Author: Anne Marie Segal

ABOUT ANNE MARIE SEGAL Anne Marie Segal, founder of Segal Coaching LLC, is a career and leadership coach, author and resume writer who guides attorneys, executives and entrepreneurs through career transitions, advancement, job interview preparation, leadership development and personal branding. A former finance and hedge fund attorney, Anne Marie has presented to the United Nations (ICTY/MICT), University of Chicago, United Way, Association of Corporate Counsel and National Resume Writers Association, among other organizations. She has published two career-related books: Master the Interview: A Guide for Working Professionals and Know Yourself, Grow Your Career: The Value Proposition Workbook, written on career and resume topics as a Forbes Coaches Council member at Forbes.com and been quoted on CNBC.com, Monster.com and other media outlets. You can learn more at AnneMarieSegal.com or visit her LinkedIn profile at linkedin.com/in/annemariesegal.

Safe Deposit Box: Best Place to Keep a Will?

A safe deposit box seems like the perfectly logical place to store a will and other estate planning documents. They are probably the most important documents we will ever have, so shouldn’t they be kept in the safest place?

But is it a safety deposit box the best place? Or should you keep it in a fireproof safe in your home? With your lawyer? The court? Or somewhere else altogether?

[Note: This post was written while I was a practicing attorney running a diverse solo law practice, and it is one of a small number of “legacy posts” that I have retained on the site. When published, this was one of my most popular posts. Since April 2015, I have been working as an executive coach and writer, and I am not currently available for legal engagements.]

Although I mention it again below, this bears stating here at the outset and repeating: Whatever option you choose, make sure your executor knows what you did!

Safe Deposit Box

Although clients often instinctively want to put wills in a safe deposit box, many estate planning lawyers suggest not to keep a will or other important estate planning paperwork there.

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The problem arises with the fact that many states seal a safe deposit box when informed of the death of the owner, and a court order must be issued to request that the box be opened to search for the will. Although probate courts will generally issue this order “immediately”, in practice there is still a delay until the request is made to the court (or the court acts on its own) and the order is actually granted.

Documents that are generally allowed to be released include the will, any deed to a cemetery or burial plot and any life insurance policy for the named beneficiary. I mention below (by way of example) some basic information about two states, Connecticut and New York, although more complete and updated information may be applicable if and when it is needed by your heirs. Following this information is a discussion of other options for keeping your estate planning documents, such as with an attorney, with the court or in a fireproof safe in your home.

Connecticut

In Connecticut, there is a standard form to request that a safe deposit box be opened after the death of an individual (click here), which should be submitted to the decedent’s corresponding court of probate. The form may be submitted by a next of kin, spouse, or any person showing a sufficient interest in the presence of a will to obtain any will or cemetery deed in the safe deposit box. The court may also issue an order ex parte. In all cases, an officer of the bank must oversee the process and report back to the court.

New York

Surrogate Courts in New York have different forms depending on which court is issuing the order. (New York tends to be more complicated in many legal matters, unfortunately.) Here’s the form for Queens County, for example (click here). To its credit, New York has made it easier with a do-it-yourself program, called the Surrogate’s Court Safe Deposit Box Petition Program, to walk people through how to make the request (attached here). Among other documents, you will need to obtain a copy of the death certificate before making the request.

Bank Procedures

In addition to the above, a bank may have its own procedures, such as requiring Letters of Appointment, Letters Testamentary or Letters of Administration (each being a letter allowing an executor or administrator to act on behalf of the decedent’s estate) before allowing access to the safe deposit box.

As you can see, there administrative hassles involved (those discussed here and others) with storing a will or other estate planning documents in a safe deposit box. That said, for individuals who do not have another safe place to store a will or prefer the safety of a safety deposit box, it may be the best choice.

Lawyer’s Office

Another option is to keep a will with the attorney who drafted it. Again, this may or may not prove as easy as it sounds. For example, we had wills drafted by an attorney shortly after the birth of my first child. After five years the lawyer wrote to us stating that the originals would be sent back to us if we did not inform her that we wanted her to keep them. (But I thought she was going to keep them until we died?)

