It is quite important to pre-determine the inheritors of your assets in an event of your demise. How you want your assets to be distributed among your family & friends is entirely your choice, which is why drafting a will before you grow old is crucial. You could hire a professional attorney to draft the will according to your desires or you could even draft your own will.
Deciding where to store your will securely can be daunting task, especially if you are someone affluent and are likely to leave behind a considerable amount of wealth to your loved ones. It is recommended that you leave your will stored in a safe place and also inform one of your trusted friends or family members about where your will is secured.
Here are some brilliant ideas on how to keep your will secure
- Let Your Attorney Keep Your Will: If you have hired a professional attorney to draft your will, the safest place to secure your will is the office of your attorney. In Australia, attorneys are required to have an exclusive safe place to store the documents of all clients. You could hire State Trustees to not only draft but also secure your will. However, don’t forget to share the details of your attorney with one of your trusted family members or friends so that they can access it and know where exactly your will is in case of your passing.
- Keep it in a Bank’s Safe Deposit: You can also choose to securely store your will in a bank’s safe deposit box. However, that will require you to nominate someone who can operate your bank’s safe deposit box as well. A lot of safe deposit box providers require you to nominate more than one trusted person to access the box. This is important precisely because if a person dies and their will in not located, any assets belonging to that person are distributed according to the state laws in Australia.
- Store it at Your Home: You can also simply choose to store your will at your home along with any other important documents such as power of attorney, estate plan as well as business memos. You can acquire a safe box that opens with a combination key or get one installed inside your wardrobe where you can safely keep your will and other documents.
- Let Your Executor Keep It: You could also entirely trust your executor to store you will safely. In case you pass on, the executor will be required to submit the will to probate court. Also, if you decide to make any changes to your will, inform the custodian of the will to avoid any confusion.
- Hand it Over to Probate Court: In Australia, wills are mainly managed by Probate Courts. It is best that once you draft your will, you can submit it directly into a Probate Court, which will read the draft out later for public.
While these are some really simple solutions to keep your will secure, you can introduce added reinforcements to protect your will and other important documents.
You Might Also Want To Read How To Find Your Side Hustle to Grow Your Assets