The Importance of Proper Storage for Estate Planning Documents

When it comes to estate planning, having the right documents in place is only part of the equation. Equally important is ensuring that these documents are properly stored and easily accessible when needed. Estate planning documents, such as wills, trusts, powers of attorney, and healthcare directives, represent your final wishes and can provide significant peace of mind to both you and your loved ones. Without proper storage, these documents could be lost, damaged, or inaccessible when the time comes to use them.

Why Proper Storage Matters

Estate planning documents serve as legal instructions for the distribution of your assets, guardianship of minor children, and decisions regarding medical care should you be unable to make them yourself. If these documents are not stored securely, there’s a risk that they could be tampered with, misplaced, or inadvertently destroyed. In the event of an emergency, ensuring these documents are accessible to trusted individuals is vital.

Types of Estate Planning Documents

Common estate planning documents include:

1. Will: A legal document outlining how your assets will be distributed after your death.
2. Trusts: A legal structure that comes into effect during your life and holds and distributes your assets according to your wishes.
3. Power of Attorney: Authorizes someone to make financial decisions on your behalf.
4. Healthcare Directive: Provides instructions for medical decisions if you are unable to communicate.
5. Living Will or Advance Directive: Outlines your preferences for end-of-life care.

Given their importance, the storage of these documents requires careful consideration.

Where to Store Estate Planning Documents

There are a few options to consider when it comes to storing estate planning documents:

1. Home Safe

A personal safe at home can offer a secure and easily accessible place to store your estate planning documents. Ensure the safe is fireproof and waterproof to protect against natural disasters. It's also crucial to provide trusted family members or your executor with the combination or key to the safe so they can access the documents when needed.

2. Safety Deposit Box

Many individuals choose to store their estate planning documents in a safety deposit box at a bank. This is a secure option, as the documents are protected by the bank’s security system. However, one HUGE disadvantage is that the bank may not be accessible immediately upon your death, especially if your loved ones don't have access to the key or know the location of the box. As such, safety deposit boxes risk either being overlooked, or requiring a court order to be able to access once you are gone. If you opt for a safety deposit box be careful and make sure you have a plan in place that allows for easy access of documents if you pass unexpectedly.

3. Attorney’s Office

While many clients want their attorney to store their legal documents, we recommend against it. When you give your documents to a lawyer for safekeeping, you risk your family not realizing the documents exist. Furthermore, if the attorney dies or retires, unwinding the storage of documents from decades of practice can be a nightmare. The best bet is to keep your own documents, but ask your attorney to retain a digital copy- more on this below.

4. Digital Storage

In today's digital age, storing scanned copies of your estate planning documents in a secure, encrypted online storage service or a digital vault can be a convenient option. This allows trusted individuals to access the documents remotely. While digital documents are a great starting place, the probate court wants to see your ORIGINAL will and/or guardianship documents to overcome the presumption that the originals cannot be located because you wanted to destroy them and revoke your plan. As such, digital documents are a great way to store powers of attorney and medical directives, but should not be relied on for wills and/or guardianship declarations.

Keep Your Documents Updated

Storing your estate planning documents is just one part of the process. Over time, your personal circumstances and wishes may change, and it’s important to keep your documents updated. Whether it’s a change in beneficiaries, a shift in healthcare preferences, or a change in your financial situation, regularly review and revise your estate planning documents to ensure they reflect your current desires.

Conclusion

Proper storage of estate planning documents is crucial for ensuring your wishes are carried out smoothly and effectively. Whether you choose a physical or digital storage option, the key is to keep these documents safe, secure, and accessible to the right people. By taking the necessary precautions, you’ll provide peace of mind for both yourself and your loved ones.