In addition, offices may move or close, and if you do not keep careful records, it may be difficult for your heirs to locate an original will when the time comes.

The Internet does help in this regard, but it is not foolproof. I represented a client recently who had drafted her first will many years earlier and wanted to update it, changing her executor and adding grandchildren as beneficiaries. We attempted to locate the attorney who had drafted the original will, even contacting a lawyer who had previously shared office space with him and sending out email blasts to estate planning attorneys who might have known him. The man was nowhere to be found. He had either retired or passed away himself. Needless to say, if my client had died without updating her will, her heirs would have only had a copy to submit to the court (that is more open to being contested and requires additional proof to be probated), not the original.

Finally, if the lawyer is not responsive for whatever reason, executors or others seeking to obtain estate planning documents from the attorney may also need to obtain a court order to compel production.

Again, a lawyer’s office may be the best place to store a will, depending on your circumstances. However, you should weigh all factors for and against before making a decision.

The Court

You can file your will with the court in many states, which is also a safe option, but this means that your will becomes an official document, not a private one. If you decide to change the terms of your will, you cannot get it back, so beneficiaries and former beneficiaries can see how their respective inheritances have changed (or been removed) during successive revisions. On the contrary, if a will is a private document, you can destroy the original and all copies, and would-be heirs who have fallen out of favor are none the wiser.

In addition, if you move out of the jurisdiction of the court, out of state or even out of the country, your court-filed will does not come with you. There should only be one original of your will (an inviolate rule, barring very specific cases of different wills covering different assets, such as an international circumstance). That means if you drafted a will while living in Westchester County, New York, and filed it with the Surrogate’s Court in White Plains, your executor and beneficiaries would need to obtain it from that court, even if you or they have since moved to Phoenix, Paris or beyond.

Fireproof Safe in Your Home

It may be, after considering other options, that you decide to keep your last will and testament in a fireproof safe in your home. This is often a good option, especially if you have a safe that cannot be remove from the premises by anyone seeking to tote off valuables. In that case, I would recommend keeping a copy of the will in a safe deposit box (clearly marked COPY, with instructions on where to find the original), in the unfortunate circumstance that the original is lost. Be careful not to create too many copies, since you may later revise important provisions of your will and do not want multiple prior copies floating around that a beneficiary with a reduced share tries to “prove” is your correct and valid last will and testament. This can happen even among otherwise friendly parties, such as children and grandchildren. Do your heirs a favor, and keep everything clean to mitigate potential conflicts.

The Freezer

According to the rumor mill, there may still be a few folks who actually store important documents in the freezer. I have never met anyone who did – maybe it’s a poor man’s safe? – but I certainly don’t suggest having a last will and testament shoved behind the frozen peas. Not only does it sound a bit too Sopranos to me (and James Gandolfini himself left a mess for his heirs), but the bag it’s stored in better be really, super waterproof in the event of a power failure.

Let Them Know What You Did

Regardless of the option you choose for storing your will, make sure that your executor(s) know what you did. The best estate plans only work if the right people know how to follow them and where to locate essential documents when the time comes.

None of the information posted on this site constitutes legal advice or forms an attorney-client relationship, and there may be facts not discussed here that are relevant to your situation. 

My Biggest Risk, Finding My Core – One Year Later

One year ago today, I walked out the doors for the last time of a safe, stable and seven-year long job. It wasn’t a bad job, all things considered. I learned a tremendous amount, made some good friends and enjoyed the challenge of being under fire from time to time. There were major and petty annoyances, like any other job, but it was fine. The ubiquitous “fine”.

My biggest risk was giving up security in exchange for self-direction. In the process, I broke through and found my core, which drives my life and practice today.

Here’s my story.

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Note: This post was written in 2013, one year after I walked away from a six-figure job and launched a solo law practice. Since April 2015, I have been working with clients as a executive coach and helping them take their own risks.

When published, this was one of my most popular posts.

One year ago today, I walked out the doors for the last time of a safe, stable and seven-year long job. It wasn’t a bad job, all things considered. I learned a tremendous amount, made some good friends and enjoyed the challenge of being under fire from time to time. There were major and petty annoyances, like any other job, but it was fine. The ubiquitous “fine”.

