How to make sure your will is accessible when your loved ones need it.

A will is one of the most important documents you’ll ever create. It provides direction on what should happen to your assets after you die and who you’ve chosen as a guardian for minor children. However, a will that can’t be located is of no help to your loved ones. Just as you carefully consider what goes into your will, you should take care with where and how you store it.

Keep the original copy accessible

Directives in a will can’t be carried out until a probate court approves the will. Only an original copy—with your signature and the signatures of two witnesses—is acceptable to the court.

Photocopies or a digital file will not do. If the original will can’t be located, the court will handle your estate in accordance with state law. Asset distribution and guardianship as determined by the law may not be what you prefer. This is why you need to make sure the original copy of your will is accessible to your executor.

Places to keep your will

Two storage places that keep your will accessible are with your attorney (in their safe) or in a fire- and flood-proof home safe.

If you choose to keep your will with your attorney, make sure the executor of your estate knows who this is.

If you opt for a home safe, make sure your executor has access to both your home and the safe.

Why you might avoid other storage places

Unless your executor is named on your safe deposit box at a bank, they may not be granted access to the box after your death.

If you stash your will in a secret hiding place or among other papers, your executor and heirs may not be able to find it quickly, if ever.

As noted above, a digital copy will not be accepted by probate court.

One more way to ease the way for your executor or heirs

It takes time for a will to go through probate. Many people ease the way for their executor and heirs by naming them as a beneficiary on their savings account. This move allows loved ones to access the money to pay for expenses and bills right away.

Naming a beneficiary is unlike joint ownership which puts another person’s name on an account. With joint ownership, anyone named on the account can access the funds. When you name a beneficiary, funds are only available to the named person(s) after your death.

 

Federally insured by NCUA