Of course having updated and professionally prepared estate planning documents is important. As important, and often overlooked, is choosing the right place to keep your signed Will located. With Attorney- Some clients believe that keeping a Will in the drafting attorney’s office is required, or, is always the best location. This is not necessarily true. An attorney may offer to safekeep your Will but it is not required. If the attorney does keep the original Will, a copy ought to be provided to the client. Attorneys (like clients) move, retire, and pass away unexpectedly. This can make tracking down a Will very difficult. Read More Below
Also, look at your Will to see if it is a copy or the original. Many times at initial interviews clients hand me their existing Will to reveiw. Oftentimes I review it and inform the a very surprised client that what they handed me is a COPY of their original. Sometimes the difference between a copy and the original is difficult to notice. I suggest looking at the cover letter that enclosed the Wills from the drafting attorney. This letter usually will state whether you've been sent originals or a copy. Look at the signatures to make sure it shows them in original ink. Also, a mark for " s/ " where signatures are supposed to appear, is not evidence of an original will, it is evidence that you have a "conformed copy". Probate courts can be very particular and it can be very complicated (and expensive), or even impossible, to prove the authenticity of a copy of an original Will.
In Safe Deposit Boxes- Should you keep your Will in a bank’s safety deposit box? While this may keep your document safe, the practical problem arises when you die and the Will is needed. It is of little value locked up in the bank when no one in the family can access it. Banks usually allow you to designate certain persons who can access the box, as long as they have the keys to it. If you have not made provisions for surviving family member to access it, someone may have to go to court to obtain permission for access and pay for a locksmith for breaking into the box.
If you are going to keep your documents in a bank's safety deposit box, make sure you have appointed someone you trust to access it if you cannot, and, that you have provided them with a set of keys for the box.
At Home- Privacy for your Will is, of course, important; but not so important that you secretly stash your Will in hard-to-find location within the home. Keeping it private is one thing, but when it comes time for the Will to be used, if you’ve hidden it so well that no one can locate it, a much bigger problem arises.
As a general rule, I advise clients to keep their Will is a secure water-fireproof location in the home. The big-box retailers usually carry small safes meeting this requirement for a very reasonable price ($20). You should tell at least your executor/personal representative where the documents and the safe is located within the home.
And 1 last tip…keeping the original Will at home makes it very tempting to make changes by simply writing on the Will... however, never, ever write on your Will. Any mark on your will that attempts to alter the original provisions can be construed as an attempt to revoke part or all of your Will. The smallest mark-up can create problems of tremendous proportions.
