Properly safeguarding your estate plans and other important documents helps to ensure that your wishes are carried out and that your loved ones can access the necessary
documents when the time comes. Misplacing or failing to secure these records can lead to confusion, legal disputes, and unnecessary delays. But where should they be stored? Who should have access to them? Let’s explore these important document storage tips and more in our blog!
Why Proper Storage Matters
Estate plans and wills, along with other important documents, contain detailed instructions about your assets, healthcare preferences, and final wishes. Storing them securely ensures they remain intact, protected from damage or tampering, and available when needed. Choosing the right location and method for storage gives you peace of mind and helps your executor or loved ones avoid the stress of searching for or replacing critical paperwork.
Choosing a Secure Location
When it comes to estate plans and wills storage, consider locations that offer physical protection from theft, fire, water damage, and other risks. A fireproof and waterproof safe in your home can be a practical solution. Alternatively, consider storing it with your named fiduciary.
Legal professionals often recommend storing copies of these documents with your attorney or estate planner. This ensures that an additional version is available if the original is misplaced or damaged. However, the originals should still be in a location you control, where authorized individuals can easily retrieve them.
Who Should Know About Your Documents?
Part of estate planning is informing the right people about where your documents are stored. Trusted family members, your attorney, and the executor of your estate should know the location of your estate plans and wills. It's equally important to provide them with any necessary keys, codes, or permissions required to access the documents.
Failing to share this information can create challenges, even if your documents are stored in a safe place. Loved ones or your executor may not know where to look or may lack the credentials needed to retrieve them. Open communication now can prevent unnecessary delays and stress later.
Maintaining Updated Documents
Beyond estate plans and wills storage tips, we strongly advise that you must ensure your documents remain updated and accessible. Over time, changes in your life, such as marriage, the birth of children, or acquiring new assets, may require adjustments to your estate plans.
Regularly review your documents and update them as necessary. Store revised versions in the same secure location as the originals to avoid confusion.
Make sure that any updates are clearly dated and labeled, and notify those with access to your plans about the changes. Doing so ensures that everyone is working from the most current version of your documents and avoids conflicts or misinterpretations.
Balancing Security and Accessibility
Effective storage lies in striking a balance between security and accessibility. While it's essential to protect your estate plans and wills from damage or unauthorized access, the documents must also be retrievable when needed. Discuss your storage choices with an estate planning attorney to determine the best options for your specific situation.
Legal professionals can also help you create additional safeguards, such as providing copies to key individuals or registering your documents with a legal service. We offer a memo on our website that you can download here called “What Should You Do with Your Estate Planning Documents.”
To help keep this balance between security and accessibility, we have put together a free resource document, Where Are My Important Papers, that you can download here. This checklist can be completed and provided to trusted loved ones, so in your time of need, they have everything to help.
If you are concerned about the safety of your important documents, or if you're in need of life care plans, estate plans, trusts, or wills, Johnson McGinnis Elder Care Law & Estate Planning can help. Our team has worked to make life better for thousands of clients who have sought their aid, and we look forward to speaking with you when you are ready to prepare for your future and for peace of mind, even if that peace of mind means helping you store those papers that mean so much.
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