Keeping your documents safe – Storing a Will or LPA
When picking Just Wills and Legal Services, you’re making a wise decision that goes beyond the initial creation of your Will or Lasting Power of Attorney (LPA). It’s the assurance that your wishes are not only carefully crafted but also securely stored for when the time comes. In this blog, we’ll explain the importance of proper document storage when it comes to estate planning, providing you with the knowledge you need to ensure your affairs are in order.
Why Document Storage Matters
Let’s begin by emphasising the significance of storing your Will and LPA correctly. After all, these documents are the keystones of your estate plan, and ensuring they are safe and accessible is vital. Proper storage is the bridge that connects your intentions with their actual execution, and here are some practical steps to achieve it. Before we look at those steps, remember that it’s the original documents that are needed so proper storage is even more vital.
- Avoid Bank Deposit Boxes
Many people consider storing their important documents, such as Wills and LPAs, in bank deposit boxes. However, this is not a wise choice. These boxes may seem secure, but they can pose complications for your loved ones. Bank boxes can be sealed temporarily upon your death, making it difficult for your executors and attorneys to access your documents promptly. Banks are likely to require permission to access them, access which would be granted to an executor when they have the grant of probate. The grant wouldn’t be able to be applied for though because the Will is in the hands of the bank, therein lies the problem.
- Accessibility is Key
One of the key aspects of proper document storage is accessibility. Your executors and attorneys need to have swift access to these documents when they are needed. Delay in retrieving them can lead to administrative headaches and potentially hinder the smooth execution of your wishes. These delays can also have financial implications so proper storage is essential.
The Significance of the Original Documents
It’s worth highlighting that when you pass away, it’s the original Will that goes through the probate process. Having the original document ensures that your intentions are carried out as you intended. Copies may not carry the same weight in the eyes of the law, so safeguarding the original is crucial.
When is an LPA Needed and When is a Will Needed?
Understanding when your Lasting Power of Attorney (LPA) and Will come into play is essential. Your LPA is essential while you are alive but unable to make decisions due to incapacity. Your attorneys can use your LPA to make decisions on your behalf in these circumstances. In contrast, your Will comes into effect after your passing. It outlines how your estate should be distributed and your wishes fulfilled.
The Benefits of Storing with Just Wills and Legal Services
We take pride in offering a comprehensive and secure document storage solution. Here are the benefits of entrusting us with your valuable documents:
- Free Updates: Life is ever-changing, and so are your circumstances. We provide free updates to your documents when needed, ensuring they always reflect your current wishes.
- Certainty – The National Will Register: We register your documents with Certainty, The National Will Register. This adds an extra layer of security, making them easier to locate when the time comes.
- Availability: Your documents are available at any time, providing peace of mind that they can be accessed promptly when required.
- Protection from Loss: Your documents are stored securely with us, so they cannot be lost or damaged as they could be if kept at home.
- Detailed Records: We maintain meticulous records of retrievals, updates, and other activities related to your documents, ensuring transparency and accountability.
- Easy Access for Attorneys and Executors: We provide clear instructions to your appointed attorneys and executors on how to access your documents, simplifying the process during a difficult time.
- Peace of Mind: For your added peace of mind, we offer copies of these essential documents, so you can rest assured that your wishes will be carried out correctly.
Creating a Will or LPA is just the first step in estate planning. Proper document storage is equally crucial to ensure that your intentions are carried out as intended, especially after your investment in the documents themselves. Choosing to store your documents with Just Wills and Legal Services means securing your legacy, protecting your assets, and providing your loved ones with the tools they need to execute your wishes. Don’t leave this essential aspect of estate planning to chance – trust it to the experts who have been helping families for over 20 years.
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