Will storage and Will storage charges – When you’re creating a will, you might be wondering whether you should store your will, if there are any charges for storing a will, and whether it’s worth storing it. In this article we look at Will Storage & Will Charges.
Why Invest In Will Storage?
Your last will and testament is possibly the most crucial document you’ll ever create. Well, other than mortgages, trusts, and a few other bits and pieces anyway.
So, it’s important to make sure it’s stored safely and securely, right?
Why Should I Store My Will?
Picture this – you’ve created a will, and everything’s fine and dandy.
But something’s changed in the family, let’s say the birth of a child for example, and you go to dig out your will so you can make some amendments…
But you can’t find it.
Maybe it got mixed up in the clear-out you did a few months ago. Or maybe you gave it to a friend who can’t find it.
The point is if a document is THAT important, you should probably make sure it’s as safe as can be.
And the good news is that you can store your will safely in a number of places. Including with Will writing solicitors, specialist will writing companies, and even with HM Courts and Tribunals Service (HMCTS).
It’ll cost anything from £50 a year to £10 per month. But that will depend on where you store it and the terms you agree with them.
You can store your will with HMCTS by either taking it to a probate office/registry or posting it.
Probate Will Storage – What Do I Need To Know?
When you create a will, the first thing you should do is tell your family.
Not just that you’ve created a will, but where you’ve stored it as well. So that when the time comes, they know exactly where to go to find your will so your wishes can be adhered to.
Now, the natural thought process for many people might be that a safety deposit box at a bank would be the ideal place to store a will…
But that is a BIG mistake.
Because when someone dies, the bank isn’t allowed to open the safety deposit box until the executor is granted probate. (Which is essentially official permission from the court to administer your will and estate)…
And probate can’t be granted without the will.
Which is a bit of a problem. Well, it’s a bit of a checkmate, actually.
However you choose to store your will, you should ALWAYS ensure it can be accessed without probate. And you should check this with whomever you’re storing it with.
Your main options other than HMCTS are storing it with solicitors or will writing services.
There are clear benefits to storing it with solicitors, namely the fact that they’re regulated. This means that if the will was lost or damaged in any way, then you’ve got a legal right to recompense to make things right.
The flip side of that is if you’re storing your will with a solicitor that didn’t create your will, then you might pay more than if they did to store it.
A will writing service will likely charge less than a solicitor. But that will depend on the fee you’ve quoted by either. And the reality is you’re less protected if anything happens to your will, or if the will writing service goes out of business.
It would be wise to keep a copy of your will yourself in addition to storing it, to add another layer to your level of protection and security.
What If I Need Help Storing Or Creating A Will?
If you’re not sure where to start with storing a will, or if you’re just thinking about creating a will, then it’s well worth looking for solicitors near you to help.
Simply click below to connect with solicitors in your area…
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