Author: Alexander Coomes, Lawyer
If you have had a will drafted, it is crucial that someone is left instructions to find the original will when necessary. If the original will is not found, there is the potential that it will be treated as though it is of no force and effect. In order to safeguard a will, testators should carefully consider their storage options. Common and effective options include: keeping the will at home, leaving it with an estate trustee, filing the will with the court, or leaving the will with your lawyer. Today we will consider the first two options:
Self-Storage of the Will
Many testators choose to keep the will themselves. If this is the best option for you, consider where you intend to store the will. Remember that you may be storing the will for a long time and the will needs to be placed in an area where it will not be damaged due to exposure to light or moisture. Also consider if your documents will be protected in the event of a fire or flood. We recommend storing the will in a fireproof safe within your home.
One area we do not recommend you store your will is in a safety deposit box. The reason for this is on your death, your executor will need the will to get authority to access the safety deposit box.
Wherever the will is stored, it is crucial to tell your executor the location of the will so they can find your documents. If the will is in a safe, consider giving the executor the code or letting the executor know where the code can be found. Also consider who else may have access to the will storage location. Consider how access to the will affects your privacy and the security of your documents.
Remember, if the will cannot be recovered on your death, it will be presumed that you revoked the will.
Storing the Will with an Executor
Some testators give their will directly to their executor. This method allows the executor to have access to the will as needed. When storing the will with an executor be sure to discuss how they intend on storing the will. Do you trust the executor has put the will in a safe place? If the executor dies or becomes incapacitated, is there a way for you or someone else to recover the documents? Who else has access to the executor’s storage location?
If you store the will with your executor or any third party, consider examining the original will from time to time to ensure that it is safe and in good condition.
With both self-storage and storage with an executor, consider who else needs to be aware of the will’s existence and contents. You may wish to tell family members or beneficiaries of the existence of the will so they can ensure the process is followed. You may wish to leave a note with your lawyer so they can assist your loved ones on recovering the will. In any case, be sure you have considered the possibility that your estate documents can be recovered when you need them. If you need assistance preparing your will, give us a call at (647) 494-9599 or email us at info@law365.ca.
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