Safeguarding Your Legacy: Who Should Keep Your Last Will and Testament in New York?
Your last will and testament indicate how you want the assets in your estate distributed following your passing. It should include important details such as your beneficiaries, the assets you want to pass on, and the person who will execute your wishes, also known as the executor. For example, if you want to donate money or property to charitable organizations, doing so posthumously is possible through a will. Putting together a will is an essential part of estate planning. However, you should also devise a plan for keeping it safe. A big part of that involves entrusting it to the right people. Here at Morgan Legal Group, we understand the importance of ensuring your will is secure and accessible when needed. Let’s delve into the crucial aspects of will preservation.
What Happens if Your Will Is Lost? Understanding the Potential Consequences
Before we get into the topic of who should hang on to your will, let’s first discuss why keeping it is so important in the first place. You may be unaware of the potential trouble a lost will could cause for your heirs. Those potential problems are detailed below. It is important to take action.
Your Wishes Are Not Followed
First, the absence of a will means that people will likely not follow your wishes for your estate. For example, if you planned to leave money behind for some of your relatives who are not in your immediate family, they might not receive anything. Your plan to donate a portion of your estate to your favorite charity will also become derailed because there are no instructions provided to do so. Without clear instructions, your desires are at risk of being ignored. The state has to step in to decide on these matters when this occurs.
Your Estate Will Be Treated as Intestate
The state of New York considers an estate intestate if you cannot produce the original following the decedent’s passing. Even if potential heirs and lawyers claim that the decedent had a will, the state will presume that the decedent intended to destroy or revoke it. Overcoming this presumption can be a difficult task.
Potential beneficiaries can petition the court and provide evidence of the original will’s existence, but that may be for naught. The Surrogate’s Court sets a high burden of proof for these cases, so getting a favorable ruling will be an enormous challenge for petitioners. This requires strong evidence.
Because the Surrogate’s Court sees the estate as intestate without the original will, New York State’s intestate succession laws will take effect when the assets become distributed. Intestate succession laws will dictate which family members will benefit from your estate. Certain relatives will inherit your assets regardless of how well you got along with them. The state takes control without a will.
There is also the possibility that your assets could become New York State’s property if the courts cannot find any eligible heirs. This outcome is undesirable for most individuals. Avoiding intestacy is a primary goal of estate planning.
Keeping your will safe is important if you want the assets in your estate to go to the people you care about the most. Take the extra steps necessary to protect your will and prevent New York State from dictating the distribution of your estate. Protecting your legacy requires proactive measures.
Your Beneficiaries Will Need to Wait a Long Time to Receive Assets from Your Estate
Even when you find your original will, your beneficiaries may still encounter challenges because of the initial chaos caused by its misplacement. As the entry above notes, New York State can be strict regarding wills. As a result, the court may take its time deciding if the newly found will is legitimate. That may force your beneficiaries to endure an extended wait. Delays create hardship and uncertainty.
Your heirs may be unable to endure that type of wait. They may be dependent on your estate for education and living expenses. Avoid subjecting your loved ones to that ordeal by keeping your will safe. Prompt distribution is crucial for supporting your heirs.
Who Should Keep the Original Copy of Your Will? Evaluating Your Options
Now that we better understand the importance of preserving the original copy of a will, let’s discuss who should keep it. You have a few options to consider here. Learn more about your available options so you can identify the best one for your specific situation. The right choice depends on your individual circumstances and preferences.
Hang on to Your Will: Maintaining Personal Control
Your first option for will preservation is simply hanging on to it yourself. If you have a safe at home, you can use that to store your will. Many appreciate direct control over their important documents.
The advantage to storing the will yourself is accessibility. It is convenient to have your will within arm’s reach most of the time. In addition, if you ever want to review your will, you can pull it out of the safe and read it again. You always have access.
When you pass away, your loved ones can also find your will easily. They will not need to contact anyone else to obtain that important document. This streamlines the process for your family.
There are also downsides to keeping your will. For instance, you may misplace your will and not realize it. You have told your executor that your will is in a file cabinet, but you may have moved its location previously. If the fact that your will is misplaced only comes to light after you pass away, that could spell trouble for your beneficiaries. Be sure to record the location to prevent loss.
