Where and How Should I Store My Estate Planning Documents?

Where Should I Store My Estate Planning Documents?

If you finally updated your estate plan and have all your signed documents, congratulations!! That is a huge accomplishment and it provides peace of mind. But now, it’s time to consider where to keep your important documents safe so they are accessible when they are needed. If your documents are scattered all over the place, stacked on a shelf, or (worst-case scenario) who-knows-where… then you need to read this article to the end.

Why Storage Matters

Your estate planning documents, such as wills, trusts, powers of attorney, and living wills, contain incredibly sensitive and important information. They also are needed at times when it may not be possible for you to help find them. For example, your power of attorney document is typically used when you are incapacitated, and you may not be able to direct your agent where to find it. And your will, well, when the time comes to prove it in court, you won’t be around either to help your executor find it. Having these documents organized and easily accessible can be a huge relief for you and your loved ones during an already difficult time. 

What Documents to Store

When gathering your estate planning documents, be sure to include:

  • Your advance directives for healthcare (health care proxy, living will, etc…)
  • Your last will and testament (or pour over will if you have a trust)
  • Powers of attorney (POAs)
  • Trust documents
  • A clear list of your assets and liabilities with account numbers and phone numbers of the administrators
  • Life insurance policies
  • Your accountant and attorney’s information

Where to Store Your Estate Planning Documents

When considering storage options for your estate planning documents, remember that having your documents easily accessible can mean the difference between a seamless transition and a costly, time-consuming legal mess. The right storage option should balance security with accessibility, ensuring that your legacy is both protected and executable.

Here are some ideas of places to store your estate planning documents:

Your Home

Keeping your estate planning documents at home can be a convenient and secure option. A waterproof, fire-resistant safe, lockbox or file cabinets are a good choice, as it’s likely the first place someone will look for these documents in the event of your passing and are better for documents you might need to access more quickly in case of an emergency.

If you choose to store your estate planning documents in a home safe, make sure to share the safe’s location and access instructions with the individuals responsible for carrying out your wishes.

A Safe Deposit Box

Some individuals choose a safe deposit box at their local bank to store documents. However, choose this option only with great caution.  Before doing so, you should check your bank policy to ensure that your family or chosen executor or successor trustee will be able to gain access to the box in the event of your incapacity or death without difficulty. It is possible that your power of attorney document can give your agent the power to access your safe deposit box, however, it is essential to make sure your power of attorney specifically grants access to your safe deposit box, and even if it does, it is not safe to assume that the bank will honor it. 

If you do choose to put your estate planning documents in a safe deposit box, consider providing your agent or trusted family member with legal access through the bank’s procedures. This way, they can access the box if something happens to you. 

Digital Storage

Storing your important documents online can be a great idea. It’s easy and convenient. You can scan your documents and save them in a safe online space. This way, you can get to them from anywhere and share them with others if you need to.  But remember, a Last Will and Testament must be an original wet-signed document to be valid in court, and digital copies will not suffice.  Still, most of the ancillary documents and trust documents are accepted using digital scanned copies.

Just remember to:

  • Pick a safe and trustworthy online storage service
  • Make sure your documents are uploaded correctly
  • Use strong passwords to keep them secure
  • Share a copy with someone you trust, just in case

Have a Backup Plan

Make sure to store copies of your important documents in a separate location, such as with a trusted family member or executor. This way, if something happens to the originals, you’ll have a backup. It’s all about being prepared for the unexpected.

Conclusion

The truth is, there’s no one “right” place to store your estate planning documents. The decision depends on various factors, including your personal preferences, accessibility needs, and security concerns.

The key is to keep your documents both safe and accessible. No matter where you store them, make sure your loved ones and executors know where to find them. If they don’t, it could lead to probate. By being proactive and thoughtful about storing your documents, you’ll protect your legacy and ensure your wishes are carried out.

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