After you have drafted you will, the next decision is where to store the will so that your executor can easily find the original document when needed. Not being able to get hold of the original copy of your will can end up being a nightmare for your beneficiaries both emotionally and financially.
What you need to consider on storing your Will?
Safety is the foremost consideration in deciding where to store your will. It has to be kept in a safe and accessible where it cannot be easily tampered with. A tampered will could have illegitimate corrections, smudged ink or even torn pages which may result in a dreaded legal contest over the validity of your will. It is also important the your executor should know exactly where it is kept and have easy access to you upon your demised.
Should you store your will in a safe deposit box with a financial institutions?
Never store your will in a safe deposit box with a financial institutions unless the deposit box is jointly managed and the survivors are authorised to access it. Otherwise the financial instution(s) will freeze the deceased account until a court order is given for the estate to access the deposit box.
Will Custody Service
There are many professional will custody service options in Singapore that can help keep you will in a safe and secure environment in exchange for a small fee. It typically cost around $80 per year or $800 for lifetime custody.
Wills Registry Singapore
The Wills Registry is mainted by the Public Trustee and it allows individual to deposit information of their wills for a small fee of $50. The will information will be kept in the Will Registry system for 120 years from the date of birth of the person making the will.
The following informations will be kept under the Will Registry:
- Details of the person making the will
- Date of the will
- Details of the person who drew up the will
- Details of where the will is held
However, the Will Registry do not keep a copy of the actual will. We encourage individual to utilise the Will Registry service so that your loved ones will be made aware that you have made a will.
Please note:
The information contained in this article is for general guidance on matters of interest only. While we made every attempt to ensure that the information contained herein has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. Neither the information presented nor any opnion expressed constitues a solication for the purchase or sale of any financial products. As such, before taking any action you should seek advice from an independent professional advisor.
