Introduction
Estate planning is a crucial aspect of life, ensuring your assets are distributed as per your wishes when you’re no longer here. Proper storage of estate planning documents is equally important to safeguard your legacy and ease the burden on your loved ones. Here are some important guidelines on where you should and should not store your estate planning documents.
The Dos:
Secure Home Safe:
One of the most common and recommended places to store your estate planning documents is in a secure home safe. Choose a fireproof and waterproof safe to protect your documents from disasters like fires and floods. Ensure that your chosen safe is in a location known to trusted family members or your attorney.
Bank Safety Deposit Box (only if someone else has access):
Renting a safety deposit box at a reputable bank is another secure option. This provides an added layer of protection against theft or damage to your documents. Make sure your attorney or a trusted family member has access to the box.
Estate Planning Attorney’s Office:
Many people entrust their estate planning documents to their attorney. This ensures professional care and safekeeping of your important paperwork. It’s important to discuss access and retrieval procedures with your attorney.
Digital Copies:
In addition to physical copies, consider creating digital copies of your estate planning documents. Store these in secure cloud storage or on an external hard drive. Make sure your trusted contacts know how to access these digital copies.
Inform Trusted Individuals:
Share the location and access information of your estate planning documents with trusted family members or friends. This will prevent delays in the event of an emergency.
The Don’ts:
Under the Mattress or Cookie Jar:
Storing important estate planning documents in easily accessible or obvious places within your home, like under the mattress or in a cookie jar, is a big no-no. These locations offer no protection against theft or disasters.
Unsecured Filing Cabinets:
Using regular, unlocked filing cabinets for storing sensitive documents is not advisable. Such cabinets are easily broken into, and documents may be lost or stolen.
Unattended Storage Units:
Renting storage units without proper security measures is risky. While some storage facilities have robust security, others may not, making your documents vulnerable.
Unknown Locations:
Keeping your estate planning documents in undisclosed or unknown locations may lead to complications. Your loved ones or attorney must know where to find them when the time comes.
Obsolete Digital Storage:
Avoid using outdated digital storage methods like floppy disks or CDs, as these may become unreadable over time. Use modern, reliable storage options for your digital copies.
Conclusion
Proper storage of estate planning documents is essential to ensure your wishes are carried out smoothly when the time comes. You should prioritize security, accessibility, and communication when deciding where to store these important papers. By following the dos and avoiding the don’ts, you can protect your legacy and provide your loved ones with peace of mind during difficult times.
