04 Feb
Estate administration involves the fulfillment of an individual’s last wishes. The personal representative administering an estate either follows the instructions provided in an estate plan or follows the rules established in intestate succession statutes.
If an individual dies without an estate plan, then state law determines what happens with their property. Assets typically pass to immediate family members in scenarios where individuals die without a will.
Before initiating intestate probate proceedings, personal representatives should do their best to locate any testamentary instruments the decedent may have drafted. Where can family members and those expecting to act as personal representatives potentially locate an estate plan or will?
1. In safes or safety deposit boxes
Many people assume direct personal responsibility for storing their own estate plans. They may place the original documents or copies of their documents in secured locations under their direct control. Many people have fireproof safes in their bedrooms or home offices. That may be one of the first places to look for a will after an individual dies.
Checking with their financial institution to see if they had a safety deposit box can also be a smart step. Storing the will at a business limits access to it and reduces the likelihood of misconduct.
2. With the county clerk
State statutes have a process in place that allows for local storage of wills under safekeeping rules. Testators who have drafted documents can store them with the county clerk.
3. With the lawyer who drafted the will
Many attorneys who offer estate planning services also provide storage services. They keep the documents in a secure facility and then provide them to the appropriate party during estate administration.
Determining if the decedent had hired a lawyer and made payments to an attorney could help surviving family members track down an estate plan. Even in scenarios where the attorney may not physically have a copy of the will, they may have information about where the testator intended to store their documents.
Locating an estate plan is a key part of successful estate administration. Personal representatives and family members may need to conduct a thorough search before moving forward with the presumption that there is no estate plan.