Kenneth Vercammen, Esq is Chair of the ABA Elder Law Committee and presents seminars to attorneys and the public on Wills, Probate and other legal topics related to Estate Planning and Elder law. He is author of the ABA's book "Wills and Estate Administration. Kenneth Vercammen & Associates,
2053 Woodbridge Avenue - Edison, NJ 08817
(732) 572-0500 More information at www.njlaws.com/

Monday, January 16, 2023

Don’t put your Will or Power of Attorney in a Safe deposit box

 Don’t put your Will or Power of Attorney in a Safe deposit box

 
    Keep your Will in a safe place, but let someone know where it can be found. Buy a fireproof box and put it under the bed.  We don't recommend a safe deposit box because banks cant be accessed on weekends or evenings. Remember, the banks all closed due to covid in 2020 and people could not access their own documents.

     Husband and wife should have their own wills.  They each should know where both are kept.  Above all, do not keep your will hidden in the back of your desk or another place where it may be lost or thrown away.

     Have a file, stored in a secure and fireproof location, containing all important documents (wills, titles, securities, contracts,  marriage/divorce papers, deeds, pension/profit sharing plans, etc.)

Keeping Your Will Up To Date
    Periodically review your will to keep it up to date. Keeping it current is just as important as making one in the first place.  Changes in your life such as marriage, birth of a child, death, crippling accident, change of witnesses, purchase or sale of property, a change in your financial status - or a change in the estate tax law may make important revisions or a new will advisable.

A will drawn in another state can be valid; however, revision in relation to New Jersey laws may be prudent.  You are free to change it at any time, but do so correctly.

Source http://www.co.cumberland.nj.us/content/22602/23182/23382/23402.aspx#intes