Life is unpredictable. That’s why we recommend making a Will as early as possible.
However, it’s not just the lack of a legal Will that puts your assets at risk. There are certain things in life which may cause you to lose documentation, misplace files or miss an opportunity to hand over your assets and wealth to the people that are most important to you.
Personal circumstances, divorce, fires, and natural disasters are just a few of the problems that can affect the way you store your Will and related documents. This why it is crucial you use a professional Storage and Review Service to make sure that your written Will is stored in a safe place to prevent damage and can be updated depending on changes in your circumstances.
Although only the copy of your Will that is signed by you is legally binding, storing a copy to be retrieved later can be beneficial in the event that the original is destroyed. This would mean that it is the responsibility of the Storage and Review Service to provide a re-write exactly the same as the original for resigning, should your Will be destroyed by accident.
Statistics reveal that 1 out of 3 Wills are often missing. If there is no back up version, the Courts will make decisions regarding your estate after your death under the Rule of Intestacy. If your Will is lost:
- Your beneficiaries will suffer, and your plans for estate distribution may not be followed.
- Family disagreements may arise due to problems in asset distribution.
- There may be no choice but to use an outdated Will which no longer states your wishes.
To prevent your life savings or assets being distributed incorrectly, it’s essential that you store your legally binding Will safely and securely and review it regularly to make changes. We would recommend around every 5 years to ensure that everything is up to date and as you intend for the foreseeable future.
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