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Making a Will... Page 2
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4) Storing a Will
Once you've written your will, store it in a safe place that is accessible to others after
your death. Place copies in a safe deposit box or a fire-proof box (at home) and ensure
that a close friend or relative knows where to find it when needed. You should leave the
original with the lawyer who drafted it.
Tip: In some states, a safe deposit box is sealed upon the death
of its owner. By putting your original will in a safe deposit box, you may delay the
probate process for your heirs. They will have to get permission to open the box before
your estate can be administered -- a costly situation.
5) Updating a Will
You should review your will periodically to make sure it reflects your current wants and
needs. Major changes will require a new will. Minor changes are handled by drafting an
amendment (know as a codicil) that is signed in front of witnesses. If you change
your will, you'll need to destroy copies of your old will, including the original.
Consider revising your will if any of these conditions apply:
- After five years.
- Marriage.
- Divorce.
- Birth of a child or adoption.
- Change in health condition.
- Death of a spouse or heir.
- Change of residence.
- Change in income.
- Increase in net worth.
- Early gift to heirs.
- Changes in property value.
- Change in estate taxes or probate.
More Estate Planning Articles:
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