easily found when needed.
- Safety: Wills carry sensitive information about your assets, beneficiaries, and final wishes. Proper storage protects your Will from damage, theft, or loss.
Where Should You Store Your Will?
With the importance of will storage established, let’s explore various options for securely storing your will.
At Home
Storing your Will at home can be convenient. Options include a fireproof safe or a locked drawer. However, make sure that the location is both safe and accessible to your executor. Here are some considerations:
- Use a fireproof and waterproof safe to protect against damage.
- Inform a trusted individual, preferably your executor, about the location.
At a Professional Will Storage Facility
Professional Will storage facilities are specifically designed to store Wills securely. Features often include:
- Fireproof vaults
- 24/7 surveillance
- Insurance coverage
Although there may be a fee, this option provides peace of mind knowing your Will is secure and accessible.
Futura Planning offer two options for professional Will storage. One option includes the benefit of free updates to your Will in the future. If you would like to learn more about this, please see our Will Storage & Updates page or call us on 01934 442030. This service also benefits from haivng the Will registered with The National Will Register.
What happens if your Will cannot be found?
If your Will cannot be found, then it is as if it didn’t exist which will mean the estate would then go through the probate courts. This would result in the estate being distributed according to the rules of intestacy. This can be extremely time consuming, sometimes taking years. This would be more frustrating if your loved ones know that you made a Will, but don’t know where it is!
Having access to a copy is not a valid alternative to the original Will. In the absence of the original, the assumtion is that the original was destroyed by the testator (the person who wrote the Will). A copy would need affidavits from the witnesses as well as a sworn statement from the executor to confirm that they are willing to apply for probate using the copy. Additionally, a detailed description from the executor will be required explaining how the original was lost and all steps taken to locate it. The courts may still reject the copy even after all these steps.
Having clear, hassle-free access to your original Will after you have passed away makes an emotional, time of grief a little easier, and helps at a practical level for the process to prgoress smoothly.
Tips for Storing Your Will
No matter where you choose to store your Will, follow these tips to ensure its security:
- Inform your executor: Always let your executor know where your Will is stored to facilitate easy access.
- Use proper containers: If storing at home, use a waterproof and fireproof container to protect your will.
- Keep it up to date: Regularly review and update your will to ensure it reflects your current wishes and circumstances.
- Avoid clutter: Do not store your Will with other important documents, making it more difficult to locate.
- Consider professional storage: If possible, use a professional storage facility for ensured security and accessibility.
Conclusion
Will storage is a critical component of estate planning that should not be overlooked. By storing your Will in a safe and accessible location, you can ensure it is valid, protected, and easily accessible to your executor after your death. Whether you choose to store your Will at home, or at a professional Will storage facility, make sure to follow these tips to keep it secure and ready when needed.
