Mom, in her early 80’s just wrote her will. She has 3 grown kids, all in their 40’s. Everybody in the family gets along and lives relatively close to mom. I will be the executor when mom passes.
The lawyer who prepared the will has given mom copies for everybody. The lawyer then suggested that she (the lawyer) hold on to the original in a safe deposit box. So…
Is that a wise idea? It’s not like she’s “The Family Lawyer” or anything; my mom has transacted no other business with this lawyer, nor does she have plans to do so in the future. (That’s not to say we think she’s a bad lawyer. It’s just that mom has no other legal needs to speak of.)
And is it customary? If so, will the lawyer charge mom a one-time or annual fee (mom did not think to ask)?
FYI, mom has no safe deposit box of her own (nor do any of us kids), but she does have a family friend with an old iron safe in which she stores her other important documents.
This is only my opinion but I think you should keep the original since you will be the executor when she passes. The lawyer may want to hold onto it so she is guaranteed that you will use her services at that time.
You can get a safe deposit box at your local bank for a small fee (I pay $25.00 a year). I’d have your mother get one at her regular bank, where she has probably done business for decades.
Estate Planning lawyer here. The lawyer will not charge you anything to keep, you mom’s will, nor will you be forced to use this lawyer’s services (unless the lawyer’s crooked, which you have not indicated)
In every state whoever holds the original will at your mom’s death is required by law to file that will with the proper governmental unit (usually the probate court for the county of her residence). I would agree with the safe deposit box idea. They are quite inexpensive. Be sure to check that under your jurisdiction and the bank’s rules, you can get at the original. Make sure that you and your mom are both listed as the joint owners of the box. That way you can get at the box by virtue of your co-ownership, rather than getting at the box by virtue of you being the executor.
In general, see if you can get her accounts with a “transfer on death” provision. That way, it is all your mom’s money until she dies, but upon her death, it will pass to her children without having to go through probate.
Standard disclaimer about I am not your lawyer, and I don’t even know what jurisdiction you are in. This is only general advice, not legal advice.
I agree with Abe Babe. Safe deposit boxes are cheap (mine costs 20 Canadian per year which would be what, 12 US?). Your mom’s gone to the trouble and cost of having the will drawn up - paying to keep it safe is just part of the process.
I would put the original in the safe deposit, and keep your photocopy at home. That way, the original is safe, and you have a copy showing that you’re to be the executor, if any issues arise for some reason (e.g. - bank getting stuffy about letting you have access to the safe deposit).
I wouldn’t recommend the friend with the safe. A will is a very important document and should be kept under the testator’s own control. (Not a comment on the friend or anything - just a general principle.)
Well, I filed my will with the Clerk Of Court, for a $5.00 fee. That way a copy is always available and legal. No questions asked. But that’s just where I live. I know when my father passed away, his will was kept by the lawyer, but lo and behold the lawyer had passed away and they couldn’t locate a copy of the will. Safety desposit box would be good.
Ultress, I’m very interested in your filing of the will w/ the clerk of court. Does anyone know if that can be done in NY?
As for mom getting her own safe deposit box, I think we can nix that idea right off the bat. We’re dealing with an old Italian-American widow from Brooklyn here. It’s lucky she bothers using a safe in the first place. She’d probably rather bury it all in a coffee can in the back yard for safekeeping.
Anyway, keep the comments coming, especially you legal-types.
IANAl-t but I will echo the safe deposit box idea. My parents have their original wills, advance directives, etc., in their safe deposit box with copies in a fireproof box at home. (It’s possible there’s something on file with a lawyer, but I don’t know about it.) Their doctor and I also have copies of their advance directives.
If she absolutely won’t get a safe deposit box, can you get one and store the original there?
Not sure myself, but is the original all that important?
Wouldn’t a notarized copy be adequate for filing?
If so, the location of the orig is not too important, as long as there are valid copies distributed widely enough among folk who will think of and act upon them when mom dies, such that they will not all perish in the same fire/tornado/flood/etc.
Howeverm Check your state laws, but I think that it is a bad idea for her to have her name on the box. In some states, when a person dies, all of their bank assets are frozen (including safety deosit boxes) until the legal processes are completed dealing with the executor. In other words you need the will to get into the box if she owns the box.
Of course this may be different from state to state.