Aretha Franklin made a critical mistake in her estate planning, leading to a legal battle among her sons over handwritten wills. One will, dated and signed in 2010, was found in a locked cabinet, while another will, signed in 2014, was discovered in a notebook under the cushions of a couch. A jury recently determined that the will found in the couch is valid. This family feud resulted in unnecessary money and heartache. Franklin’s failure to clearly express her final wishes and properly store her will led to this chaos. It is essential to avoid such situations and consider alternative options for storing your will.
Storing your will in a safe-deposit box may seem like a secure choice, but it can pose difficulties, as the box may be inaccessible initially. If your will is in the box, the executor may need a copy to access it, potentially causing delays. If you choose this option, it is advisable to include your executor or designated person on the safe-deposit box contract.
At home, you can keep a copy of your will in a fireproof and waterproof safe. However, it is crucial to provide a duplicate key or the combination code to your executor or another trusted person. One risk of keeping a will at home is the possibility of intentional destruction by disgruntled beneficiaries.
Another option is to create duplicate sets of original documents and leave one with your attorney for safekeeping. However, this option can be problematic if your family is unaware of the attorney’s identity or if the lawyer retires or shuts down their practice.
Checking with the local probate court about storing your will is also worth considering. Different jurisdictions have various procedures, like storing original wills with the Register of Wills for a small fee. However, it is crucial to inform someone about storing your will at the court.
Electronic storage is another option to consider, but it has its challenges. Most states do not recognize electronic wills yet, so it is necessary to have a signed physical copy of your will, even if you store a digital version. There is also a risk of the digital document being compromised in a data breach.
All storage options have their pros and cons, so it is important to choose wisely and inform your designated person about the location of your will. Moreover, it is advisable to leave a letter of instruction indicating the existence of a will. This letter should include important information, such as bank details and passwords, stored in a binder. If you change your will, remember to update the letter of instruction as well.
Regularly reviewing and updating your will is essential, especially after significant life events like marriages or births. Failing to update your will can have unintended consequences, such as ex-spouses inheriting assets. If you die without a will, state law determines how your property will be distributed, potentially leading to assets going to relatives you haven’t spoken to in years or don’t even like.
Having a will and communicating its location does not guarantee a conflict-free distribution of assets among family members, but it can help prevent costly battles. It is important to be proactive in estate planning and ensure that your final wishes are clear and well-documented.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
