One of the most common questions we hear from clients after they sign their estate plan is: “Where should I keep my will?”
The answer is important. Even the most carefully drafted estate plan can create complications if your loved ones cannot locate your original documents when they are needed.
Knowing where to store estate planning documents can help your family avoid delays, confusion, and unnecessary legal expenses during an already difficult time.
Why Original Estate Planning Documents Matter
Many people assume that a photocopy or scanned copy of their estate planning documents is just as good as the original. While copies are often helpful, the original signed documents remain extremely important.
For example, when a person passes away, the original Last Will and Testament is generally required during the probate process. If the original cannot be located, additional legal procedures may be necessary to prove the validity of a copy. This can increase costs, create delays, and add stress for loved ones.
Similarly, trustees, agents acting under Powers of Attorney, and healthcare agents may need access to original documents in order to carry out their responsibilities efficiently.
For this reason, every estate plan should include a strategy for original will storage and safekeeping.
The Best Place to Store Your Will
For most individuals and families, the best place to store a will and other estate planning documents is in a secure, fire-resistant, and waterproof home safe.
A quality fireproof safe protects your documents from common risks such as fire, water damage, theft, and accidental loss while still allowing trusted individuals to access them when necessary.
When choosing a storage location, look for a place that is:
- Secure and protected from damage
- Easy for trusted family members or fiduciaries to access
- Large enough to hold all estate planning documents together
- Unlikely to be forgotten or misplaced
Keeping all of your estate planning documents in one secure location can make administration much easier for your loved ones.
Why We Generally Discourage Safe Deposit Boxes
Many people believe a bank safe deposit box is the safest place to keep a will. However, in many cases, a safe deposit box can actually create significant problems.
After death or incapacity, the person responsible for administering your estate may have difficulty gaining access to the box. Banks often require specific documentation, court orders, or other proof of authority before allowing access.
This can create a frustrating situation where the executor needs the Will in order to obtain authority, but the Will itself is locked inside a safe deposit box that cannot be accessed without that authority.
For this reason, we generally recommend that clients avoid storing original estate planning documents in a safe deposit box unless they have carefully considered the access issues and made appropriate arrangements in advance.
Make Sure Your Fiduciaries Know Where Your Documents Are
Choosing a safe place to keep a will is only part of the solution.
Your executor, trustee, agents under your Powers of Attorney, and healthcare agents should know where your original estate planning documents are located. If you store them in a safe, those individuals should know how to access it if necessary.
You do not necessarily need to provide everyone with copies of your documents, but your fiduciaries should know:
- Where the originals are stored
- How to access the storage location
- Who to contact if they have questions
Far too often, families spend valuable time searching through filing cabinets, closets, and storage boxes simply because no one knew where the documents were kept.
Review Your Storage Plan Periodically
Just as you should review your estate plan periodically, you should also review your document storage arrangements.
If you move, purchase a new safe, update your estate plan, or change fiduciaries, make sure your trusted individuals know where to find your documents.
A storage plan that worked ten years ago may not work today.
Final Thoughts
If you have ever wondered, “Where should I keep my will?” the answer is simple: keep your original estate planning documents in a secure, fire-resistant location that your trusted fiduciaries can access when needed.
For most people, a fireproof home safe is a far better option than a bank safe deposit box. Just as importantly, make sure your executor, trustee, and other fiduciaries know where the documents are located.
At Forbes Law Firm, we help individuals and families throughout Davidson and the larger Lake Norman area create comprehensive estate plans designed to make life easier for loved ones when they need guidance the most. If you have questions about your will, trust, or other estate planning documents, we would be happy to help.
