Monday, October 20, 2014

What To Do With Your Will

Having a will is a great thing, as I'm sure you've noticed from my previous posts.  However, getting that will drafted and signed is only half the battle.  Here's a few tips for what to do now that you have your will in hand.

1.  Find a safe place to keep it.
Take some time to think about your lifestyle and your family members' lifestyles and determine the best place to store your original will.  One place a lot of people think of but should probably NOT use is a safe deposit box.  If your family members are unable to access your safe deposit box without you, they will not be able to obtain the will if you pass away (same goes for your advanced medical directive and power of attorney).  You probably want to keep it somewhere safe, such as a an actual safe and want to keep in mind that it should be durable.  One potentially good option is to store it in a fireproof safe. 

2.  Make sure your family members know how to find it. 
Once you've determined where to store your will, you want to make sure your family members and/or anyone named in the will know how to access it.  If it is in a fire proof safe, does someone have the code to unlock the safe?  Do they know exactly where you store your fire proof safe?  Your will might not do you any good if no one can find it when it's time to use it. 

3. Give copies to all your family members.
It is often a good idea to give each family member or person who is named in the will a copy of your will.  This may come in handy should your will become lost or accidentally destroyed in the future.  In addition, it will make your wishes and desires less of a shock when the time comes to execute those wishes and desires. 

4.  Talk to your family members about your wishes.
It is usually a good idea to have a conversation with your loved ones about the wishes that you put in your will.  It may give you the opportunity to clear up any vague wishes and make sure your family is on the same page.  While the will gives your wishes and desires enforceability, it creates a calmer, more peaceful time for your family if they already know and understand exactly how you want things to happen. 

A will is a great tool to have for yourself and your family members.  However, taking the above listed actions ensures that your wishes are more understood and heightens the possibility that everything will happen smoothly and exactly as you wish. 

If you would like a consultation on a will or other estate planning documents, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.