In August this year, we were lucky enough to move into our new, purpose-built offices at 179 Grange Road, Findon.

What made Findon such an attractive proposition? Aside from our desire to grow the business in Jason’s home neighbourhood, our new building began life as a branch of the Commonwealth Bank and still houses their walk-in bank vault. Why is that important? Because safe storage is a huge part of our business.

Not many people have been behind the screens at a bank, so when our clients see where we store Wills and other important deeds, most are awestruck.

This vault isn’t a toy. It was built to safeguard millions of dollars in cash. It’s fire proof, the door weighs more than a small car and it’s rated to withstand explosives. It would take some serious machinery to break through the walls. That’s why we have safety protocols for accessing the vault including a rule that no one enters unless another staff member is on site and knows you’re going in.

Short of an underground bunker, there probably isn’t a safer place for you to keep your valuable estate documents.

Despite this, we still encounter people insisting on keeping their important documents, like a Will, at home.

In theory, there’s nothing wrong with this, but if you’re not in the business of storing important documents, things can easily go wrong.

Let’s start with the most common home document storage solution: a cardboard concertina file, or plastic storage container, purchased for less than $10 from the local office supply store. These are fine for your washing machine warranty card, or parking receipts you’re keeping for tax time, but you’d be nuts to keep anything of real legal importance there.

A close friend of mine once lost years’ worth of important business records when the washing machine overflowed and flooded their spare room, which had business records stored in archive boxes on the ground.

What about a filing cabinet? Sure, they’re a little safer, but what happens if there’s a fire or you’re burgled? Filing cabinets offer no protection against flame and are a cinch to pop open with a screwdriver, as anyone whose lost that fiddly little key will attest.

What most people don’t consider, however, is the life-span of a Will. Although we recommend revisiting your estate plan every four years, many people keep a Will for 20 years or more. Think about the changes that have happened in your life over the last 20 years. You’ve probably moved to a new house, had a major cleanout, been divorced … can you really guarantee you’d know where all your important documents are after all that time?

Is that the sort of risk you want to take with share certificates? The deeds to you home? Your Will?

Even if you were to spend some money and invest in a fire-poof safe, there isn’t much available under $1000 that I would trust, and let’s face it, who really wants a 150kg steel box in their home anyway?

At Welden & Coluccio, we store all our client’s important estate documents in our bank vault free of charge. We have monitored security and computerised backups of everything kept on file.

We provide our clients with certified copies on request and in some cases have even spotted mistakes in documents prepared elsewhere that can save our clients’ thousands of dollars.

You can’t find safer storage than a bank vault. Why would anyone risk it?

A battle over a stolen Lamborghini has shown that possession really isn’t 9/10th of the law.

It all began when a widow went searching for her late husband’s prized Lamborghini Espada, gifted to her in his will and thought to be stored in a farm shed, only to discover the car had been stolen.

Some time after it was pinched, the car was bought by a collector, who had it in his possession for four months before being contacted by local police who suspected the car might be hot.

Over the next two days, the collector did a search and discovered there was no security interest listed for the Lambo on the Personal Property Securities Register (PPSR).

He then had the car mechanically inspected and registered the car in his own name before surrendering it to police.

The Personal Property Securities Register is a national online register that can provide information to help protect consumers when they are buying personal property such as cars, boats or artworks (not including land or buildings).

If you check the PPSR before you buy, you can find out if the item you are buying has a security interest attached to it. This is important because if you buy property subject to a security interest, it is possible that the person or entity with the security interest will repossess it.

Registering the car on the PPSR in this case might provide some protection for the collector’s investment – assuming the purchase was made in good faith without knowledge of the car’s theft – in the event the party the claiming the car as stolen property couldn’t prove ownership.

But the courts disagreed, including on appeal in the Supreme Court.

The courts found the car’s original owner didn’t have to register a security interest in the vehicle as it was gifted in the will of the rightful legal owner, even though the car was never registered in the beneficiary’s name.

It just goes to show – a legal will is a powerful document, and in this case, it’s helped get a modern classic back in the hands of its rightful owner.

POST SCRIPT:

Of course, the Fast and the Furious movies would be very different if a team of glamorous international car thieves spent their lives battling a bunch of estate lawyers, but excuse us for getting excited about the power of a good will. It’s what we do.

When a spouse dies during a marriage or committed relationship, the surviving spouse will ordinarily assume the sole parenting role. While occurring today with less frequency, what happens if the greatest tragedy should occur and both parents should die before their children reach independence?

In case of the above event arising, it is critical that parents take steps to appoint an appropriate guardian(s) for their children. The appointed Guardian will have the legal authority and power to make significant decisions regarding your minor children in the event of the death of both parents.

Clearly, the guardian (s) of your children, should be persons of a responsible nature, and depending on the age of your children, it is normal (and advisable) to appoint persons who are already close to them.
Other factors that help clients when making this decision, is choosing persons who share similar religious beliefs, views and educational outcomes. Other factors which may have some bearing on this decision, is if the guardians have children of their own and the ages of their children.

Alternative and substitute appointments of guardians are also important because, like most testamentary appointments, there is a possibility of the chosen guardian predeceasing or becoming incapable or unable to take the appointment. This situation can arise when guardianship is appointed to a grandparent who may be elderly.
It is important to have a Will which appoints guardians of your minor children. To discuss this important inclusion, and for assistance in drafting your overall Estate Plan, speak to the experts at Welden & Coluccio Lawyers.