Keep important documents under lock and key
By Barbara Drury | theage.com.au | 27 March
In the vault ... banks will store your private paperwork in deposit boxes. Photo: Steven Siewert
It is important to store your will and legal documents in a safe place.
The recent bushfires in Victoria have resulted in a loss of life and property on an unimagined scale.
For survivors, and for the families of those who died, one of the unexpected consequences of the destruction is the loss of personal documents.
While documents such as birth and marriage certificates, drivers' licences, insurance policies and passports can be replaced, wills are more of a problem.
This is especially the case when the will-maker dies and their will has been destroyed or can't be located.
"In some circumstances, a copy of a will may be regarded as a valid will. However, before a court will accept a copy as a valid will, extensive evidence must be gathered to establish where the original will was stored, who had access to it and what actually happened to it prior to the will-maker's death," says Phillip McGowan of de Groots Wills and Estate Lawyers.
"A court must be satisfied that the original will was inadvertently lost and not intentionally destroyed by the will-maker. The original needs to be kept in a safe place . . . and a copy kept at home. If your will is supported by a power of attorney then you should give the person(s) you have nominated a copy."
Giving out copies of a will is a difficult issue because they are private and often sensitive documents.
"If you have a copy at home, tell your executor where the original is held and where copies are held," McGowan says.
If you place your will with a lawyer or in a bank vault, he says it may be worthwhile leaving copies of other documents such as birth and marriage certificates in the same place. That way, you can gain access to them if the originals are lost or destroyed.
McGowan says the downside of using banks for safe storage is that things can go astray in a large organisation, especially when a branch closes and items in safe-keeping are transferred.
However, there are also risks in leaving documents with lawyers and failing to tell your executor and beneficiaries. As the population becomes more mobile and people move interstate or overseas, it's possible that they could die and beneficiaries not know the identity of their lawyer.
New technology also offers a solution to the problem of storing documents.
"We've electronically scanned wills and other documents we hold in safe custody so we can quickly access them and provide a soft copy if clients need them quickly," McGowan says.
Australians are not compelled to make a will and those who do are not compelled to lodge their will with a central agency or depository but freedom does have its costs. If you die intestate (without leaving a valid will), or your will is lost or destroyed, it can create legal and administrative wrangles for your family.
That's why it's a good idea to leave your will in safe custody with your lawyer, the bank or the courts. Most state supreme courts allow you to deposit your will for safekeeping for a nominal fee. For example, the Supreme Court of Victoria charges a one-off fee.
One of the advantages of using the court facility is that your details are recorded on an index that must be searched when people apply for probate or letters of administration. So even if you die without telling your beneficiaries where your will is kept, it will be discovered.
In NSW it costs $102 to lodge your will with the Supreme Court. The will is then registered with the NSW Registry of Births Deaths and Marriages.
Bank safe deposit boxes and vaults are still used to store everything from land titles to diamonds, stamp collections and personal documents.
For example, Commonwealth Bank offers safe deposit vaults, just like the ones in the movies, from small postbox-size to large cupboards. All have two keys - one held by the bank and one by the customer -- and both are needed to open the box. Prices range from $55-$875 a year.
The bank also offers safe custody envelopes from $27.50 a year and accepts customer-provided boxes, tins and suitcases from $49.50.
Commonwealth Bank spokesman Steve Batten says vaults are only available in 25 branches (in all capital cities and some suburban and regional branches) but packets and boxes can be lodged at any branch provided they have space.
First published by TheAge.com.au on March 27 2009
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