Where’s the Will?

Where’s the Will?

Grief and death lead to shock and sadness for most people. But there’s a third emotion that often surfaces: confusion.

I know this from first-hand experience, and I’ll bet you do, too. If the deceased is a close family member or friend, one of the first questions that emerges is ‘Do they have a will?” The second is, ‘Where is it?”

While greed may be a factor (in some situations, not mine, fortunately), more often those are practical questions. A will and other estate planning documents can lay out how and where final arrangements should be made, who should take responsibility for paying for the funeral and other details. Who has time to grieve when practical matters are clouding the situation?

Here’s what the law team at Solomon, Steiner & Peck writes about this situation and how to ensure it doesn’t happen in your family.

Once you’ve taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself.

Keeping track of the location of your current will and any old wills can be crucial. You want to ensure your loved ones know how to find the most recent versions of your will and other estate planning documents. This way, they can easily access important information they may need to manage your affairs when you pass away.

Likewise, if you ever were to suffer a serious injury or illness and become unable to communicate your wishes, knowing that your loved ones could locate your most essential documents can offer you peace of mind.

Who Should Keep the Original Copy of a Will?
The original copy of a will is typically kept by the person who created it, the testator. However, it’s wise to store it in a safe place or with a trusted estate planning attorney. Some people choose to give a copy to a loved one or to the executor of their estate to ensure that it can be easily accessed when necessary. Clear communication about its location is essential to avoid confusion later.

Where to Keep a Will
The safest place to keep the original copy of your will is in a bank safe deposit box, but this may not always be the most practical spot. If the will is in a safe deposit box, it may be difficult for your family members to access the box after you die. A better option may be to keep it at home in a fireproof safe; just make sure your loved ones know where you keep the safe and how to open it.

As mentioned above, some attorneys may keep the original copy of the will. But if you leave the will with your attorney, you must make sure their office receives updated contact information if you move. That way, if the attorney moves offices or retires, they will know where to find you, and you will know where your will is.

If you use a safe deposit box or your attorney’s office, you may want to keep a copy of your will at home with your other financial and estate planning documents. Giving a copy to family members or friends is an option, but perhaps not ideal. This is because you may want to make changes to the will at some point and may need the will back.

What Do You Do With an Old Will?
Once you have written a new will, your inclination may be to destroy the old will, but this may not be a good idea. For example, you may for some reason, want your new will invalidated. Perhaps you’ve experienced a significant life change, such as the birth of a child, or had a falling out with a loved one, and your new circumstances no longer align with your previous wishes. Additionally, you may discover that your new will contains errors or omissions that need correction.

In either case, the court may be willing to reinstate an old will rather than allow your estate to pass intestate. When an estate passes intestate, it means that the deceased did not leave a valid will. Your state’s laws will dictate who receives your money and property. This process often results in outcomes that may not reflect the deceased’s true intentions, as the state determines who inherits, potentially excluding loved ones or favored beneficiaries.

In many cases, your old will would adhere more closely to your wishes than an intestate distribution. But if you have destroyed the old will, it cannot be reinstated.

On the other hand, if you have made a major change in your will, by all means, destroy the old one. Otherwise, someone who may have fared more favorably under the old will may argue that you were not competent or were under undue influence when you executed the new will. Also, their feelings may be hurt if they see a change in your sentiments toward them.

Making Changes to a Will
At some point, you may have good reason to make adjustments to your will. For example, you may have finalized a divorce, or a close loved one to whom you hoped to leave your property has died suddenly. Whatever the case is, do not mark up your will by hand, even if you have only small changes to make. A court could take a marked-up will as a sign that you intended to revoke the will.

To make a change, contact your estate planning attorney. They can assist in drafting an amendment to the will (called a codicil).

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