Protect Your Will: Where to Store it
Making a will is an important part of protecting your family and estate, but it can be complex. A core question that should be addressed when creating a will is where these important documents should be stored to ensure their validity and accessibility for the future. This blog post explores the various options available to store your will, plus other important information about who needs a will, how to get started, and more.
Protect Your Will: What is a will and why do you need one?
A will is a legally binding document that outlines an individual’s wishes regarding the distribution of their assets upon their death. It is arguably the most important estate planning document, as it serves as a plan for who will care for your minor children should you pass away and how your financial affairs should be handled. Having a will protects your loved ones and allows you to dictate how your assets should be distributed according to your wishes.
Protect Your Will: Who needs a will?
Everyone should have a will, regardless of age or wealth. Even if you don’t have much to leave behind, it is still important to create a valid will that outlines your wishes and appoints someone to carry out those wishes if necessary. Having a well-drafted will can save your loved ones time, money, and worry during an already difficult period after your death.
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Protect Your Will: Where to store your will.
A will is a vital part of your estate planning, and it’s important to store it in a safe place that can be easily accessed by your executor/personal representative.
The most important factors to consider when choosing where to store your will are safety, accessibility, and the ability to ensure its authenticity at the time of death.
Protect Your Will: Option #1 Store Your Will with Your Lawyer
One option for storing your will is with the estate planning lawyer who drafted the document. When a will is kept with a lawyer, they can help track any updates or amendments to the document, keep the original copy safe from damage, and ensure that all necessary signatures are in place. If you pass away while your will is being held by an attorney, they can easily access the most up-to-date information and take steps to get it approved quickly. This helps prevent legal issues or delays in carrying out your wishes. Additionally, storing your will with an attorney allows you to make changes without having to worry about keeping it secure in your home or another location.
If you choose to store your will with a lawyer or other third party, make sure that your executor knows about this arrangement and has easy access to the will if needed. You should also keep a copy of the signed original along with any notes you have taken during the process of drafting it.
Protect Your Will: Option #2 Safety Deposit Box
For those looking for more practical solutions, there are other secure options such as storing it in a safety deposit box at a bank or credit union. These boxes offer added security since they require two keys – one held by you and one held by another authorized person (perhaps your lawyer) – in order to open them.
Protect Your Will: Option #3 Fireproof Safe
Another option is purchasing a fireproof safe that you can keep in either your home or office. Fireproof safes are designed to prevent damage from fires and water as well as provide protection against theft and unauthorized access by keeping documents locked away behind several layers of security measures such as biometric scanners and keypads.
Regardless of which storage option you choose, make sure that executors have clear instructions on how to access the contents of your safe once you pass away so there are no delays in carrying out your wishes upon death.
How to get started making a will.
Working with a qualified estate planning attorney is the best way to ensure your will meets all applicable legal requirements. An estate planning attorney can provide advice on how to structure your will, provide guidance on which assets should be included in the document, and make sure all legal documents are properly completed and filed.
FAQ to Protect Your Will
Q1: Protect Your Will: Why do I need a will?
A will is crucial for outlining your wishes regarding asset distribution, care of minor children, and more. It ensures your loved ones are protected.
Q2: Protect Your Will: Who should have a will?
Everyone, regardless of age or wealth, should have a will to simplify and safeguard the distribution of assets after their passing.
Q3: Protect Your Will: Where should I store my will?
Options include keeping it with your lawyer, in a safety deposit box, or a fireproof safe. Choose based on safety and accessibility.
Q4: Protect Your Will: What if no one knows about my will?
Your executor must know its location. Consider storing it with your attorney or in a secure location like a safety deposit box.
A will is a powerful document, and proper storage is essential. Keep it safe, ensure accessibility, and consult with a trustworthy attorney for guidance. Your will protects your legacy and your loved ones’ future.
For more information on estate planning and to consult with experts, visit the UW Law School and State Bar of Wisconsin resources.
Don’t leave your will’s security to chance. Contact lawyers at Dahlberg Law Group to ensure your estate planning needs are met comprehensively.
