10th MARCH 2020
As highly important documents, a will must be kept in a secure location. Most will-writing services instruct their customers to put them in storage, but there are better ways of ensuring your documents are kept safe. Thankfully, Kwil can provide you with the best security available, as well as the chance to amend your will from wherever you are.
Once the documents are printed, wills need to be stored safely. Secure places to keep them include drawers, lockers and safes. Likewise, some people chose to leave them with their solicitor or bank for the supposed security these institutions can offer.
Whilst your will should be put somewhere secure, it is important also that those who need to find it, can do so. For that reason, do not put your will in any place where only you can find it, or not tell anyone where that it is.
If your will can’t be found, then you executor can’t apply for probate. Your estate will be subsequently divided up via the intestacy laws and not only will your efforts have been for nothing, any last wishes you have will be lost. That’s why it’s good to tell your executor where exactly to find your will, along with any documents they will need, before your death.
For the same reason, do not put your will in a place that only you can access. For example, while it may appear a very safe location, do not put the document in a safety deposit box at a bank.
Sometimes it can be a nice gesture to include a letter with your will. This can be a good chance to explain some of the thinking behind the way you divided up your estate and the reasons behind certain gifts.
Storing your will physically is a good idea, but Kwil is unlike other will-writing services in that it provides you with an online service, called a lockbox that digitally secures the document, along with any other documents your executor may require. This can include details of bank accounts, credit cards, insurance policies, etc. to smaller matters like broadband passwords, as well as any funeral wishes that you may have.
Kwil utilises a highly secure lockbox, built upon a well-tested end-to-end encryption system, that keeps your will confidential to you. Only once you’re gone can the lockbox be accessed by those you’ve authorized and on a read-only basis. All you need to do is inform your executor that you are using Kwil. All they need to do to then access your documents is provide proof of death.
What usually happens with wills is that the executor can spend lots of time, potentially weeks, looking for the document, along with any associated papers. Thanks to Kwil, all they now need to do is go online via the app to get everything they need.
Circumstances can change dramatically, and so wills should be updated regularly. This is highly recommended, especially following big changes in your life, which might have drastic effects on your estate. Thanks to the Kwil app, this is very quick and easy and, unlike a solicitor, cheap too.
Certain arrangements can have a big effect on how a will is enacted and should be catered for by amending the document.
For example, the way you want your inheritance to be apportioned can change with the arrival of a new child, or a new marital status. Your assets may also change in the time since you made your will, such as if you bought a new house, or bought or sold any other property, perhaps even inheriting property yourself. Those to who you have allocated portions of your estate or gifts may change in this time too, such as if they die before you, or you no longer wish to give them anything.
It might also be that your opinions of those you initially named as executors, beneficiaries, guardians, etc. have changed in the time since you wrote the will originally, or if their own circumstances have changed which means they can no longer act in that role.
The legislation surrounding inheritance tax or the law governing wills more generally may also change in that time, requiring you to update your will to accommodate to the new laws.
Simple. Log onto your account on the Kwil app, make the changes and then print out your new will. The new copy will need to be signed again with witnesses, and it is best that any copies of the old one destroyed to prevent a mistake.
If you already have a will, made by a solicitor, this is not a problem. Rather than taking time out to go and visit a solicitor, then paying the high prices demanded by them to make even the smallest changes to the document, just make a new one with Kwil. For a fraction of the price you can accommodate any changes made in your life. And during your first year with Kwil, you can make unlimited amendments. While after this year, it costs £10.00 per change, it is still a great deal cheaper than going to the solicitors.
To start a will, make a new one, or amend a current one, use Kwil.