By Tim Kirk, Heyl, Royster, Voelker & Allen
These days, many people are deciding to skip an attorney and simply purchase a Will kit in an office supply store or off the internet. The obvious advantage is the nominal cost of the document. While these documents are often legally sufficient, our office frequently sees problems with the language and with the execution of those documents. What may have seemed like a bargain to you may cost your family a fortune. We strongly encourage every adult to have a Will and to retain the services of an attorney to assist in the preparation and execution of that Will.
There are several schools of thought about how to safeguard your Will. Some people want to keep their original signed Wills in their possession. If so, we suggest that the Will be kept in a bank safety deposit box or some similar type of secure, fireproof safe. The advantages: 1) it is easy to take your Will with you if you relocate; and 2) your document isn’t controlled by the lawyer who prepared it. The problems: 1) people often misplace their Wills; and 2) it does allow a disgruntled family member to gain possession of the Will after your death and destroy it.
Many lawyers offer to store original signed Wills in their Will safe as a service to their clients. The advantages: 1) most law firms have a good system to safeguard and protect Wills; 2) most law firms take care of automatically filing a Will for safekeeping with the Circuit Clerk once they learn of your death. The disadvantages: 1) some lawyers or law firms go out of business without a good transition plan for the Wills in their possession; and 2) it can be uncomfortable to retrieve the Will at a later date from the lawyer.
As always, we encourage you to consult with a qualified elder law attorney when contemplating estate planning.
For more information, you may reach Tim at Heyl, Royster, Voelker & Allen, 300 Hamilton Blvd., Peoria, IL 61601, or call (309) 676-0400.
