Personal Finance (Not Investing) • Who keeps original will?

From the perspective of the lawyer, what are the finances of storing the original documents?

Our attorney kept the documents and told us they were stored at a company that does this for a business. Elaborate security and climate controlled facility, etc. The law firm paid for it out of the fee we paid. We have not been billed subsequently. Does the firm keep paying, with expectation of eventually getting the business to settle the estate?

Or do these places charge a single upfront fee and hold things forever with no additional payment?

The finances or the economics?

The finances are as you’ve stated, there is a cost to store these things. If it’s one out of thousands or tens of thousands, the cost per package is small.

The economics are simple: either it is customary in the area and you simply won’t get business if you don’t offer it, or you do it with the expectation that the firm will get the probate work when the heirs come to collect the docs. Some attorneys have been known to refer to these document banks as “my retirement fund” or the “gold vault” or whatever. Some attorneys even buy out these vaults. Because, there will be a certain percentage of heirs who will use the firm for the probate work. Now, is this a good use of funds in today’s environment? I personally do not think so. All the lawyer who think that way are in their sixties or older. As the boomers go, so too will this outdated practice. IMO.

Statistics: Posted by Lee_WSP — Sat Feb 24, 2024 2:52 pm — Replies 54 — Views 4211

---