Ask Your Executor to Keep Your Will: Entrusting a Loved One
Another option to consider involves leaving your will in the care of your executor. The person you name as the executor of your will is legally bound to act in the best interests of your estate. You are only giving that role to someone you trust completely, so entrusting them with your will makes sense. Trust is paramount for this choice. The right executor will safeguard your document.
Still, there is no guarantee that your executor will handle your will correctly. They may store it in a file cabinet at home and keep it there until it is needed. If something happens to your will while it is in their possession, that could complicate matters. There are potential risks associated with this approach.
File Your Will with the Surrogate’s Court: Official Safekeeping
The state of New York can help you if you are trying to keep your will safe. The Surrogate’s Court has a vault where wills are kept. The wills are stored there until their respective testators pass away. This service provides secure storage.
Filing your will with the Surrogate’s Court in your county makes sense because you can count on them to keep it safe. When the time comes for your will to pass through probate, the process may be faster because your will was already in the court’s possession. This approach ensures security and potential efficiency.
Of course, storing your will this way can make it less accessible. In addition, reviewing and changing your will may take longer because you must retrieve it from the Surrogate’s Court first. Limited access can be a drawback.
Store Your Will in a Bank’s Safe Deposit Box: Secure Storage Solutions
Banks are institutions that can help with will preservation. For example, you can rent a safe deposit box at your local bank and place your will in there. Security and safety are key here.
A bank’s safe deposit box can arguably be a good place to keep a will because of its security. Security guards continuously monitor the bank’s safe deposit boxes. The safe deposit boxes can also withstand natural calamities. These features offer robust protection.
The main drawback to storing your will in a bank’s safe deposit box is potentially losing access to it. For example, the bank could close, and you could lose the contents of your safe deposit box in the empty establishment. If that happens, there may be no way for your executor to retrieve your original will. Access can sometimes be an issue with this method.
You should also consider naming a joint owner of the safe deposit box so they can access it and your will when you pass away. Otherwise, your executor may not be able to access your will quickly. They may need to secure a court order to gain that access. Without a joint owner, retrieval can become complicated.
Entrust Your Will to Your Attorney: The Expertise of a Legal Professional
Last but not least, you can entrust your will to your estate planning attorney. One can even argue that asking your attorney to keep your will is the best option available. Lawyers are excellent resources when it comes to securing these important documents.
Why is leaving your will with your attorney a good idea?
- For starters, attorneys already have plenty of experience when it comes to keeping important documents safe. Your attorney probably has a safe in their office to store your will.
- Asking your attorney to keep your will also does not affect accessibility. You will probably want to run things by your attorney before you make any changes to your will. If anything, asking your attorney to hold on to your will may allow you to kill two birds with one stone.
- Enlisting the help of your attorney to store your will is also worth considering because it is a potential long-term solution. Some attorneys will hang on to their clients’ important documents indefinitely. So you can entrust your will to your attorney and know it will be safe for a long time.
Professional storage is the hallmark of this option. With your attorney you are sure to have a partner with your best interests in mind.
What Steps Do You Need to Take After Storing Your Will? Ensuring Accessibility for Your Loved Ones
After weighing your options, you have finally decided to store your will. You went through with your plans to store your will, and it is already in a safe place. This is an important thing to protect.
It is good that your will is now safe, but you cannot stop at only storing it. Remember that New York State could treat your estate as intestate if you cannot find the original. Knowing that, you must take proper precautions to guarantee that your executor and your beneficiaries will have access to it. Accessibility is as important as security.
Start by telling a few trusted people the whereabouts of your will. Depending on how you stored your will, this may already be something you had to do. People you should inform include the executor of your estate and your attorney. If you want to tell your close relatives as well, there is nothing wrong with that. This step provides transparency and prevents confusion.
Avoid letting people you do not trust in on the secret because you cannot be certain about what they might do. For example, they could try to find some way to access your will and destroy it to force intestacy. They may do that to receive a cut from your estate you do not want them to have. Discernment is crucial when sharing this information.
Remember to name a joint owner if you are storing your will in a safe deposit box. This ensures easy access when the time comes. It simplifies the process for your executor.
