I rarely recommend storing your will in a safety deposit box. Here are just a few reasons why:
- Limited Access: Banks may seal safety deposit boxes upon death, potentially requiring a court order for access. I have seen it take several months for a personal representative to access a safety deposit box in probate.
- Legal Challenges: There could be jurisdictional restrictions on who can access the box after death, complicating matters for your appointed executor.
- Knowone Knows Where It Is: I have helped personal representatives take an estate through probate where they could not locate a will, only to find out after getting an order to open a safety deposit box that the will was there all along. This just adds unnecessary complications for your family in locating your will when you die.
- Inconvenient Retrieval: Banks are not always the best in providing access to the safety deposit box. Your crisis is not the bank's emergency. Accessing the box can be extremely challenging during emergencies or outside bank hours.
- Cost Concerns: Safety deposit boxes cost money! These ongoing fees for maintaining a safety deposit box can accumulate over time to significant amounts.
While safety deposit boxes are secure, they are generally not the best idea for storing your will due to accessibility, convenience and cost concerns.
