How you store your estate planning documents is critical. Preventing loss, damage and unauthorized access should be a priority. Besides, you don’t want your executor to go through complicated steps to access them during estate administration.
Here is how you can store your original will and other documents:
Use a home safe
You can keep your estate planning documents in a high-quality fireproof and waterproof safe at home. The safe should also have a high-security locking mechanism, and if possible, securely anchored to the structure of your home, for example, bolted to the floor or within walls, to make it theft-proof.
Storing your documents at home allows easy access. You can get them immediately when needed. Your executor should have access to the safe, either by having the key or knowing the combination.
Store them at your attorney’s office
Attorneys usually store estate planning documents for clients in secure, fireproof and waterproof safes or vaults. Thus, you can consider this option. If you do, provide your executor with the attorney’s contact information and location. Note that you may only access your documents within the attorney’s business hours.
Use a safe deposit box
Storing estate planning documents in a bank’s safe deposit box is generally not recommended by experts, but it’s not uncommon. While this option offers enhanced security, it can pose accessibility challenges.
Firstly, you need to observe the bank’s working hours to access your box. In addition, your executor may be unable to access it if you don’t add them as a co-lessee. The court may need to intervene so your executor can gain access.
You have several options for storing estate planning documents. Assess each to determine the most suitable one. You should also ensure they stay updated and are validated.
