Where Should I Store My Will?
At Penrose Lawyers, we understand the significance of safeguarding your final wishes. Deciding where to store your Will is as crucial as its contents. This guide illuminates secure and accessible options, ensuring your Will fulfils its purpose when needed.
Table of Contents
Key Takeaways
- Security and Accessibility: Choose a storage option that balances both.
- Inform Your Executor: Ensure your executor knows where your Will is stored and how to access it.
- Consider Professional Storage: Solicitors and legal services provide secure and reliable storage options.
When it comes to storing your Will, the paramount goal is to keep it in a place that is both secure and accessible to your executor. The location you choose can significantly impact the execution of your estate plan. Here are some insights and recommendations:
Secure Storage Options
Solicitor’s Office
Storing your Will with a legal professional, such as Penrose Lawyers, offers security and peace of mind. Legal firms often provide storage services, ensuring your Will is safe and can be easily accessed by your executor when necessary. Penrose Lawyers offers the storage of Wills to its clients free of charge.
The NSW Trustee and Guardian
For residents of New South Wales, the NSW Trustee and Guardian offers a Will Safe storage service. This service is not only secure but also provides electronic copies for added security.
Safe Deposit Box
A safe deposit box at a bank is a traditional choice for storing important documents. However, ensure your executor has access or can obtain access upon your death, as some banks require proof of death and executorship before allowing access.
Home Safes
If you prefer keeping your Will at home, consider a fireproof and waterproof safe. Inform your executor of its location and how to access it.
With Your Executor
Directly giving your Will to your executor is an option. Ensure they store it securely and understand the importance of keeping it confidential until needed.
What happens if my Will cannot be located?
Should your Will remain unfound after your passing, it is typically assumed that you have died intestate (without a Will). Under these circumstances, your assets will be allocated based on the default legal guidelines of your area, known as the intestacy laws. This allocation may not align with your original wishes for your estate.
Legal Implications of Will Storage
The location of your Will can have significant legal implications. If a Will is lost or destroyed, the law may presume it was intentionally revoked. This underscores the importance of choosing a storage option that minimises the risk of loss or damage. Consulting with a legal professional, such as those at Penrose Lawyers, can provide clarity and peace of mind regarding these legal nuances.
Accessibility for Your Executor
Your executor plays a pivotal role after your passing, and their ability to promptly and easily access your Will is paramount. This accessibility ensures a smooth initiation of the probate process. Probate is the court-supervised process of authenticating your Will, and it requires the original document. Delays in locating or accessing your Will can lead to unnecessary complications and stress for your loved ones during an already challenging time.
Considerations for Safe Deposit Boxes
While safe deposit boxes offer a high level of security, they come with their own set of considerations. For instance, access to these boxes can be restricted upon the box holder’s death, potentially complicating the executor’s ability to retrieve the Will in a timely manner. It’s advisable to check with the bank regarding their policies on accessing a safe deposit box after the owner’s death and consider registering your executor as a co-owner or ensuring they have legal access rights.
Regular Updates and Communication
Life’s circumstances change, and so may your relationships, assets, and wishes. Regularly reviewing and updating your Will—and its storage location—is essential. Each time you update your Will, ensure your executor is informed of the changes and knows the current storage location. Clear communication with your executor and relevant parties, such as your solicitor or the institution storing your Will, can prevent confusion and ensure your most current wishes are known and accessible.
The Role of Solicitors in Will Storage
Solicitors not only provide legal advice and assistance in drafting your Will but can also offer secure storage solutions. Storing your Will with a solicitor like Penrose Lawyers ensures that your document is kept in a secure, fireproof, and waterproof environment. Additionally, solicitors can promptly provide your executor with the original Will when needed, facilitating a smoother probate process. This is a complimentary service at Penrose Lawyers and we do not charge any Will storage fees.
Storing Other Important Documents
Alongside your Will, other important documents such as Powers of Attorney, Advance Care Directives, and life insurance policies should also be stored securely. These documents are integral to managing your affairs both during your lifetime and after your passing. Consider storing these documents in the same location as your Will to ensure they are easily accessible to those who need them.
The Importance of a Will Registry
In addition to choosing a secure storage option, registering your Will with a state or national Will registry can provide an extra layer of security. These registries do not store the Will itself but record its location, making it easier for your executor to locate the document when the time comes. This service can be particularly valuable if you choose a less conventional storage option or if there are concerns about the Will being misplaced or forgotten.
Peace of Mind for You and Your Loved Ones
Ultimately, the decision on where to store your Will should offer you peace of mind, knowing that your final wishes are secure and will be respected. It also provides reassurance to your loved ones that they will have the guidance and legal documentation necessary to honour your wishes without added stress or uncertainty.
By carefully considering your options and consulting with legal professionals, you can ensure that your Will is both safe and accessible when needed. At Penrose Lawyers, we are dedicated to providing you with the advice and services necessary to make informed decisions about storing your Will and planning your estate. Our team is here to support you in safeguarding your legacy and ensuring your wishes are carried out exactly as you intend.
For further assistance and to discuss the best options for storing your Will, please contact us at Penrose Lawyers. Our experienced team is committed to providing you with personalised and compassionate legal services tailored to your unique needs and circumstances.
Conclusion
Choosing the right place to store your Will ensures that your final wishes are respected and executed as intended. At Penrose Lawyers, we’re committed to providing comprehensive estate planning services, including secure Will storage. Contact us today to discuss how we can assist in safeguarding your legacy.
FAQs
Australian law requires the original signed document; digital copies are not legally sufficient.
Update your storage location and inform your new executor accordingly.
Yes, storing your Will with other critical documents, like life insurance policies, is advisable. Ensure your executor knows all the locations.
If your Will cannot be located, you may be considered to have died intestate, meaning your estate will be distributed according to state laws, not your wishes.
Costs vary depending on the storage option. Solicitors may offer storage as part of their service package. The NSW Trustee and Guardian charges a one-off fee for non-clients. Penrose Lawyers offers the storage of Wills to its clients free of charge.
