Where is your will?
Things to think about with your will.
Where is your will?
Is it easy to find for the people that need to know? In a recent survey 67% of people didn’t know where their parents will was.
Have you got different versions? How do you protect those that matter by making sure your latest version is the one being used?
According to 2018 research by Canada Life and by Royal London 3/5 adults haven’t yet written a will – which in the UK is over 30 million adults. However, if you are one of the people that have a will, then one of the things we advise is making sure your latest will is easy to find. Some people keep their wills with their solicitors or financial advisors, but then you are reliant on making sure your executors know who these are. There is the possibility that the solicitor retires, or sell their business leaving you on a paper chase to find the originals and the likelihood of incurring fees for their time and advice.
Knowing such things are where wills are , is central to our aim at Better Endings. We encourage people to have conversations about the end of life and what matters most.
One of the ways to make this simple is to register where your will is through The National Will Register who are recommended by the Law Society. Why is this helpful? Because 67% of people surveyed weren’t sure where to find their parents will.
You don’t have to upload your will, because the registry doesn’t see or hold it. It simply registers where it is located and tags it. This can be an enormous help when family are trying to deal with probate after the death of someone they love. It is a stressful time and not knowing where to find the will is very stressful.
Registering your will, costs £30 and they currently have over 8 million wills on their database.
They also partner with the National Will Safe Document Storage where through the National Wills Register service you can arrange to store original documents in a waterproof wallet in a specialist document archive facility. The cost is £15 per year. You’ll be provided with provide plastic identity cards and a unique storage reference number and their contact details. Many small solicitors store documents with The National Will Safe Storage Company, and more and more are doing so after closing offices during lockdown. One place you should never store an original will is at home in case of a fire, flood or burglary.
One of the tips we suggest if you find having a conversation about these arrangements is too hard, is to set up a “When I’m no longer here” folder or box, and store a copy of your will and other important documents such as savings plans, insurance policies, bank details, perhaps your funeral wishes or your digital passwords, in the box. Let family know where the box is, and where the original version of the will is. It makes it so much easier for the family, and those doing probate saving them incalculable time, money and suffering. If you haven’t ever had to do this when someone you love dies it can take up to a year to shut down his or her life, especially if you have to start from scratch working out where things are.