A Fine Job, not a Great Life

Yet good enough was no longer enough. It simply wasn’t working for me, especially the push-yourself-to-your-limits-each-and-every-minute atmosphere typical of many law jobs, most notably in the finance world. Needs (not wants), from motherhood to health, were screaming to be addressed. I struggled to fit my life around my job, as high-level jobs nearly always demand, instead of integrating the two into a solid whole. I did yoga on the weekends and was stressed out all week. I felt stifled and exhausted, and I could no longer do my best work.

The answer was clear. I needed a way to reconnect with my values. This wasn’t a free-to-be-me, let’s-find-myself goal. Don’t get me wrong, as uncool as it sounds, I have always loved being a lawyer. But I was choking down my own success, not able to chew any of the individual bites. I wanted to taste my life again. I wanted to be the lawyer and person I knew I was meant to be. I only have one life, after all, and it was abundantly clear that I wasn’t living it the way I had always envisioned.

A New Path – Finding My Core

After many months of racking my brain for what environment could better match where I was going (or how to make my job a better fit), I realized that there was no known place to land. At least not with my then-current skills and the common lack of vision among recruiters and HR departments. I could have spent years retraining, but I didn’t have years. I needed to make it happen. Soon. Myself. I needed to craft my own suit rather than buying off the rack. Create my dream job from scratch.

suit-hanger

(You have to love stock images. Can you think of an uglier suit than that?)

So I did. On May 1, 2012, I took my biggest risk. With six months of income saved, a supportive family and a walk into the unknown, I started my own law firm.

A year later, with many scrapes and lessons learned, I can report back that my path is not for the faint of heart. Although there is not one day that I wish I was parked back in that chair at my old office, I can imagine many people would. It has been quite an uphill walk, and no one drives by with a golf cart ready to help you up that hill. (Although a few will stop to offer some shade and a cool drink.) It’s character-building at its best. And worth every minute.

We Are Not Alone

I have learned, most importantly, that I am not alone. I have a great support group of clients, mentors, colleagues, other lawyers, small business owners and friends who have helped me visualize what my practice can be and achieve new heights. In return, I do the same for them. I would never have imagined how my world could and did open up after that first step.

After over a decade with corporate law as my core, my practice has expanded organically, largely driven by client needs and my desire to maintain a manageable schedule and grow in measured steps. I was asked by a friend to find a local trademark lawyer, and I ended up with a new client (after hours and hours of study to learn the area). Then a friend of a friend needed help with her non-profit. I am now working with a few key mentors and colleagues to assist her with the tax exemption process and other matters. Still other friends and colleagues, who are parents of minor children, have needed wills, advance directives and guardianship appointments over the past year. Furthermore, artists, knowing my background in the arts, have come to me with questions in that field. These practice areas are diverse and yet related, and my knowledge and experience in each one informs the other.

The Years to Come

I look forward to what the next year may hold in store, as these (now core) practice areas continue to cross-pollinate and mature. As I said recently to a group of businesswomen I know, each new day is like a little present waiting to be opened.

Fast forward to today, one short year from the day I walked out of that safe job and started this journey. My hope for more collaborative relationships and a self-directed, fulfilling future is being realized. I am blessed with awesome clients who have taken a risk in hiring me out of the gate, and I believe and trust that they have been fully satisfied with their choice. I look forward to serving them further and new clients and friends in many years to come.

*****

Anne Marie Segal’s biggest risk was trading security for self-direction. She has taken a further risk to document the decision and process rather than project a pre-approved, professionally-manicured cutout with no personality. (We tend to like our lawyers bland, after all, without any zest or salt.) She’s not that lawyer, and she never will be. Ms. Segal’s clients, who are generally looking for a client-centered relationship – not a didactic, inflexible lawyer with no new ideas – thank her for that.

Law Office of Anne Marie Segal (2012-2014) is now closed. Since April 2015, I have been working as an executive coach and writer, and I am not currently available for legal engagements.