Where should a person keep their will? Should it always be placed in a safe deposit box or can it be kept at home?

Monday, May 25 2015 03:14 PM

Can you give powers of attorney to multiple individuals?

Q:

Where should a person keep their will? Should it always be placed in a safe deposit box or can it be kept at home?

A:

Unfortunately, there isn’t one right answer. What I tell my clients is to keep the will someplace safe but accessible.

I like the idea of keeping the will in a safe deposit box. However, it can be difficult sometimes to retrieve it. If another person isn’t listed on the box and the bank won’t allow easy access to the family, it might require a court order to gain access.

I also like the idea of keeping the will in a fireproof box or safe at home. Fireproof boxes aren’t very expensive and they can be useful for a number of household items and important papers. But please give the security codes behind to the executor.

Wherever you keep the will, just make sure that you don’t hide it. Remember that your family is going to need to find it someday so don’t bury it in the back yard under the birdbath. Put it somewhere safe and let your family know that if something bad happens, look in the desk drawer or in the safe deposit bank.

Christopher Yugo, 25 May 2015