Writing a will is one of the most important steps you can take to ensure that your wishes are followed after your passing. However, once your will is written, it’s equally important to store it in a safe, secure place. A will is a legal document, and improper storage can lead to problems in the future. In this blog, we’ll go over some best practices for storing your will safely to make sure it remains protected and accessible when needed.
Why Storing Your Will Safely Is Important
A will is a legal document that outlines how your assets will be distributed after you die. It also names guardians for your children and appoints someone to manage your estate. If your will is lost, destroyed, or tampered with, it could cause delays, confusion, or even legal battles. To avoid these problems, it’s crucial to store your will in a secure place that is both safe from damage and easy for your loved ones or executor to access when the time comes.
Let’s go through the different storage options and best practices for storing your will safely.
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1. Store Your Will in a Safe or Fireproof Box
One of the most secure places to store your will is in a safe. A home safe provides protection from theft, fire, and water damage, ensuring that your will remains in good condition. You can buy a safe from most home improvement stores or online retailers, but make sure it is fireproof and waterproof to prevent any damage caused by natural disasters or accidents.
2. Use a Bank Safety Deposit Box
Another secure option is to store your will in a safety deposit box at your bank. A safety deposit box offers a high level of security, as banks have strict protocols to prevent unauthorized access. In addition, the box is often located in a vault, which protects your will from physical damage.
Access Considerations
One thing to keep in mind when using a bank safety deposit box is that you need to ensure your loved ones or executor have access to it. In some cases, the bank may require certain documentation or permission for someone to access the box after your death. Be sure to inform the person who will be managing your estate about the location of the box and how to access it.
Advantages of a Safety Deposit Box
- Highly secure and protected against fire, flooding, or theft.
- Access is restricted, making it less likely that your will will be tampered with.
- Banks often offer affordable annual fees for rental.
Disadvantages of a Safety Deposit Box
- You will need to physically visit the bank to access the will.
- In certain circumstances, it may be difficult for your executor to access the box without proper authorization.
3. Keep Your Will With Your Attorney or Legal Representative
If you have an attorney who helped you draft your will, ask them if they offer will storage services. Many law firms will keep a copy of your will in their office, stored in a secure location. This is a good option if you want a professional to maintain the document and ensure it is updated as needed.
Benefits of Storing Your Will With an Attorney
- Your attorney can ensure your will is updated as your life circumstances change, such as after a marriage, the birth of a child, or a significant change in assets.
- Your will will be stored in a secure location, protected from unauthorized access or tampering.
- If your will is with your attorney, they are usually responsible for making sure it is filed in probate court after your death.
4. Inform Key People About the Location of Your Will
Regardless of where you store your will, it’s essential to inform key people in your life about its location. This includes your executor, family members, or anyone who might be involved in managing your estate. Make sure they know where your will is kept and how to access it.
Why Informing Others Is Crucial
If your loved ones don’t know where your will is, they may face difficulties in locating it after your death. This can cause delays in settling your estate and may even lead to disputes. To avoid this, consider keeping a copy of your will in a place where trusted individuals can access it.
Best Practices for Sharing Information
- Write down the location of your will on a piece of paper, and store it in a safe but easily accessible place, like a lockbox or file.
- You can also leave instructions in your will itself about where the original document is stored.
- Avoid leaving clues in your will that might help someone tamper with it or steal it. Simply inform people who need to know.
5. Make Sure Your Will Is Legible and Easily Accessible
When it comes to storing your will, don’t just focus on security; also consider the practical aspects of accessibility. Your will should be easy to read and in a format that is not likely to deteriorate over time.
Tips for Ensuring Your Will Stays in Good Condition
- Use high-quality paper to ensure your will doesn’t deteriorate with time.
- If you’re keeping your will in a physical form, consider scanning it and storing a digital copy in a secure location, like an encrypted cloud service.
- Make sure your will is written in a clear, legible manner, using plain language to avoid confusion or misinterpretation.
6. Regularly Review and Update Your Will
As life changes, so should your will. You should review and update your will regularly, especially after major life events like marriage, the birth of children, or significant changes in your financial situation. This ensures that your will continues to reflect your current wishes.
When to Update Your Will
- After a marriage or divorce.
- After the birth or adoption of a child.
- After the death of a beneficiary or executor.
- When you acquire or dispose of major assets, such as a house, business, or investments.
Conclusion
Storing your will safely is just as important as writing it. Whether you choose to store it in a safe, with your attorney, or in a bank safety deposit box, make sure it is protected from theft, fire, and water damage. Inform your loved ones or executor about where the will is located, and keep the document in good condition so that it can be easily read and followed when the time comes.
Remember, the best storage solution for your will depends on your specific needs and circumstances. By following these best practices, you can ensure that your final wishes are honored and your estate is settled smoothly.
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