Where Should You Store Your Estate Plan?
So you created an estate plan. Congratulations! You are now ahead of the curve. According to a Gallup poll, fewer than 50% of Americans even have a simple will in place, and we imagine even fewer have critical documents like a health care proxy. By creating an estate plan, you can now breathe a huge sigh of relief.
And then you can find a place to store it so that your family will understand your wishes when you pass. Call a Bronx estate planning lawyer if you have any questions about creating a plan or storing it properly.
Safe Places to Store Your Estate Planning Documents
Ideally, you want a location that is both safe but also accessible. It does no good to hide your plan so no one can find it. In that case, your family might assume that you don’t even have a will and you therefore died intestate.
Some popular storage options for estate plans include:
- Fireproof safe at home. This is a great option because the documents are easily accessible to you and protected from fire or water damage. However, you need to make sure someone knows your estate documents are in the safe, and you also need to give them access.
- Filing cabinet at home. Although accessible, this option is less secure. You can store your documents in a water-resistant pouch, but they are still prone to being destroyed in a fire.
- Safe deposit box. You can rent a box at the bank and make sure they are safe. Once again, though, you need to make provisions for another person to gain access to the box after you pass.
- With your attorney. You can always ask your attorney if you can store documents with them. One downside is that your lawyer might not regularly review the obituaries to see when a client has died. Instead, you will need to let family members know the identity of your lawyer, so they can reach out after you pass.
- With your personal representative. This is a good option. When you pass, they can submit your will to the probate court. They will also have access to other estate planning documents, including your living will and health care proxy. Your personal representative should also be responsible—otherwise, there was no reason to pick them for this important role.
There is no one correct choice for everyone. Some people will feel most comfortable having their documents stored with their attorney, while others want easier access at home or with their personal representative. When creating a plan with your attorney, talk about the best way to store these documents.
Schedule Your Consultation Today
Cavallo & Cavallo has been helping Bronx families for decades with their estate planning needs. We have created wills and assisted with guardianship and long-term care planning. By working with an experienced legal team, you can secure your family’s future and gain peace of mind that these documents were drafted the correct way. If you have a question, reach out today to learn more.
Sources:
schwab.com/learn/story/how-to-store-estate-planning-documents
news.gallup.com/poll/191651/majority-not.aspx