Can You Keep Your Will in Your Computer or Cloud Storage? The Digital Age Dilemma
Everything is digital nowadays. You might be wondering if making your will digital is a viable option. While convenient, digital storage presents certain challenges.
On the one hand, using your computer to store your will seems like a good idea. As long as you take good care of your computer, your files should be safe there. On the other hand, anyone planning to mess with your will may struggle to break through the security features you have in place. Security can be a benefit of digital storage.
The cloud serves as an even more secure storage unit for important documents. Companies that offer cloud storage boast about top-notch security all the time. As a result, they should be more than capable of hanging on to your will. The cloud provides accessibility and strong security.
On the other hand, there is one big drawback you cannot ignore. Most courts do not accept digital wills. Their attitude regarding that matter may change in the future, but you cannot bank on it. Legal acceptance is the key issue.
You can keep a digital copy of your will if you want. However, storing the original, physical version of your will somewhere is still a must. A digital copy is a useful backup, but it’s not a substitute for the original. Always prioritize the original, signed document.
Can You Obtain a Will Filed in Probate Court if You Are Not the Executor?
Before your loved one passed away, they told you their will was with the Surrogate’s Court in their county. Ever since their passing, you have been waiting on the executor to put the will through probate, but nothing has happened thus far. You may be wondering if there is anything you can do.
What are your options in that scenario? Here are some steps to take.
- You can reach out to the executor and ask them to put the will through probate. This should be possible if you are the beneficiary of the will.
- Since they must act in the best interest of the estate, they should have filed probate already. You can ask them why they have not gotten to that yet.
- If the executor is not cooperating for some reason, you can go to the court directly. The court can then force the executor to fulfill their legal obligations.
Taking these steps can help ensure your loved one’s wishes are honored. Don’t hesitate to assert your rights as a beneficiary.
The Significance of the Original Will and the Responsibilities of the Executor
Regarding estate planning, one of the fundamental documents is the last will and testament. It outlines an individual’s wishes regarding the distribution of their assets and properties after passing. One common question arises: “Who keeps the original copy of a will?” In this article, Morgan Legal Group PLLP sheds light on the importance of the original will, the role of different parties, and the proper safekeeping of this crucial document. Understanding these dynamics helps ensure a smooth transition of assets.
The original copy of a will holds significant legal value. It is the primary evidence of the testator’s intentions and decisions regarding their estate. Courts and legal authorities rely on the original will to validate its authenticity and enforce the distribution of assets as per the testator’s wishes. The original document is essential for legal proceedings.
An executor is a person named in the will responsible for carrying out the deceased individual’s wishes. Among their duties is the responsibility to locate and safeguard the original will. Executors play a crucial role in the probate process, which involves validating the will and overseeing the distribution of assets to beneficiaries. Their actions dictate the administration of the estate. The executor can also be held accountable for any issues that arise.
Other Considerations for Safekeeping an Original Will:
While it’s common for the executor to hold the original will, some individuals prefer to keep the original will in a safe place themselves. This can be a safe deposit box, a fireproof safe at home, or with an attorney. However, this approach can present challenges if the will’s location is unknown or accessible to the executor and beneficiaries after the testator’s passing. Maintaining accurate records of its location can help minimize complications.
Many individuals choose to entrust their original will to their attorney. Attorneys specializing in estate planning can provide safekeeping services for essential documents, including wills. By keeping the original will in their possession, attorneys ensure that the document is properly preserved and its location is known to the executor and beneficiaries. Professional safekeeping offers peace of mind. A qualified attorney should do this.
Regardless of who holds the original will, it’s essential to ensure that the document’s location is known to key individuals. The executor should have access to the original will, as well as instructions on how to retrieve it. Transparent communication about the will’s location can prevent delays and confusion during the probate process. Communicate the location for streamlined probate processes.
Each jurisdiction may have specific legal requirements for the safekeeping of original wills. It’s important to consult with an experienced estate planning attorney to ensure compliance with local laws and regulations. Properly executed and stored wills can help avoid legal disputes and challenges in the future. Professional expertise is invaluable for ensuring compliance. Contact Morgan Legal Group today to schedule a consultation.
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