What does it mean to execute a Will?
A Will is "executed" when all the instructions to make it legally binding are followed. In many states, this involves in-person witness and notary signatures.
What should I do once my Will is executed?
- Store in a safe place
- Notify some loved ones of where to find it
- Update it every year or two for accuracy
Having a discussion about your Will and your other estate planning documents helps ensure that your family and the individuals named in your estate plan all understand your wishes. If you are hesitant to provide specific details of your estate plan, you should at least consider informing your spouse, your family, and the individuals named in your estate plan where the originals are located.
Your documents may not be helpful if nobody knows where to find them.
Should I store it in a safe deposit box?
One note of caution - while safe deposit boxes at banks are secure locations, they may not be the best place to store your Will or estate planning documents. Accessing a safe deposit box without the owner present may be a complicated and time-consuming effort. This delay could be problematic if a time-sensitive issue arises, such as needing someone to make healthcare decisions on your behalf.
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