Where There's A Will, There's A Need To Safely Store It.
If you've gone to the trouble of making a Last Will And Testament, you need to make sure that you put it where someone can find it. Otherwise, your wishes can end up going unknown - or your estate can be left unsettled for longer than necessary while people attempt to locate it. Years ago, wills were commonly filed with county Probate Courts, but most courts won't store them these days, so you have to do something else. Here are the pros and cons of your options.
Store It With Your Attorney
Your attorney may be willing to keep the will for you. Some (but not all) attorneys who specialize in estate planning will do this for their clients.
- Pros: Your attorney will keep your will totally confidential and you don't have to worry about losing it somewhere. Nosy family members won't be able to take a peek. The fact that you left it with your attorney should also ease anybody's doubts about whether or not its your "real" will.
- Cons: You may have to pay a storage fee, and there could be problems if the attorney retires or dies recovering your paperwork. Your executor and beneficiaries may not be aware of what attorney you used to write your will, especially if you did it a while ago (and you may forget to tell them).
Store It In Your Home
Storing it in your home is easy and convenient. Some people keep their wills in home offices or house safes.
- Pros: If you move from time to time for work or other reasons, it's easy to take with you. It's convenient if you want to keep your other important documents with it. Your executor or family members will probably think to look through your personal papers for the will first, before they look anywhere else.
- Cons: You run the risk that someone with access to your home will look at your will without your permission. This can create a lot of stress and drama with family members, if someone doesn't like what he or she reads. The will can be easily lost or damaged in a fire or flood. When you die, anybody with access to your home could take or destroy the will.
Store It In A Safety Deposit Box
A lot of people maintain safety deposit boxes in order to keep valuables and important documents safe.
- Pros: Your will is generally safe against theft, fire and flood. It won't get lost, and nobody can get into the box without your permission. Since a lot of people have safety deposit boxes, its usually something relatives will think to investigate.
- Cons: The laws vary from state to state, but your relatives may not be able to get into the box without a court order. This can unnecessarily complicate your estate and cause a lot of problems for your survivors. Safety deposit boxes can also be expensive.
Store It With Your Executor
Since the executor is the person who will ultimately handle the estate, a lot of people trust their wills to their executors for safe-keeping.
- Pros: You know that your executor already has the will, which prevents any delays with your estate.
- Cons: You have to trust your executor to either not read the will (or to at least keep the information private). Your executor also now faces the same questions about how to safely store the will until it's needed. If you decide to change your will and name a new executor, it could be awkward.
No matter where you decide to store your will, make sure that you let your executor and any relatives that you trust know where you keep it. Otherwise, your relatives may end up looking in some strange places for it!
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