When it comes to safeguarding important documents, many people think a safe deposit box is the most secure place. However, for your Last Will and Testament, a safe deposit box can actually create more problems than it solves. At Frame & Frame, we want to ensure your estate planning documents are accessible when they are needed most.
Here’s why you should avoid placing your Will in a safe deposit box.
- Access Issues After Death:
- After you pass away, accessing your safe deposit box can be a complicated process for your loved ones. Most banks restrict access to safe deposit boxes upon the death of the owner, requiring court authorization or proof of appointment as the Personal Representative (Executor) of the estate. However, obtaining this authority may require the very Will that is locked inside the box — creating a frustrating and costly cycle.
- Delays in Estate Administration
- If your Will is locked in a safe deposit box, your heirs may face significant delays in starting the probate process. The process of gaining access to the box can take weeks or even months, especially if there is any dispute or lack of clarity about who is authorized to open it. This can leave your family in a difficult situation, unable to take necessary legal steps or access important funds.
- Legal and Financial Complications
- If your Will is inaccessible, your family may have to go to court to gain access to the safe deposit box. This can be an expensive and stressful process, involving legal fees and court filings. In some cases, if your heirs cannot produce the Will in a timely manner, the court may proceed as if you died without a valid Will (intestate), which can completely change how your estate is distributed.
- Better Alternatives for Storing Your Will
- To ensure that your Will is easily accessible to your loved ones, consider the following alternatives:
- Register Your Will with the Register of Wills: In Maryland, you can securely file your Will with the Register of Wills for safekeeping. This ensures that your Will is officially recorded and can be easily located when needed.
- Home Safe or Fireproof Box: If you prefer to keep it yourself, a secure, fireproof, and waterproof box at home is a better option, but make sure your trusted family members know where to find it.
- Secure Online Storage: Some clients choose digital storage solutions that are secure and accessible by designated family members or executors.
- To ensure that your Will is easily accessible to your loved ones, consider the following alternatives:
Protect Your Legacy with Care
Your Will is one of the most important documents you will ever create, but its value is only realized if it can be easily accessed when needed. At Frame & Frame, we help clients properly store and protect their estate planning documents, ensuring peace of mind for you and your loved ones.
If you have questions about where to keep your Will or need assistance with your estate planning, contact us at Frame & Frame today.