Your last will and testament is one of your most important estate planning documents. Although only about 42% of U.S. adults have a will, this critical document enables you to provide instructions regarding how you want to pass on your accounts, property, and other assets and, if you have minor children or pets, how you want them cared for after you pass. While everyone needs a will, most adults don’t have one, either because they don’t want to think about their mortality or because writing one is too complicated or expensive.

Even if you are one of the 4 in 10 adults who are proactive and make plans for how you will care for your loved ones once you pass, your will isn’t helpful if no one knows where you keep it. This brings up the question, “Who keeps the original copy of a will?” According to the US Will Registry, an estimated 67% of wills are not located when needed.

The Executor

The executor is the person you name in your will who is responsible for executing the instructions in your will. This person, also called your personal representative, is responsible for gathering all your assets, paying debts, and distributing them to their rightful beneficiaries.

The executor of an estate has an important role, especially in larger and more complex estates. Ask your executor in advance if they are willing and able to fulfill this role.

You may choose to share a copy of your will with your executor and let them know where the original will is located.

Your Lawyer

If your beneficiaries know that you have worked with an estate planning attorney to prepare your estate documents, they may contact your lawyer to see if they have a copy of your will. Most attorneys will keep a backup copy of a will for their clients.

Your Beneficiaries

Many people do not want to share a copy of their will with all of their beneficiaries. If you’re going to keep your will private, consider sharing its location with your beneficiaries. Perhaps give them your attorney’s name and number so they know who to contact.

If you plan to leave part of your estate to a charity or other organization, ask your attorney about the risks and benefits of sharing your will with the organization.

A Safe-Deposit Box

People commonly use safe deposit boxes to store wills and other important documents. However, it will be challenging for your beneficiaries to access your bank’s safe deposit box. It is important to let your personal representative know that you have a safe deposit box and where it is located. They will need to get a court order to access the safe deposit box. Banks do not typically give out any information about a safe deposit box to anyone unless they are the owner or a court-appointed representative of your estate. You may want to name a joint owner of your safe deposit box to ensure that someone has access to the documents.

A fire-resistant safe at home may be suitable for storing your original will. Storing your original copy of your will in your home makes it accessible and easy to update, but it can also be lost or destroyed more easily. If you are concerned someone may access your will at home and make changes to it, which can invalidate the document, you should not store it at home.

Online Registry

Many states in the United States offer an option to register your will online. Registering your will online provides a safe and accessible way to store it and makes it easy for your executor and beneficiaries to access it, but in some states, it can also become a matter of public record.

Updating Your Will

Births, deaths, marriages, and divorces can be excellent triggers for reviewing and updating your will. As your life circumstances change over time, update your will and notify anyone who holds an older version of your will that an updated copy is available.

The Importance of Keeping the Original Will

Most probate courts require the original will for the probate process because it can be challenging to prove the legitimacy of a copy of a will.

It is critical to strike a balance between maintaining your privacy and the security of your will, as well as ensuring that it is accessible to the people who will need access to your will during the probate process. Your estate planning attorney can help you write your will and other estate planning documents. They can also discuss the pros and cons of sharing your will with loved ones.

If the relevant people are unable to find your original will, your wishes will not be followed, and your estate will be treated as intestate. Intestate succession laws will be used to determine how your assets will be distributed to your family members. Unfortunately, this may mean that family members receive assets that you did not intend for them to have.

If you have questions about how to protect your assets and property with a comprehensive set of estate planning tools, contact us.

You can schedule a call with us or reach us directly at 855.631.3457 to learn more about how to best plan today to protect those most important to you.