If you have important papers or valuable objects, it might make sense to invest in a safe deposit box at your local bank. These boxes can be expensive, though. Indeed, according to MyBankTracker, for a safe deposit box at a major bank, you can expect to pay as much as $350 per year.
While you certainly should put your completed will in a secure location, you probably do not need to pay for a safe deposit box. In fact, putting your will in a safe deposit box can be risky for a couple of reasons.
Your executor’s access to your will
While you may have many good reasons for writing a will, one of your primary ones is undoubtedly to dispose of your assets after your death. This is a task your executor must address, so you want him or her to be able to find your will quickly and easily. As you might expect, having the document in a safe deposit box puts unnecessary obstacles in the way.
Your access to your will
Even though writing your will is a meaningful accomplishment, you probably should not ignore the document forever. Indeed, to ensure your will continues to be current and reflect your genuine wishes, you must regularly review and update it. If your will is in a safe deposit box, it might be tempting to put off necessary revisions and updates.
Ultimately, because stowing your will in a safe deposit box might complicate things for both you and your executor, you should try to find another place to keep it safe and accessible.