When it comes to estate planning, securely storing your important legal and financial documents is crucial for protecting your legacy and ensuring your wishes are respected. One of the safest ways to safeguard these critical documents is by using a Physical Will Vault. But what exactly should you store in the vault?
In this guide, we’ll cover the essential documents that should be stored in a will vault, ensuring they are protected and easily accessible when needed.
1. Your Original Will
The most obvious and critical document to store in the vault is your original will. This legal document outlines your wishes regarding the distribution of your estate, guardianship for minor children, and other key decisions following your death.
Storing your will at home or in unsecured locations can lead to it being lost, damaged, or even tampered with. A secure, fireproof, and theft-resistant vault ensures that your original, signed will is protected and can be accessed by your executor when required. This prevents any delays in the probate process and ensures that your estate is handled according to your wishes.
2. Enduring Power of Attorney
An Enduring Power of Attorney (EPA) is another essential document to keep safe in the will vault. Your EPA gives someone the legal authority to manage your financial and legal affairs if you become incapacitated or are unable to make decisions for yourself.
By securely storing this document in the vault, you ensure it’s easily accessible if circumstances change. Having this document readily available ensures that the person you have appointed can act on your behalf without delay, protecting your assets and financial interests.
3. Advance Care Directive
An Advance Care Directive (ACD) is a crucial part of planning for your future medical care. It outlines your healthcare preferences and decisions in case you are unable to make them yourself due to illness or incapacity.
By storing your ACD in a secure vault, your loved ones and medical professionals will have access to your instructions when they need them most. This ensures that your healthcare wishes are followed, avoiding any confusion or disputes during critical times.
4. Financial Documents and Insurance Policies
It’s a good idea to store important financial documents and insurance policies in the will vault. This may include:
Life insurance policies
Superannuation details
Bank account information
Investment portfolios
Real estate deeds or property titles
Loan agreements
These documents will be essential for your executor or loved ones to manage your estate after your passing. By keeping them securely stored, you make it easier for your family to access the necessary information, ensuring that your assets are distributed according to your will.
5. Trust Deeds
If you have a family trust or other types of trusts, the trust deeds should also be stored in your will vault. These documents outline the terms and conditions of the trust, the beneficiaries, and the trustee’s responsibilities.
Keeping the trust deeds in the vault ensures that your trustee can access the original documents, allowing them to administer the trust according to your wishes.
6. Letters of Instruction
While not legally binding, letters of instruction can be very helpful to your executor or loved ones. These letters provide additional guidance or personal notes on how to handle certain aspects of your estate or personal affairs. You might want to include details on:
Funeral arrangements or memorial services
Passwords to digital accounts
Personal messages to family members
Information on any personal items or heirlooms you wish to pass down
Storing these letters in the vault ensures that your family has clear guidance on your personal preferences, reducing any uncertainty during an emotional time.
Conclusion
A Physical Will Vault offers the highest level of protection for your most important legal, financial, and personal documents. Storing your will, enduring power of attorney, advance care directives, financial documents, and other essential papers in a secure vault ensures that your final wishes are honoured and your family is provided with the guidance they need.
By securely storing these documents with Aditi, you can have peace of mind knowing that your legacy and wishes will be protected for years to come.
If you’re ready to safeguard your will and important documents, contact Aditi today to learn more about our Physical Will Vault services.
