By Torrance Will and Trust Attorney Christine Brown
Have you completed your estate plan? Great! Now is the time to give serious thought to where you will store your original documents!
If those documents cannot be found should something happen to you, the local probate courts will assume you died without a will or trust and will proceed as such. That means the distribution of your assets will happen according to state law. We want to help you avoid this happening at all costs.
While I don’t believe there are any hard and fast rules about where you should store your documents, let’s consider some options.
One option would be a safe deposit box. It’s a common choice, but it does come with some risks.
For example, if you store your documents in the box without giving someone else access to it, your executor will be literally locked out. It’s vital that you tell at least someone to access the box in case of emergency.
You can even put the details of how to open your box in your revocable living trust so that way, your successor trustee gains immediate access. You can also add a joint owner, but they will have access whenever as soon as they are added, so make sure it is someone you trust completely.
You may also choose to store your documents in your own home. Keep in mind that this could mean losing your documents to fire, flood, or other natural disasters. I suggest investing in a water and fire-proof safe for security, but once again make sure someone knows how to access it if necessary.
The same problems and solutions can also apply if you decide to ask your Executor or Trustee to hold your documents in their home.
Finally, your attorney may have safe deposit boxes for storing client documents, and you may feel more comfortable asking him or her to hold on to your plan. You simply have to inform your executor or trustee of this arrangement so they know who to contact in an emergency.
No matter where you decide to store your documents, the key takeaway here is to inform your family and people you trust of where the plan is located so your wishes will be fulfilled.
If you have any more questions about creating your estate plan or what to do with your documents, please contact our law firm at (310) 782-6322 to schedule an appointment with a Torrance will and trust attorney.