The Risk Of Storing A Will In Your Safe Deposit Box

Safe deposit boxes are often the first choice for individuals who have valuables they want to protect. These storage options, typically located within banks and credit unions, are typically used to keep family heirlooms, important documents, and other important possessions safe. Although safe deposit boxes can be very useful in some situations, using them to store your will comes with certain risks. Below, our St. Petersburg wills lawyer explains in greater detail.

Why are Safe Deposit Boxes Not the Best Choice for Your Will? 

Although a safe deposit box may seem like the natural choice for storing your will, there are many reasons experts recommend against it. These include:

• Difficult to access: The financial institution you rent your safe deposit box from will likely seal it after you pass away. This prevents anyone from accessing it, including your personal representative, who will need to submit the will to the probate court within ten days. This lack of access can delay court deadlines.
• Legal challenges: State law in Florida may require your personal representative to obtain a court order if they need to prove their identity or the financial institution is not allowing them to access the safe deposit box.
• Delayed proceedings: When a will cannot be obtained from a safe deposit box right away, it can delay all probate proceedings. This can result in beneficiaries not receiving their inheritance right away, as the property in your estate will not be distributed until probate is closed.

Where to Store Your Will 

While a safe deposit box is not the best storage option for your will, there are others that could be more suitable. They include:

• Your attorney: Allowing your lawyer to store your will after they help you draft it will ensure it remains in a safe and accessible place. It is important to inform your family members and personal representative that your will is stored at your attorney’s office. Also provide them with your lawyer’s name and contact information.
• A safe: A waterproof and fireproof safe kept in your home is also a good option for storing your will. This will ensure it stays in good condition. Again, it is important to tell your loved ones and personal representative about the safe and to ensure they can access it when necessary.
• Your personal representative: Leaving the original will with your personal representative will ensure they have it when necessary. When using this option it is important to make sure your personal representative also has a waterproof and fireproof safe to keep it in.

Our Wills Lawyer in St. Petersburg Can Provide the Sound Advice You Need 

At Legacy Protection Lawyers, LLP, our St. Petersburg wills lawyer can draft your document, ensure it is executed properly, and provide the sound advice you need regarding your entire estate plan so you and your family are protected. Call us now at 727-471-5868 or fill out our online form to schedule a consultation with our experienced attorney and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html