When it comes to estate planning, creating your documents is only half the battle. Equally important is ensuring that they are stored safely, securely, and in a location that is accessible to those who may need them. Without proper storage, even the most carefully drafted estate plan may be difficult—or even impossible—to carry out when the time comes.
Choose a Secure, Accessible Location
A fire- and waterproof safe within your home is an excellent option for protecting your estate planning documents. It keeps your originals intact and ensures they are easily accessible to both you and your designated decision-makers. Remember, your estate plan can only be executed effectively if the right people can locate it when needed.
Share Access with Trusted Individuals
It is critical that someone you trust knows where these documents are stored. This includes the individuals you have appointed as decision-makers, such as your executor, trustee, or power of attorney. Having accessible copies alone is not enough; most courts and financial institutions require the original documents to validate your estate plan.
Protect the Integrity of Your Documents
You are often the only person in possession of the original versions of your estate planning documents. To prevent any complications, keep your originals safe and intact—avoid making handwritten or informal changes. Never store them in an unsafe, unknown, or unsecure location.
Why Safety Deposit Boxes May Not Be Ideal
While it may seem like a secure option, storing your estate documents in a safety deposit box can create additional hurdles. Access to the box is often restricted, and the person attempting to retrieve the documents may not be able to do so without authorization already outlined in the very documents stored inside. This can create delays or complications when time is critical.
Consult an Estate Planning Attorney
If you are unsure about the best way to store your estate planning documents, it’s wise to discuss your options with an experienced estate planning attorney. They can guide you in selecting a storage solution that ensures your documents are protected, accessible, and legally enforceable.
Proper storage is a simple but essential step to ensuring that your estate plan works as intended and provides peace of mind for you and your loved ones.
If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company Greensburg, PA 724-832-2499.