Where do you keep your Will and Trust documents?

[SJhawkins]

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.

Need to look into the vehicle TOD, did not know this was possible. Will check with our state, thanks.

As a side note, had to deal with a dozen + vehicles in an estate, it was a PIA. We only have 3 so should not be to bad but a TOD would be better.

 

[meleana]

Attorney has copies, file cabinet and home safe. I don’t remember if we also gave our son a copy or not, but he lives nearby.

 

[a60dan]

In handling my mother’s estate, I knew to get the original from the lawyer.

In becoming appointed administrator of her “small estate” (I.e. <$50K), the original was filed with the surrogate court.

She could have filed it with the court initially instead of leaving it with the attorney.

I’m assuming that any updates would have to be filed with the court.

My father needed proof of military discharge, but there was a fire where the military kept the records.

Fortunately he had filed his discharge with the county clerk.

Our (same lawyer as my mother ) original is with the lawyer.

It’s probably time to re-think that, and to start consolidating the umpteen accounts we’ve accumulated.

 

[KarenF]

Originals (wills, trust, POAs, Health Care Directives) in the basement in a fire safe. Kids have copies and know who our lawyer is. Everything is in the trust or has beneficiaries except our cars, which are covered under the small estate provision in Georgia (no TOD in Georgia).

 

[dknighd]

We currently have one copy of wills in safe deposit box. One in bedroom file cabinet.
They are hopelessly out of date. I suppose we should update them. But most of the assets are in retirement accounts. With named beneficiaries. The rest of the assets are jointly held. For now, if we both die at the same time, we'll leave it up to survivors and courts to figure it out. If one of dies first all assets go to surviving spouse. Then the surviving spouse can create a new will if they want to.

 

[CaliKid]

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.

I don't disagree but, at least in California, they now have to pay interest after 30 days.

 

[KarenF]

We currently have one copy of wills in safe deposit box. One in bedroom file cabinet.
They are hopelessly out of date. I suppose we should update them. But most of the assets are in retirement accounts. With named beneficiaries. The rest of the assets are jointly held. For now, if we both die at the same time, we'll leave it up to survivors and courts to figure it out. If one of dies first all assets go to surviving spouse. Then the surviving spouse can create a new will if they want to.

Please don't leave it to the survivors and courts to figure it out during that stressful time. It is not hard to update wills and trusts. You should have a durable Power of Attorney, Health Care documents etc. Go over it all with the survivors.

 

[dknighd]

Please don't leave it to the survivors and courts to figure it out during that stressful time. It is not hard to update wills and trusts. You should have a durable Power of Attorney, Health Care documents etc. Go over it all with the survivors.

Are you a lawyer? I'm not sure a piece of paper matters if we are all the same page. But perhaps I'm naive.

 

[Aerides]

Are you a lawyer? I'm not sure a piece of paper matters if we are all the same page. But perhaps I'm naive.

People get funny with money. Haven't we all read stories about how someone decided they were not on the same page once it was too late?

 

[dknighd]

People get funny with money. Haven't we all read stories about how someone decided they were not on the same page once it was too late?

I've read those stories. Usually they involve somebody contesting the will. So why bother?


Playing devils advocate here. Should I pay a lawyer to draw up documents? What is the point if they could be challenged? I'm going to trust my suvivors. If they want me to document it, I will.

 

[KarenF]

Are you a lawyer? I'm not sure a piece of paper matters if we are all the same page. But perhaps I'm naive.

Not a lawyer but was the trustee for my Mom's trust and we have a trust. Having a trust is SO much easier than going through probate without a will (which my friend had to do) It does matter. I would not do that to anybody I loved.

 

[dknighd]

I'm probably naive. That is OK. Live and learn.

 

[Kayzmum]

Why keeping a copy at the attorney's office is a good idea, just ask anyone who's house burned down.

Keeping it in a safety deposit bank is bad, as banks often seal the box until you show appointment by the court (but you need the Will to do that easily). So a catch 22.

My daughter's name is also on the safety deposit box so she can get in it if my husband and I pass at the same time. I also gave her a copy of the will and the attorney has a copy.

 

[Kayzmum]

The discussion about old wills and trusts got me thinking about this. Having not used an attorney in creating our docs, we cannot leave copies at "our attorney's office. In our case, our properly executed Nolo wills and other life documents are kept in a fire safe along with other important documents such as birth certificates, marriage certificates, paper stock certificates, vehicle titles, passports etc. We have not given copies of our wills to our children but they have been told where they are and can access them if needed.

I have read that many recommend leaving copies of their will at the attorney's office. Which begs the question: is a copy of a will valid? I suspect not. Therefore, there is but one real, legal will. To what purpose is keeping a copy there even used for? Perhaps to show that a more current version may be "out there" somewhere, if not found immediately by family members.

Are attorneys constantly following death notices to see if any of their past clients have passed and then present their copy to the named executor? I highly doubt that. Do any of your beneficiaries even know who your attorney is and how to contact him/her?

My daughter has a copy of our will and trust, knows where we store it at home, and our attorney has a copy. She also has permission to get into our safety deposit box and knows where I keep the key. She just has to show her ID, like we do, as her name is on the list of people allowed to get in it.