The decision on how and where to store your Will is as important as the initial decision you made to instruct your Will and wishes to be written in the first place and it is a decision that you should not delay in making.
Ideally your Estate Planning Consultant, or Solicitor would have brought this to your attention at the beginning of your discussions but if this is not the case and your Wills and Trust's documents are just sitting in a draw somewhere you need to act now.
Why Should I Store My Will Safely
There are number of reasons why you should store your Wills, Trusts and any other relevant important Estate Planning documents, for example :
- Protection From Fire or Flood Damage
- Protection From Theft
- Nominating A Specific Place Your Executors Can Quickly Access Your Will
It is very important to protect your Will for all of the above reasons, after all you have invested both your time and money professionally creating legal documents to ensure your family and loved ones are provided for in the event of your death.
Even if money is of no object and you would be happy to pay once more, I doubt you would really want to keep revisiting such an emotive subject as death planning unless you had to because of major changes in your circumstances or future wishes.
Where Can I Store My Will
At Home
Storing your Will at home is only a good idea if you have a storage facility such as a safe that will protect documents from fire, flood and theft. If you choose this option make sure tell your executors how to access the safe.
With An Estate Planning Company or Solicitor
Often people choose to store their will with the original Estate Planning Company or Solicitor that they made the Will with. If you want to store your Will with a Solicitor ask them how much they will charge for storage and whether the charge is a one off or annual fee.
The High Court Principle Probate Registry
You can store your Will with the Ministry of justice High Court who will store it at their Principle Probate Registry at First Avenue House for a one time fee of £20. see related links below for more info.
With your Bank
Many banks offer a secure safety deposit box service for valuable chattels and documents for a yearly fee. However it is very important to ensure that you have also granted your Executors access to the deposit box where your Will is stored.
This is because in the event of your death, if you were the only person with access your Executors would not be able to obtain your original Will document and commence probate.
Summary
Wherever you choose to store your Will, ensure that your Executors are always aware of where and how to access it. If you store it with your Solicitor or a firm specialising in secure document storage you should be provided with a storage certificate that you can give to your executors, allowing them to quickly access the document.
Related Links
justice.gov.uk / Depositing Documents for Safe Keeping
Dying Without A Will
Add Making A Will To Your TODO List
