Where do you keep your Will and Trust documents?

[CardsFan]

We executed 3 originals of our will. One stayed with the lawyer (who has since passed away and we have no idea where that original is now). Of the 2 we took, one is in our fire resistant safe (unlocked) and one is in the safe deposit box.

The wills are now over 20 years old, but really nothing has changed. We only have one heir, our DS, who is also named executor.

We have talked about updating, but I just don't see the need. All of our investments, as well as condo and vehicles are TOD.

 

[gayl]

What do you have for the house? I have the beneficiaries on the bank accounts, but haven't found a good solution for the house. I live in Michigan, and you cannot name multiple beneficiaries on a house (I see references for a "Lady Bird Deed", but haven't worked through how to impliment)

I live in California and retitled the house to leave 50/50 to my kids (designated beneficiaries). They will also inherit property tax rate. Grandchildren don't get any of it. So Schwab is equal for all 8: 2 kids & 6 grands

I actually wrote my trust right after my mom's estate settled & Wells Fargo Estate Dept showed me all the errors in her trust.

The instructions to the estate even tell my kids to order 5 original death certs: County Recorder, Schwab, bank, pension board, and an extra

 

[ER Eddie]

In a file labelled, "When I'm Dead or Incapacitated." It's in my file cabinet. I told my siblings where to look for it.

 

[big-papa]

Safety deposit box and extra copies with one of my siblings.

Cheers

 

[grasshopper]

Ms G's brother (attorney) has our original will at his office, I hope.

About 30 years ago BIL's house did burn down. I remember giving him all out family photos to make copies of.

We have no heirs so, "What me Worry" Alfred E Neuman.

 

[yakers]

In a very safe safe, both. Sons know the combination

 

[aza455]

In my state, and perhaps in most other states as well, you need to have an ORIGINAL will for the probate.

So, those of you who had your wills prepared by an attorney (as opposed to self-prepared) HOW MANY ORIGINALS have you been recommended by the attorney to have?

 

[CaptTom]

...Its also important to clearly describe things the Executor should NOT look for such as:
There are no older copies of the XXXX Will either real or digital to be recalled, amended or destroyed.
There are no rented lockers, bank deposit or PO boxes.
Nothing of importance is delivered via the USPS.
Nothing is buried in the yard, hidden in the garage, attic, crawlspace, wall, taped to the bottom of a drawer or stuffed into the pockets of old clothes.

I love this! It will make it so much easier on the executors.

 

[Dreamer]

We had new wills made last year. Attorney sent the wills to our county courthouse for recording and then they were sent to us. We put our wills in our safe deposit at our bank. We also had both of our children added to our safe deposit at the bank, so that they can get into it, if needed.

 

[CRLLS]

All very interesting. I see that many have chosen to have several "original" Wills, all signed and kept in different places. I am of the mind there should be just one current Will. Some experts recommend this while others recommend only 1 signed Will.

I am particularly interested in the couple of responses about the Lawyer retiring and not knowing what to do with all of his Wills on file. This is what I am concerned about when using the lawyer as the sole depository. Giving signed versions, or even scanned copies to our adult children is also out of the question at this time.

BTW, the fire safe we use is mainly for, ummm, fire protection. Its location alone is pretty well protected from fire. It is not kept locked, however if someone were to spin the dial before trying to open it, then........

Keep 'em coming. I might be convinced to change my ways.

 

[splitwdw]

I thought there was only one original will and all others at your attorney or executor were copies? The raised notary seal is only on the will in my possession. I keep my original will in my safe and my executrix and attorney have a copy plus the executrix has a list of passwords, the name of the lawyer I used but she can use any attorney and the safe combination. My beneficiaries, some underage, know they are my beneficiaries or their parents know because I got their social security numbers from all of them. Don't know where my attorney stores my copy but my executrix stores her copy in her safe.

 

[Kings over Queens]

Ms G's brother (attorney) has our original will at his office, I hope.

About 30 years ago BIL's house did burn down. I remember giving him all out family photos to make copies of.

We have no heirs so, "What me Worry" Alfred E Neuman.

Probably a seperate thread, but if you haven't, please designate someone to receive what might be left at your passing, which I hope is many many years from now.


I can't stand the thought of the government getting it because nobody is named as the beneficiary of your estate.

 

[CaliKid]

Make it accessible to people. If your chosen loved one(s) don't find it when you die it does not exist. Will your attorney know you died? I suspect not.

