3 places to safely store your will
One of the most significant tasks we need to carry out is making a will. While sometimes challenging, deciding on the allocation of valuable possessions and assets to family and loved ones is important for your family’s future as well as your own peace of mind.
Despite investing time and money creating a current and valid will, many people don't then follow through in thinking about the need for it to be stored safely. This often means that when the will needs to be referred to, it can't be found.
Direct access to your will is vital to ensure your affairs can be managed by your executor in an efficient and timely way. Not being able to get hold of a will can create a nightmare for your beneficiaries both financially and emotionally.
The following are three of the most common and effective storage options.
1. Storing it with your solicitor
Many estate solicitors and personal solicitors will be able to store your will in a secure location in their office. If you choose to store it with your solicitor, be sure to tell your family and executor that you’ve done so.
- Pro: Secure storage and can be free depending on your relationship with the solicitor
- Con: Risk if solicitor dies, moves practices or other changes in their circumstances. It’s a good idea to keep a copy yourself as well
2. Keep it yourself
A will can be stored in your home in a personal safe, a filing cabinet, or in another safe location. If you store your will in a location that requires a combination, password, or key for entry, be sure to share that information with someone you trust, such as your spouse, adult children, executor or solicitor.
- Pro: Storage is free
- Con: Storing your will yourself can be risky, as the will might be misplaced, thrown away, damaged accidentally such as in a fire or stolen
3. Will storage services
There are now a number of independent will preparation, registry and storage services available. The storage services or banks usually offer purpose-built, fire-proof vaults, keeping the will safe from loss, theft or damage.
- Pro: Using a professional storage service can cost less than using a solicitor – but always check the fees and terms.
- Con: Let your family and executor know that you’re using the service, and check what will happen if it goes out of business. Again, keep a copy for yourself.
This article is for general information only and cannot be relied on as legal advice. You should seek formal legal advice on your specific circumstances.