Where do you store your will?

Mummy2 on 05/01/2017 - 07:39

I have recently updated my will and it cost quite a bit to do so as I have complicated circumstances and have included estate planning in the will.

The lawyers that have helped me with the will can provide a service to keep the will in a safe/secure (fire proof, flood proof etc) place but it will cost $250 every 3 years.
Googling I have found the WA will bank which seems to do the same thing for free through the public trustee ( I live in WA, I believe there are similar places in other states).

Up until now I have not kept my will in a safe place at all (and didn't even spend any money in creating those wills) - I just kept them at home, and not even in a safe at home, just on a book shelf.

Is there any downside to storing it for free at WA will bank? Are there any other free/low cost options or is it really worth paying the $250/3years the lawyer is suggesting?

General Discussion

Comments

  • the cheeky dropbear on 05/01/2017 - 07:48
    +1

    You could scan and upload it to Google Drive, then provide the link to your executor/s.

    • Daabido on 05/01/2017 - 08:01
      +1

      Although courts have and continue to widely interpret the wishes of the dearly departed, even if their "will" does not meet the technical requirements, I would not rely on an upload to be sufficient. An upload would be the absolute last resort I would think of, but in combination with advising the physical location to potential executors and potential is all they are, a digital copy is not a bad idea.

      Having your will in a separate location, in case of a house fire which takes you out is also a good idea, which is why lawyers love to securely store your will for an ongoing profit stream. Fun fact: a dieing person once wrote their will on the side of a cow, which was upheld by the court as a valid will. I do not suggest that you do that though.

  • chumlee on 05/01/2017 - 08:53
    +1

    You can buy a fire and water proof safe from Bunnings for less than $70

  • Baysew on 05/01/2017 - 09:23

    Most banks have safe deposit facilities.

    Basically your documents are placed in an envelope and then placed in the safe/vault.

    (It's not like in the movies where they have deposit vaults and store diamonds/cash/guns)

    Link to CBA $55 PA (Not a recommendation, just to give a ballpark figure)

    How much does a safety deposit box (Safe Custody) service cost?

    • Mummy2 on 05/01/2017 - 16:07

      I bank with HSBC and am in Perth. According to a pds I found on their website they don't have a safe deposit facility in WA.

      • Baysew on 05/01/2017 - 16:21

        …and very few branches.

      • davide14 on 06/01/2017 - 14:14

        I have my will in a safety deposit box with BankWest in William Street. I dont think you have to be an existing customer as the deposit boxes are a separate service. It is very useful to store other documents in also like house titles etc.

  • denuto on 05/01/2017 - 09:30
    +6

    Find a new lawyer. Most lawyers will store a will free of charge

    • johninmelb on 05/01/2017 - 09:52
      +1

      Yep, my lawyer has never charged me to keep the original copy of the will at his office. I have a copy, and my executor has a copy.

      • Mummy2 on 05/01/2017 - 16:05

        I've already paid him to put together my will. He was recommended to me by a friend and I didn't think to check out this aspect (storing the will) before I proceeded.
        The company/office is small and does not have its own facilities for storing wills, so they go elsewhere and there is a charge for that reason.

  • BuyoTheCat on 05/01/2017 - 12:14

    I put it in a safe.
    That only I have the combination to.

    • [Deactivated] on 05/01/2017 - 14:14

      Well that certainly helps.

  • Mummy2 on 05/01/2017 - 16:09

    Are there any reasons not to use the free facility at the WA will bank?

    • voteoften on 06/01/2017 - 02:08

      Not that I know of, BUT, if you have specific requests for your funeral and the like, you need to a mechanism to let those be known. Wherever your will is stored, it is unlikely to be officially processed until many days weeks or months after your death. Your will be burned or burned by then.

  • chrisburnett on 06/01/2017 - 08:26

    I have quite seriously thought about this in the past. I'd make a copy and seal it in an envelope stating the original is with my lawyer. Then I'd frame it and leave it on the wall in my lounge room, with a notice saying 'In case of emergency, break glass'

    I'm more worried that after someone dies they can't locate the will.

  • ROTJ on 06/01/2017 - 09:35

    Keep the original will in a cheap safe. Give your executor a copy of the will and instructions on how to open/access the safe when the sad time comes.

  • spurf on 06/01/2017 - 10:18

    Our lawyer recommended putting it in a sealed plastic container and then keeping it in the bottom of the freezer! Logic is that it is a relatively safe place and will inevitably be discovered when your relos empty the fridge.

    • roddy84 on 06/01/2017 - 14:32

      I don't think that seems like a good idea.

      What happens if your relatives just grab everything in the freezer and throw it in the bin like I would? It's not like I'm expecting to find any important documents in the freezer.

  • davidg444 on 06/01/2017 - 14:43

    I am a lawyer.

    The WA Will Bank is like the free will safe custody service offered by the public trustee in other states. I know of no reason not to use this useful service (together with keeping a softcopy and a hardcopy among/on personal papers/computers). If you see out your days in WA your Will will actually be easier to find than a Will left with lawyers if your family can't find a copy or recall who your Will lawyer is.

    Some lawyers may seek to make a profit from safe custody services. These services are a cost and are not universally offered by practising lawyers. In any case lawyers are providing good service when they guide clients to secure original Wills.

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