Where should I keep my Will?
Published on Fri Nov 13 2020 in Money
Writing a Will is a big step for many people. But if your family can’t find it when you pass away, it’s almost like you didn’t have one at all.
When a person dies without a Will, they’re said to have died “intestate”. This might not seem like a problem, but it could cause headaches for your family. It may take longer for them to receive any money or property you leave behind (known as your estate). This could cause them financial hardship, as they wait months or possibly years for the estate to be settled.
It may also mean that the courts will decide who gets what. A judge will use a process known as probate to divide the estate, following a set of legal rules. Of course, the law may not match your personal wishes. People you’d want to inherit your estate could be left out, or legal guardianship of your children could be given to someone you haven’t picked.
A Will could speed up probate and help make sure your personal wishes are followed. And letting someone know where to find the original, signed copy could be an even bigger help. But where should this important document be kept?
Here are five ideas for where you might decide to keep your Will.
Somewhere safe in your home
Many people like the idea of keeping their Will at home. That way, they always know where it is and may feel more confident that what they’ve written will be kept a secret until after they’ve passed. If you decide to store your Will at home, you may want to keep a few things in mind.
Where you store your Will should be safe, but also not too clever. You do want someone to find it after your death, and tucking it into a book or behind a framed photo may be too good of a hiding spot. Someplace logical, such as a filing cabinet, desk drawer or on a shelf in an office may be wise. No matter where it’s stored, consider keeping it off the ground to protect it from flooding.
If you’re worried about privacy, you could choose a desk drawer or filing cabinet that can be locked. Or, place it in a sealed envelope, with instructions on the outside that it should only be opened after your death.
No matter where the Will is kept, it’s probably a good idea for someone to know exactly where it’s kept, so they can quickly find it when it’s needed.
A secure home safe
Some people may want a bit more security when it comes to keeping their Will at home. Installing a small safe may be a good compromise. It can help keep your Will (as well as other important documents or valuables) secure and away from curious eyes.
There are many different home safes available, depending on your needs and budget. However, there are some features you may want to look for when deciding. A safe that’s waterproof and fireproof could keep everything inside safe from these types of damage. It should also be heavy enough to prevent robbers from carrying the entire thing away.
If you decide to use a safe, make sure someone besides you knows where it is and the combination. That way, they can get to your Will without needing to hire a safe cracker to break in.
A safe deposit box
Your home may not feel safe or private enough to store something as important as a Will. This is why many people decide to keep it and other documents in a safe deposit box.
While a safe deposit box is secure and private, they can also be expensive. There are usually annual fees charged for keeping the box. Also, if the safe deposit box is hired only in your name, it may take time for your family to get permission to open it.
If you choose this option, it would also be a wise move to let someone know that you have a safe deposit box and that your Will is there. This will help your family know where to look and allow them to close out your account once the box is emptied.
With your executor or legal guardian
Another option is to leave your original Will with somebody that you trust. Often, your executor or the person who will become the legal guardian of your children after you’ve passed are good choices.
These people should know their role in your Will anyway, as their jobs are important. The executor is the person you pick to take care of your estate instructions; legal guardians will take care of your kids after you’re gone. This probably makes them very trustworthy, otherwise you wouldn’t have picked them!
Of course, there’s always a chance that they could read your Will before you’ve died. If this is a concern, consider giving it to them in a sealed envelope to prevent any peeking. And, if you decide to update your Will or name a new executor or guardian, you’ll want to get it back from them to help avoid confusion later on.
With your solicitor
Many people like the idea of a person keeping their Will, but want someone more “official” than the executor or legal guardian to do this. Giving it to a solicitor may help put them at ease.
Solicitors are ethically bound to hold important documents and keep their contents private. Often, storing a Will with your solicitor doesn’t cost much, and in some cases could even be free. You’ll just want to give the solicitor’s contact details to your family or your executor, so they know who to reach when the time comes.
However, you may want to keep a few things in mind before choosing this option. If your solicitor dies before you, retires or changes firms, this could make it difficult to find the Will when it’s needed. And, you’ll also want to get your Will back if you decide to update it or change solicitors to help avoid unnecessary confusion.
Sharing is caring
No matter where you decide to keep this important document, you’ll probably want to tell somebody where it is.
Letting someone know where to find your Will could help save valuable time after you’ve passed away. Since copies aren’t usually accepted in court, your family will likely need the original to get started. It could help speed everything up, making sure they can close your estate as quickly and painlessly as possible.
Remember, you don’t have to share what’s actually written in your Will with anyone if you don’t want to. But just knowing where to find it could help remove a lot of stress from your family’s shoulders.
Looking to take out funeral insurance? With Momentum Life you will also receive a free legal Will Kit with your policy! Request a quote to find out more.
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About Author: Momentum Life is a leading provider of Life insurance and Funeral insurance in New Zealand.
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