The Importance of Keeping Track of Your Original Will

You've taken the responsible step of creating a will to ensure your final wishes are carried out as intended. But an often-overlooked aspect of estate planning is knowing where your original will is stored. It might sound simple, but it's crucial, and here's why:

1. Legally Binding Document: Your original will is a legally binding document outlining how your assets should be distributed after passing. Courts will generally only accept the original will for probate, not a copy. If the original cannot be located, it can lead to complications and delays in settling your estate.
2. Avoiding Confusion: Knowing the exact location of your original will helps prevent confusion among your loved ones during an already emotionally challenging time. Disputes or disagreements about the will's validity or terms may exist without clarity.
3. Efficiency in Estate Settlement: An original will in a known location expedites the probate process. This means your assets can be distributed more quickly, ensuring your beneficiaries receive their inheritances on time.
4. Preventing Fraud: If your original will falls into the wrong hands, it can potentially be altered or tampered with. Knowing where it is kept adds a layer of security to protect your final wishes from fraud or unauthorised changes.
5. Peace of Mind: Knowing the whereabouts of your original will offers peace of mind. You can rest assured that your intentions will be honoured, your loved ones will be taken care of, and your estate will be managed as you intended.
6. Clear Instructions: When your original will is safely stored and known, it ensures that your executor and loved ones have clear instructions on how to proceed after your passing. This minimises confusion and helps your loved ones carry out your wishes more effectively.
7. Legal Requirements: In some jurisdictions, if your original will cannot be located at the time of your passing, it may be presumed that you intended to revoke it. This can have unintended consequences, and your assets may be distributed differently from what you intended.

If you have questions about estate planning or need assistance, don't hesitate to contact us. We're here to help you secure your family's financial future.

*This information is current at the time of publication. For accurate legal advice, please contact Scammell & Co on 08 8440 270.