Where to Store Your Will and Other Estate Planning Documents
Having a will that clearly outlines your wishes and intentions after your passing is essential. But it will only matter if the document can be located on your end. Your will is a critical document that should be kept in a safe, accessible place. Unfortunately, many people fail to do this, and as a result, their families are left scrambling to locate this legal instrument after their demise.
When clients keep their original documents in their possession, they can be misplaced or accidentally thrown out, which can lead to problems. It is necessary to have a plan for where to put this legal document so that it is safe and can be easily found when needed.
Your Lawyer
When it comes to important legal documents, many clients feel more comfortable leaving them in the care of their lawyer. After all, solicitors have professional obligations regarding file retention and the safekeeping of records. This way, clients can rest assured that their documents will be properly maintained and protected. Plus, their attorney will have them on hand if they need to re-access them.
There are several reasons why keeping your will with your lawyer is a smart move.
- It ensures that your will is safely stored and easily accessed by your loved ones during your death.
- If there are any changes or updates to the document, your lawyer can easily make them and keep the updated version on file.
- If something happens to your original document, your lawyer can help ensure that the appropriate steps are taken to probate the will and carry out your wishes.
So, if you are looking to protect your estate and ensure that your wishes are carried out, keeping your original instrument with your lawyer is a smart move. Of course, clients are always free to choose whether or not they want to keep their original documents with their lawyer. But for those who do, it can provide extra peace of mind.
Personal Safe in Your Home
The executor ensures that the deceased’s wishes are carried out. One of the executor’s duties is to locate and secure the document. If the deceased has left it in a personal safe, the executor must know where it is located and have the key or code to access it.
There are several reasons why it is beneficial for the executor to have access to the document:
- It allows the executor to begin the probate process immediately after the death.
- It ensures that the instrument is not lost or damaged before it can be filed with the court.
- It allows the executor to secure the document until it is time to distribute the deceased’s assets.
Safety Box in a Bank
When someone passes away, their estate must go through the probate process before it can be distributed to their beneficiaries. This process can be complicated and time-consuming, so many people place their essential documents in a safety deposit box at their local bank.
While this can be a convenient option, knowing that the bank may require a probate grant before releasing the will to the executor is crucial. It is a legal document that confirms the executor’s authority to administer the estate. If the estate is complex or there is any dispute about the will, the grant of probate may be required to move forward with the probate process.
Conclusion
It is necessary to carefully think about where you will store your will. If this document is lost or damaged, it could create problems for your loved ones after you pass away. There are many ways to store your will, so choosing a method that will work best for you is essential.
If you want to ensure that your loved ones are taken care of after you pass away, you should consult Ontario Wills. Our team of wills and estate lawyers can help make estate planning easy for you. Schedule a consultation now!
