Safekeeping Estate Plan Documents
Your estate plan only matters if the documents that it's made up of exist. Here's what to do after paying the lawyer to draft your estate plan.
Drafting a complete estate plan can give a person peace of mind in the assurance that he and his loved ones will be taken care of should disability or death come knocking. One of the most common questions I get as an estate planning attorney is,
“What should I do with all these documents you just drafted for me?”
It’s a valid question. Safekeeping estate planning documents to ensure that they won’t be modified, stolen, or destroyed is just as important as drafting them in the first place.
Here are some recommendations for what to do with your estate planning documents once they are validly executed and completed.
► As a document with only one true original copy, care must be taken to ensure a will is going to outlast its creator. Consider storing a will in a safe deposit box with other important files. Be mindful of access requirements at financial institutions so that you can take appropriate actions to ensure that someone else will be able to actually access the safe deposit box after your death.
► As an alternative, here’s an idea: Think about storing your will and other important documents in a waterproof bag in your freezer. Not only is your freezer one of the most durable appliances in your home, but it’s also something that will get the attention of loved ones should you pass away as they throw out perishable goods in your kitchen.
► If you’re more comfortable simply keeping a will in a clearly marked envelope in a file cabinet or other location alongside other important documents, that’s fine as well. There’s no right or wrong way to store a will. Just make sure that the steps you take reasonably protect it from theft, unwanted modification or destruction.
► One more thing—no matter what you decide to do with your fully executed will, make sure that a trusted individual knows where to find it. After all, a will that can’t be found when you’re dead is no better than having no will at all.
What about other documents, like powers of attorney for health care and finances?
► Powers of Attorney for both health care and finances are a bit different than a will, because often times, an individual is encouraged to make multiple copies. That’s because they may be needed at various times or by various institutions. For example, an individual may have three doctors with whom they receive regular treatments of some sort. It’s typically wise for each of those doctor’s files to contain a copy of the power of attorney so that it is easily accessible. In addition, most individuals give a copy to their agent and successor agent so that, should something happen, those people won’t need to come dig through mounds of files when quick medical actions may need to be taken. So here are some suggestions for safekeeping powers of attorney:
► Put a copy on file of your health care power of attorney on file with your primary care physician and any other medical professional from whom you receive regular treatment.
► Request that financial institutions at which you do your personal banking put a copy of your power of attorney for finances on file. Some are receptive to this.
► Ensure that your chosen agent and successor agent have a copy of the power of attorney (or at minimum know that they have been named in that role and where to find the document should they need it).
► Discuss powers of attorney with close relatives so that they are aware of your decisions and the justification behind them. For example, if you have five children and one is named as your agent, it may be prudent to discuss why that sibling was chosen over the others in order to avoid disagreements and potential abuse of power down the road.
► Of course, like anything, it’s advisable to discuss specifics with your attorney. The above mentioned possibilities are simply suggestions that have worked for many people and situations. But, remember that every situation is different, and laws vary by state. So, it’s important that you seek advice from an estate planning attorney in your areas before trying to do anything that affects your estate plan.
Michael F. Brennan runs a virtual law office helping clients in Illinois, Wisconsin, and Minnesota with estate planning and business issues. He can be reached at michael.brennan@mfblegal.com with questions or comments, or check out his website at www.thevirtualattorney.com.
The information contained herein is intended for informational purposes only and is not legal advice, nor is it intended to create an attorney-client relationship. For specific legal advice regarding a specific legal issue please contact me or another attorney for assistance.
