There are many decisions that people have to make when establishing estate plans. They need to choose their beneficiaries and select the assets for those individuals to inherit. They need to nominate appropriate people to hold positions of authority, such as personal representatives who oversee the probate process and guardians who might care for their children.
They have to choose the lawyer who helps them draft the documents and then must also decide what documents they need. Additionally, they also need to decide what to do with the documents once they are complete. There are several different ways for people to store their estate planning documents, and choosing the right storage solution is an important final step in estate planning.
What are some of the options for storing a will and other estate planning documents?
With the local County Clerk
Testators can pay a nominal fee and file their original will with the local County Clerk. Storing documents with the County Clerk can be a viable option, but testators do need to ensure that their loved ones are aware that they chose this approach. They also need to designate in writing who they authorize to recover the will after their passing.
With the lawyer they hired
Many attorneys agree to store original estate planning documents on behalf of their clients. This system works well, as an attorney can reach out to appropriate parties about the documents when they receive notice of their client’s passing. They can ensure the right people receive the documents and can answer any questions that beneficiaries and personal representatives may have about the testator’s intentions.
In a safety deposit box
Some people acquire secure storage space at their financial institutions. A safety deposit box can store small valuables such as jewelry and important legal paperwork, including estate planning documents.
Safety deposit boxes can be useful because they are secure. However, accessing the safety deposit box early in the estate administration process or a lack of awareness about the existence of the safety deposit box could lead to people assuming that there is no estate plan.
In secure personal storage
Some people have safes installed in their own homes. They may have a fireproof safe to protect their documents and valuables.
Secure in-home storage can ensure that appropriate people have immediate access to an estate plan when they want to update the document or review it after an individual’s passing. As is the case with safety deposit boxes, there may be issues with access or a lack of awareness that could result in improper decisions about estate administration.
Discussing options for where to store a will can help people ensure that their estate plans end up in the right hands after their passing. A will only serves its purpose in cases when people leave the document in an appropriate location and ensure others know where to find it.