This is a question we get asked often from our clients.
“I have written my Will, now what?”
Firstly, that is the biggest step. Over half the adult population in the UK do not have a valid Will and so it is important that when you have written your Will that you look after it. A Will can be invalidated through a damage or if it appears to have been tampered with. Equally, if a Will cannot be found then you will be classed as intestate – passing without a Will.
So, how can you protect your Will?
When you store your Will, it is vital to ensure it is kept safe and secure. Away from any potential hazards that may invalidate your wishes. Storing a Will at home with other important documents may seem a sensible choice, but do not rule out water and fire damage.
You may choose to store your Will with your bank or solicitor. This can be one of the safest options but be aware that there can be extremely large costs to family members when they retrieve the Will. They may also be the executors of the Will, which can be on average 5-7% charge of the Estate.
Another option is to store your Will with Legacy Direct. There is a small annual fee of £19 per person, however we have included FREE updates to your Will. We also send a letter to your executors, with permission, to inform them where your Will is and what to do next. Legacy Direct also send out a wallet sized card with details to explain to people where to find your Will. This is ideal because one of the first places people look is in a purse or wallet to find bank details and cancel cards.
What happens after I store my Will?
It is important to ensure that your Executors, Trustees and your Beneficiaries are aware of where your Will is kept. It will be your Executors job to make sure your wishes are carried out so they must know where to find your Will to carry out their responsibilities.
Did you know: Almost 70% of adults across the UK were unaware of where their parents’ Wills are kept.
Something you should also do is make sure you review your Will and check the contents every 3 years. You should also update it after a significant life event. This includes moving home, having children, death of Executors or Beneficiaries, marriage or divorce. This will ensure your wishes are always up to date and valid.
If you want to find out more about storing your Will and other important documents with us at Legacy Direct, get in touch today.
Plan and Protect for Peace of Mind.
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