Where There’s A Will… Wait… Where’s the Will?
First of all, if you are one of the 46% of American adults (1) who has a will, congratulations! You are already doing better than a full half of the population.
But even if you have a will, if no one knows where to find it, then there is no way that you can be assured that your final wishes will be followed. And, what’s worse, if people don’t know where to find your “living will” (also known as your advance directive), then they may not even be able to give you what you want while you are still alive, either.
But where is the best place to keep your will? Here are a few ideas:
The absolute best place to keep you will meets two criteria:
You won’t forget where you put it, and,
At least one other person knows where it is.
Make sure that it is protected from fire, water, mold, and other elements. A fireproof safe is a great option. You could also consider storing your will off-site, at, for instance, your attorney’s office or in a safety deposit box.
Helpful hint: if you choose a safety deposit box, be sure that a person who knows that your will is in there is also authorized to access the safety deposit box as well. Without this, it could take months to get court approval for family members or beneficiaries to acquire access. This is definitely not something that you want to foce your loved ones to deal with down the road!
Consider filing your will with the County Clerk. Some states allow you to file a copy of your will with the County Clerk for free or for a very nominal fee. This can be a great option if you think that the contents of your will or the division of your property will be controversial.
Filing your will with the probate court is another option that few people consider, but one that some states allow. Once again, this option is great for more controversial estates and eliminates middlemen since your last will and testament will likely end up in probate court anyway.
Where not to store your will:
Only having a digital copy. Most states require a signed copy of your will in order to consider it as a legal document, and online copies don’t meet this requirement. So while it may be handy to keep a copy online, you definitely need a paper copy somewhere, too.
In more than one place. If you give copies of your will to multiple people, you open up the possibility for fraud (or at least accusations of fraud), especially if you give a copy to one person, modify your will, then give a copy to another person. It is best to keep everything together in one safe place.
Speaking of safe places, don’t store your will in an unprotected place. While it may be more convenient to store it on top of the bookcase, or under the bed, or in the filing cabinet, if something happens to you and your home at the same time, then your will could be destroyed.
(1) https://news.gallup.com/poll/351500/how-many-americans-have-will.aspx