So, you’ve made a Will, and you’re feeling pretty pleased with yourself – rightly so.
But what you should do now? Or, more to the point – where should you put your precious document?
So, what are the options?
- Safety deposit box – for a fee, you can purchase a safety deposit box at your bank, which will keep your Will safe, along with any other precious possessions you might want to store, and don’t need regularly. It is a good idea, but the problem is that unless your executor has a key to your box, they will need to wait until probate is granted to access it. And, guess what? They will need the Will to obtain probate… You can get around it by keeping a copy in a safety deposit box, but don’t rely on this as your only storage option.
- Probate service – for a fee you can file your Will with the Probate Service for England and Wales. As you can see from the link, it does mean your family can find the paperwork easily, but the problem is that you have to pay a fee every time you want to access the document. If you end up changing your Will a few times that can generate unnecessary additional costs.
- Multiple copies – this is our recommended solution. Ensure that the executor(s) of your Will has a copy. That way, they don’t have to go hunting at an already difficult time. Keep a copy somewhere safe in your home, giving you easy access if you wish to refer to it in the future. And consider a further copy being filed elsewhere – with a lawyer, trusted friend/adviser or with the bank. This is what we refer to as the belt and braces approach.
If you would like to learn more about how we can support you, then please give us a call on 01344 875 310 – we’d be delighted to help.