Creating an estate plan is one of the most important endeavors you will undertake during your lifetime. A well thought out and properly drafted estate plan helps ensure that your wishes are honored, and your loved ones are cared for after you pass away or during a period of your incapacity. Once your estate plan is finalized, however, what are the best practices for organizing and storing it? To help your estate plan succeed, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss what to do with your estate plan documents to keep them safe.
Essential Estate Planning Documents
An effective estate plan is customized to fit your specific needs and goals; however, it will typically include a variety of important documents such as:
- A Last Will and Testament: This document outlines your wishes regarding the distribution of your assets and the care of any minor children. It also designates an Executor who will manage the probate process and ensure your instructions are followed.
- A Trust Agreement: Trusts can be used to manage and protect assets during your lifetime and distribute them after your death without going through probate. They can also provide for the care of dependents, protect assets, and arrange for charitable gifting during your lifetime and after you are gone.
- A Power of Attorney: This grants someone you trust the authority to handle your financial and legal affairs if you become incapacitated.
- Advance Directives: A Living Will lets you make crucial end-of-life decisions about medical treatment now in case you cannot make them at the end of your life. A Healthcare Power of Attorney allows you to appoint an Agent to make healthcare decisions for you if you cannot make or communicate those decisions yourself.
- Life Insurance Policies: These provide financial support to your beneficiaries after your death. It’s crucial to keep these documents accessible to facilitate timely claims.
- Retirement Account Statements: Accounts like IRAs and 401(k)s often have designated beneficiaries. Keeping these documents handy ensures that beneficiaries can claim the assets without unnecessary delays.
Organizing Your Estate Planning Documents
After completing your estate planning documents, proper organization and storage are key. While it might seem logical to keep all documents in your safety deposit box, this can create significant issues because many estate documents require original ink signatures to be valid, which means they need to be easily accessible. Storing your estate planning documents in your safety deposit box creates a “chicken and egg” conundrum. How does the “which came first, the chicken or the egg?” problem apply to your estate planning documents?
A safety deposit box, while secure, can become problematic if your Executor cannot access it without first presenting the very documents locked inside – creating the chicken and egg problem. Upon your death, your estate must go through probate, a legal process that validates your Last Will and Testament. Your appointed Executor is responsible for managing this process but must first be officially recognized by the court and granted authority through Letters Testamentary. To be appointed as the Executor, the court wants an original copy of your Will indicating that you wanted the individual to be the Executor. If your Will is locked away in your safety deposit box, your chosen Executor cannot access the proof needed to successful petition to become the Executor. As you can see, a safety deposit box is not your best option for storing your estate planning documents.
How Should You Store Your Estate Planning Documents?
To avoid the “chicken and egg” issue, it is advisable to execute multiple original copies of your essential documents and distribute them as follows:
- Estate Planning Attorney: Your estate planning attorney should retain one set of original documents. Not only might your attorney need a copy, but family members will likely check with your attorney if they cannot find a set of documents after you pass away.
- Home Storage: Keep a set in a secure, fireproof safe at your home. This makes the documents easily accessible to you and your family, while also protecting them from fire, water damage, and theft.
- Trusted Family Member/Loved One: Provide a set to a trusted family member or loved one. Choose someone who is responsible and trustworthy to safeguard these documents until they are needed.
- Fiduciaries: Anyone named in a fiduciary in your estate plan, including your Executor, Trustees, and Agents, should have an original copy of the relevant document.
Do You Have Questions about How to Keep Your Estate Plan Document Safe?
For more information, please join us for an upcoming FREE seminar. If you have additional questions about how to keep your estate planning documents safe, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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