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Law Offices of David A. Straus

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Should you lock your will in a safe deposit box?

On Behalf of | Apr 3, 2023 | Estate Planning |

If you have valuables, such as jewelry or rare coins, it probably makes sense to lock them in a safe somewhere inside your home. For added security, you even might want to invest in a safe deposit box at your local bank. These boxes can be somewhat expensive, though.

According to Bankrate, a safe deposit box can cost as much as $150 per year. It is hard to put a price tag on security and peace of mind, of course. Still, even if you have a safe deposit box, it probably is not wise to store your will there.

Your executor’s access to the will

One of the primary reasons for writing a will is to dispose of assets after death. The executor you name in the document takes care of this task after paying outstanding debts. If your will is in a safe deposit box, however, your executor might have difficulty accessing it.

Your access to the will

Even though writing a will is an impressive achievement, your will is not likely to remain current forever. Indeed, as your family and goals change, you probably want to update the document to better suit your needs. If your will is in a safe deposit box, it can be tempting to put off necessary revisions and updates.

Rather than locking your will in a safe deposit box, it is advisable to keep it in a secure location at your home. You also should give your executor precise instructions for finding the document. Ultimately, though, by keeping your will out of a safe deposit box, you are likely to avoid future headaches.