Estate planning is a crucial aspect of financial planning that ensures that your assets and affairs are managed in the event of your incapacity or death. One of the important questions that arise during estate planning is where to keep your estate planning documents.
Your estate planning documents may include your will, trust documents, power of attorney, medical directives, and other important papers. These documents are critical for ensuring that your wishes are carried out in the event of your incapacity or death. It is essential to keep your estate planning documents in a safe and secure location that is easily accessible when needed.
There are different options for keeping your estate planning documents, and each has its advantages and disadvantages. One option is to keep them at home in a safe place. This may include a safe or a locked cabinet. However, there is a risk that your documents may be destroyed or taken if your home is burglarized, or in the event of a fire, flood, or other natural disaster.
Another option is to keep your documents in a safe deposit box at a bank. Safe deposit boxes are secure and protected from fire, theft, and natural disasters. However, they can be inconvenient and expensive to maintain. You may need to visit the bank during business hours to access your documents, and you may need to pay a fee for the box. Additionally, if you become incapacitated, your trusted loved ones may not have access to your documents without a court order.
You can also file your Last Will with the Register of Wills in your county. This option ensures that your will is on record with the local government, and it can be helpful in some situations. However, it's important to note that this option only applies to your will and not your other estate planning documents, such as your power of attorney, medical directives, and trust documents.
Additionally, filing your will with the Register of Wills may not be obvious to your Personal Representative nor is it the most convenient option, as it may be difficult for your loved ones to access the document when needed. They may need to go through a lengthy process to obtain a copy, which can cause unnecessary delays and complications.
One alternative option is to consider secure offsite storage for all of your estate planning documents. Ask your Estate Planning Attorneys if they offer complimentary offsite storage to their clients. They may have a relationship with companies like Iron Mountain, which offer secure and protected storage for important documents.
The secure storage providers typically offer several protections for your estate planning documents. Their facilities are equipped with advanced security systems, including 24/7 surveillance, fire protection systems, restricted access, and climate control to prevent damage from moisture or other environmental factors. Your attorney should also provide online access to your documents, allowing you to retrieve digital copies quickly and easily.
If you're unsure about the best way to store your estate planning documents, it's always best to consult with your Estate Planning Attorney. They can provide guidance on the best storage options based on your specific needs and circumstances. Additionally, they may be able to offer complementary offsite storage solutions that will provide you with the peace of mind that comes with knowing your documents are secure and easily accessible when needed.
