Writing a Will and Will Storage for Family Security
As home safe installation specialists we have noticed that the importance of Will storage is something many people don’t know enough about. Did you know that as much as 70% of people who die don’t have a will that can be accessed? Also that a large proportion of those people have made a will but have failed to inform their executors where it is stored?!
In addition to that around 30% of wills that are located don’t make it past the probate stage because of damage to the document or because it is not properly signed or witnessed.
Why Do I Need a Will?
You may ask why you need a Will and if it will really make a difference if you don’t. There are a range of reasons why not having a valid Will could be disastrous for UK residents including;
- The courts will be left to decide who will be guardians for children under 18
- Your spouse may not inherit your entire estate
- Your family could be liable for a large tax bill
Just to name a few.
The Importance of Will Storage
The most important things to know about wills and deeds storage are that it is vital that the documents are;
- Accessible by your executors
- In pristine condition
Probate and will storage are so often overlooked and not given the required care and attention. Any damage to your Last Will and Testament documents can invalidate it!
Can I Store My Will at Home?
Storing a Will at home can provide privacy, ease of access and avoid Will storage charges. As high security safes specialists we find that there are cases where a home safe is the preferred option of Will storage, particularly when it involves high profiles clients and very sensitive information. We have even had clients choose to store their Will in a safe in a panic room within their home. However, if you want to store your Will in a safe at home it should be done with extreme care and caution. Always seek advice from an approved security specialist when choosing this option.
Where Can I Store a Will at Home?
Storing a Will in a Home Safe
If you choose to store a will at home you may want to consider what else will be stored in the safe. If you are storing your Will with other items and are regularly opening the safe to take remove and put items in your Will could potentially become damaged and become invalid? Ideally, it would be kept on a shelf or in a drawer in the safe away from other items.
Fireproof and Water Resistant Safes for Wills
Consider where your safe is located in your home and if there is any risk of fire or water damage. Speak to a safe specialist about fireproof safe options and water resistance and the best location for your safe. Climate control is another consideration as damp could be an issue.
Professional UK Safe Installation
The method of safe installation will also be an important consideration. To be secure a safe should be securely bolted in position to meet insurance standards. A safe specialist can survey your property and make recommendations as to the best location and method of installation for a safe in your property.
The Safest Will Storage Option
In order to be as safe as possible, it is advisable to store the main copy of your Will in a secure storage facility with a specialist Will storage company. Free will storage can prove to be a false economy. Specialist Will storage should ensure your Will is kept in the optimum environment and easily accessible by your executors in the event of your death. Your executors must be informed of their duties, where your Will is stored and how they can access it.
You can then store a copy of your Will in a home safe for easy access and quick reference. It is important to keep your Will up to date with any changes in circumstance and having a private place to safely store a copy of your Will for easy access is an advantage.
How Much Does it Cost to Store a Will?
Choose a company to draft your Will with care. Enquire about the costs of storing a Will and the options available before going ahead. There are a number of Will storage companies in the UK. Some offer a annual Will storage fee (which can accumulate over the years and is best to avoid) and some will offer a fixed rate which can be in the region of £360.
Depositing your Will with the probate service is another Will storage option which may be considerably cheaper, in the region of £20.
Storing your Will with a solicitor is another option, this may be more expensive but can be more secure.
Whichever option you choose look into procedures in place in the event the company goes under or your Will is lost or damaged.
Where Not to Store Your Will
Don’t store your Will with a bank or in a safety deposit box. This can cause all sorts of access problems.
It is important to thoroughly research the various UK Will storage options available. As security specialists our area of expertise is physical security to protect valuables within your home or commercial premises. High security locks, security grilles and safes are highly effective means of physical property security. We always take a custom approach to our clients security needs.
If you would like to know more about why you need to write a will and safe storage of Wills in the UK you can find official information from The Citizens Advice Bureau. If you want to know where you can safely store a Will at home or about installation of a home safe for other family heirlooms, valuables or investments our UK safe installation experts can help. We are experts in graded safe installation across the UK. Contact us for advice on high security safes.
How can we help you?
For professional security advice and information call to speak directly to Martin our Master Locksmith and security specialist.