Creating detailed wills may help people ensure their assets end up in the right hands when they pass away. However, drafting a will is typically only the first step in the estate planning process. Once it is properly executed, it’s important to find the right place to store it. Here are a few places people can store their wills.
Some Florida residents store their estate plans in safe-deposit boxes, but these boxes may initially be inaccessible when they die. An executor — the individual named in the will to administer the estate when the estate owner passes away — might need copies of the wills to access a safe deposit box. This means the executor might need a court order, which may take time to obtain. Individuals who plan to store their wills in safe-deposit boxes can avoid this problem by including their executors on their deposit box contracts.
It’s also possible to store a will at home in waterproof and fireproof safes. This is a good option if the executor has the combination and/or duplicate keys for the safe. The best place to store a will is with an estate planning attorney. An individual who chooses this route should tell the executor which lawyer is holding the will for the estate owner.
Figuring out the estate planning process can be overwhelming, especially for individuals with many assets or high-value assets. Fortunately, they do not have to navigate this process alone. An attorney in Florida can help people draft wills or trusts that reflect their unique wishes and conform to the latest estate planning laws. The attorney can also help them update their estate plans at regular intervals.
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