You’ve checked off “Create an Estate Plan” off your list. Now you might be thinking, “Where do I store my Estate Planning Documents?” These papers are critical pieces of documents and should be treated as such. Whether it’s your will or your trust, we’ll provide a few options. Also, consider a few key points when deciding where to store these documents.
There’s no correct way to store them, but let’s look at a few places or processes on how to do so. We will explore the key points about each one of them:
Store in a Safe Deposit Box: Secure but Not Always Convenient
A bank’s safe deposit box. This may be the first option that came to mind to store estate planning documents as it is secure, out of the way, and protected. But here’s the catch. If you’re the only one who signed the lease and something happens to you (like incapacity or death), nobody else can access the box. Not even your spouse, your closest family member or friend, or the person you told where the key is. In some cases, the court may have to become involved—which can cause your loved ones time and money.
Don’t worry—If you still like the idea of a safe deposit box, there’s still an option. In some cases, you can name your revocable living trust as an additional lessee. This gives your successor trustee access if you can’t act as trustee anymore. Just make sure your loved ones know the details of the box. Include essential details like the exact location of where the box is and where the key is kept.
One more thing: don’t forget that banks have business hours. If someone needs your documents in an emergency outside the bank’s business hours, they’ll be out of luck.
Store in a Home Safe: A Great Option (If You Do It Right)
Home safes are more popular than ever—and they can be a smart option for storing your estate planning documents. But not all safes are created equal and there are a few points to keep in mind.
Make sure yours is:
- Fireproof and waterproof
- Bolted to the (so it can’t be stolen)
- Easily accessible by someone you trust
Also, make sure the person you trust the combination or has a way to access your home safe if needed. Don’t forget—A safe is only effective if someone can open it.
Store With Your Estate Planning Attorney: Once Common, Now Rare
Although it used to be common for your estate planning attorney to keep your documents, it is not as common today. Many attorneys today avoid holding originals due to liability concerns—and life happens. You never know if your attorney retires, moves firms, or even passes away. This will make it hard for your loved ones to access your documents down the road. If your attorney does offer to store them, just make sure your trusted person knows how to contact the attorney. Also, ensure they know where to find everything.
Store a Corporate Trustee: Reliable, If You’ve Named One
Storing your documents with an outside company or entity could be an option, if they’re willing to hold them. If you appoint a bank or trust company as your executor or trustee, storing your original documents with them can be a smart move. An outside entity usually has specific protocols and systems in place. Just be sure your documents can be easily located by your loved ones. They should also be able to contact the company in the event that something happens.
The Most Important Thing: Make Them Easy to Find
Again, there is no correct way to store your original estate planning documents. But here’s what matters most: someone needs to know where they are. If no one can find your will or trust, and there’s no copy, the court might assume you intentionally destroyed it. In that case, your assets would be distributed according to state law.
Need Help? We’re Here for You.
If you’re not sure where to store your estate plan—or if you still need to create or update your documents—contact us today. A well-thought-out plan is only useful if it’s accessible when it matters most. We’ll work with you to craft the best plan that works for you and your future.