Also, it's funny you people that are crazy private about your will. You realize it will literally be available on the internet for anybody to see in most states. Get a trust if you want privacy.

 

[grasshopper]

Probably a seperate thread, but if you haven't, please designate someone to receive what might be left at your passing, which I hope is many many years from now.


I can't stand the thought of the government getting it because nobody is named as the beneficiary of your estate.

Thanks for your concern, BIL is also executor. Animal care in in a trust, and all siblings are named in our will.

 

[CaptTom]

...My beneficiaries, some underage, know they are my beneficiaries or their parents know because I got their social security numbers from all of them...

Another very good point. One life insurance company claimed not to have my wife's and her sister's addresses when their mother passed. They claimed they'd tried to contact the daughters, but the addresses they used were completely wrong. I suspect they deliberately make a half-hearted effort to contact beneficiaries. The daughters only found out about this policy by chance among their late mother's papers.

 

[PatrickA5]

Another very good point. One life insurance company claimed not to have my wife's and her sister's addresses when their mother passed. They claimed they'd tried to contact the daughters, but the addresses they used were completely wrong. I suspect they deliberately make a half-hearted effort to contact beneficiaries. The daughters only found out about this policy by chance among their late mother's papers.

I'm convinced life insurance companies have bonus programs aimed at compensating the claims representatives for delaying payouts as long as possible. And that's if a beneficiary actually contacts them. Tooks us almost 3 months to collect on a $5K policy. I've heard other horror stories of how difficult the companies made it to collect on policies. My kids won't have to worry about it since we don't have life insurance anymore.

 

[CaptTom]

I'm convinced life insurance companies have bonus programs aimed at compensating the claims representatives for delaying payouts as long as possible.

Admittedly, we did have one company which got checks in the mail right away. That may be the exception. None of them seem very efficient or organized when it comes to paying.

Watching my wife and sister-in-law go through this process, I am even more convinced than ever that life insurance is not right for everyone.

Most here are financially savvy, know what they're buying and what the implications are. But too many people don't understand when any given financial instrument is beneficial to you, and when it only benefits the sales person.

 

[ncbill]

I'm convinced life insurance companies have bonus programs aimed at compensating the claims representatives for delaying payouts as long as possible. And that's if a beneficiary actually contacts them. Tooks us almost 3 months to collect on a $5K policy. I've heard other horror stories of how difficult the companies made it to collect on policies. My kids won't have to worry about it since we don't have life insurance anymore.

Years ago I read a post from a widow who claimed the insurance company required an autopsy before they'd pay out life insurance on her hubby.

I asked if that was in the contract & IIRC she replied (paraphrasing) "they just told me I needed it so I had it done."

 

[teejayevans]

If the insurance company gave me grief, I’d post it all over the internet.

 

[nobody]

Both of my trusts have copy on my bookshelf, originals are in my gun safe, 2 hour fire rating, with my titles and other important stuff guns included. I have sent the business card of my death planner to each of my trustees. My death planner keeps a copy of one of my trusts as well. My safe combo is in the house and should be able to be found, I've told my trustees if they look they can find my safe combo.

 

[FloridaJim57]

Our attorney has a copy and our executore has a copy. We were told never keep them in a safe deposit box. I don't have any children.

 

[RunningBum]

Do you really need a safe, do you expect someone would try to falsify it?

Does your executor know the combination? And years from now, will they remember it?

I keep important documents in my safe, which has the best chance of surviving a fire. My son knows where the key is.

The downside is, a burglar might think it has valuable stuff to them in it, and take it with them. I've yet to figure out how to overcome this, except to say that burglaries are very rare here. Many of the houses are second homes, or short term rentals, so they don't have much of value, and most people know this.

 

[rmorris50]

Copies are in our:

Safe at home
Lawyer who drafted the docs
Electronic copy with Financial advisor
My one drive
Electronic copies to key people identified in the documents

 

[steelyman]

One thing I learned from an attorney that was pretty simple but I’d never thought about. We were talking about distributing digital copies (PDFs) of documents. I asked “how do you ensure they aren’t the originals?”. He said, “I have this great big stamp COPY that goes on each before they get copied and sent.”

 

[Piper20]

In the filing cabinet. Lawyer has a copy. DS and DIL know where it is.

Grand Parents will was hand written and witnessed by the neighbors. Kept in the roll top desk in the dining room.