Storing Important Legal Documentation
You've just concluded that signing your estate planning documents is an essential step in securing your future and assets. Now what? Do you throw them in a desk drawer and forget about them? ELET's founder, Amelia Crotwell, JD, CELA, says proper storage of these pivotal documents should be given serious consideration.
First, Amelia suggests you separate originals from copies.
Second, she suggests you place originals safely, protected from prying eyes, loss, or destruction. A fire-proof box at home is a fine location or a safe deposit box at your local bank or credit union works well. The goal is for your fiduciary -agent, personal representative, or trustee - to gain access to the originals at some later date without an onerous amount of trouble and inconvenience but to protect the integrity and privacy of the documents until then. If you choose a box at home, tell your fiduciary where it is and how to access it. If the preferred route is a safe deposit box, ensure your fiduciary can gain access and knows where you store your key. Amelia cautions that you must make arrangements with the custodian in writing and be prepared to accompany your fiduciary to the bank or credit union to set up access.
Third, keep your copies in a convenient location where you can easily access them—maybe as you leave the house in a rush to go to the hospital or bank.
Lastly, Amelia recommends that if you change your plans, make your notes on a copy rather than the original. Never mark on your originals. That creates the potential for chaos.
