Preservation of documents

You should never keep your will at home.

  • Virtually all solicitors have a facility not only for storing wills, but for compiling records that trace when the will is received and how it is dealt with.  These records can be invaluable in cases of an apparent lost will (see Item 1 of the 4th Bulletin – June 2026).
  • Because of the long history in Queensland and elsewhere of solicitors drawing and storing wills and of the systems that those solicitors have created, it could be said that the safe custody of wills is paid more “homage” than applies to any other legal document.

Other important documents.

  • There are other legal documents that come into existence during lifetime and which can be relevant for a deceased estate in terms of their existence, content, provenance (relating to the document and the circumstances of its origin) and integrity (in the case of a copy – is it a reliable copy).
  • Family trust deeds (and the associated deeds of variation or amendment) and partnership agreements are among those which seem to be treated with less homage than wills.  There can be problems if the originals or adequately authenticated copies are not forthcoming at death.  These types of documents, either through point of origin or through their “travels”, seem to pass through the custody of advisors other than solicitors.
  • If you have such documents relating to your personal or business affairs, it is advisable to ask your advisors to perform a “document audit” to establish:
    • whether the original is available and who holds it; and
    • if the original cannot be accounted for:
      • what tracing is available to track it down; and
      • whether existing copies are adequately authenticated copies.

Preservation of records

The nature of modern life is such that a lot of important information which used to be reflected on paper, is now only in electronic form.

  • This can cause difficulties in the case of a deceased estate, because the executors are responsible for ascertaining the assets and liabilities of the estate and dealing with them.  They cannot do this or do it easily if your devices and your access details are unavailable to them.   Multi-factor identification (particularly if it involves your facial recognition) can be a particular problem.
  • There may be sound reasons why you do not “share” electronic access details.  The difficulties of your executors having no information could be considerably reduced if you developed a habit, at least once a year (perhaps tax time) of printing a paper copy of some record of each of your assets, and preserving it in a safe but simple paper folder or envelope.  That paper record should be kept visibly at home and marked “for the information of my executors”.  At the same time each year, last year’s record can be replaced with this year’s records.

Here are some examples:

  • Land titles – you do not usually have to record anything about land titles because they are publicly registered. However, copy the front page of an insurance renewal sufficient to identify policy number and duration of coverage.
  • Bank account – copy one statement for each account displaying account number, BSB, name on the account and any specific customer reference number.  If your bank statements contain a summary of automatic debits and credits, those details should be included.
  • Investments  – for each investment (apart from term deposits with banks which are part of your accounts, and which should be included in the copies of your bank material), all your investments invariably display a customer or reference or account or investor number.  Something should be copied each year to display these details.
  • In the case of investments on the Stock Exchange, you will hold these either directly with the companies (which is known as issuer sponsorship, in which case you will have a discrete security reference number known as SRN and beginning with I) or you will hold your investments through a sponsoring agreement with a stockbroker (known as CHESS sponsorship and you will have a discrete number known as HIN and beginning with X).
  • Nowadays, for identity protection, on a document such as a dividend statement (which is a good document to copy for each holding), these numbers are de-identified.  The full number should be handwritten.
  • Tax file number (TFN) – this will be known to your accountant who can disclose it to your executors.  However, if you do not use an accountant, you should copy something displaying the number.
  • Other advisors – these may change from time to time.  There should be something copied each year indicating the identity.
  • Superannuation – something displaying the name of the fund, your account or member number and whether you have made a binding death benefit nomination should be copied.  Your annual member statement contains a useful summary.

Capital gains tax record

Much time and expense can be involved in reconstructing these details if your executors cannot access your records.

  • You should leave some indication for your executors as to where these details are to be located.
  • The change of ownership resulting from your death does not (except in some relatively uncommon situations) trigger any CGT liability.  However, your acquisition costs (what you paid for the investment) must be available to your executors irrespective of whether the investment in question is sold in your estate or distributed in specie.
  • Special attention should be paid to investments where you have engaged in a dividend reinvestment plan.  Each time you receive a small increment of shares instead of a cash dividend, those incremental shares have a different cost from your base holding.

For most people, trading in a portfolio involves using a stockbroker.

  • There is an advantage in using the one broker so that there is a single point of enquiry for your executors.
  • There is an even greater advantage if you engage with your broker by means of some type of portfolio service.   These can track and record your CGT history, including indexation having regard to budget proposals from 1 July 2027.  There is an annual cost, but the savings for your estate can be considerable.