Where should I store my Will?
Take a minute and congratulate yourself for having a Last Will and Testament. You have completed an emotional and financial investment to leave clear instructions for your family after your death. That is a hard journey and is one to celebrate.
Should I store my Will in a Safety Deposit Box?
Before my big reveal, I wanted to share what was found whilst poking around the internet about the history of safety deposit boxes in the United States. In 1865, the Safe Deposit Company of New York was formed specifically for selling safety deposit boxes. The company wasn’t a bank. The Safe Deposit Company of New York advertised safe boxes made of iron with a combination under full control of the owner. One and a half centuries later, safety deposit boxes are still available, but banks are starting to phase them out. Large banks, like Capital One and JPMorgan Chase, are no longer offering safety deposit boxes to new clients.
My answer as to whether to store your Will in a safety deposit box is no.
Why you shouldn’t store your Will in a Safety Deposit Box
There are laws to protect safety deposit boxes; specifically, Iowa Code Section 524.810A. Initially, having a law about safety deposit boxes suggests it is the best place to store your Will. It is a safe place to store your Will if you remove it from the box exactly on the date of death, but before you die.
Iowa law about safety deposit boxes states that the only individuals who may access and remove contents from a safety deposit box are (1) a surviving co-owner; (2) a person designated in the agreement with the bank to access the box after death; or (3) an executor named in a copy of a purported will. Purported means that it appears to be true, though not necessarily. If the executor has a copy of a purported will, they can access the box for the purpose of removing the Will but nothing else.
If you are not in a category listed above, the only way to access the safety deposit box to look for a Will is if you open probate with the Court and get a letter of appointment. If you open a case in probate, you have to fully administer the estate through the probate law. The problem with opening probate to obtain a letter of appointment is that probate may not be necessary to transfer or sell assets of the estate. Opening probate with the court will cost several thousand dollars and approximately 8-12 months. This is a huge price tag for looking in a safety deposit box where there may or may not be a Will.
Where should I store my Will?
Home safes are incredibly affordable. And they are fireproof. You can start with a fireproof box, like the ones sold by SentrySafe. The investment is around $60 for a fireproof box. Once you start using a fireproof box or a fireproof safe, you will wonder why you waited so long to get one. In addition to storing your Will, you can store important identification documents like a passport and social security card. You can also store a marriage certificate, birth certificate, and the abstract for your house.
Home safes are for any person. They don’t need to be built into the wall tucked behind an expensive painting. This is a cool concept but impractical. If you have Amazon Prime, you can purchase a $200 home safe and get it shipped free. It is likely the only home safe you will ever need. If you purchase a fireproof box, know that you will likely need to upgrade to a safe as you continue on your life journey.
When you want to use a Safety Deposit Box to store your Will
You may only feel comfortable if your Will is in a Safety Deposit Box. If you go this route, please go to the bank and add your executor as a designated person to the safety deposit box agreement with the bank. This will allow them to have access to the box after your death. I do not recommend adding this person as a co-owner on a box because then they can remove contents of the box at any time without your knowledge. If you change the executor of your Will through an amendment or a new Will, be sure to update the agreement with the bank.
Should I make a copy of my Will?
Do not make a copy of your Will. To petition a copy of a Will for admission to probate court involves a huge expense (attorney fees) and a lot of time. The time spent on trying to admit a copy of a Will can delay the distribution of assets, controlled by the Will, by several months or even years.
A copy of a Will is not treated like the original Will. There is a cumbersome legal procedure for admitting a copy of a Will. Here is a great summary by The Iowa State University Center for Agricultural Law and Taxation that explains the process and describes the drama caused to an Iowa family by a litigating a copy of a Will. The full Iowa Court of Appeals opinion is here.
For the probate court in Iowa to admit a copy of a Will, also called existence of a lost will, the proponent must prove all of the following elements by clear, satisfactory and convincing evidence. This is a higher burden to prove than beyond a reasonable doubt. The proponent of a lost Will must prove:
Due execution and former existence of the alleged will;
It has been lost and could not be found after a diligent search;
The absence of the original does not mean the decedent destroyed it with the intent to revoke it; and
Contents of the will.
How do I make sure my Will is found if I don’t use a safety deposit box and don’t make a copy?
During your Will in a Day® meeting with Hope Wood JD, we will ask you where you intend to store your original Will. We record that information to your file. We also give you the assignment of telling the executor and alternate executor, named in the Will, the location of your Will and how to access it (by key or code).
If you lose your original Will contact Hope Wood JD to execute a new Will.
