This may sound like an obvious statement: Your estate planning documents are very important. It may also seem obvious that you should store these important documents in a safe and secure place. But what would happen if you did lose or misplace your estate planning documents?
What Happens if You Lose Your Will?
Simply put, losing the original copy of your will or any of your other estate planning documents is not a good scenario. If you were to find yourself in this position, it might make matters quite complicated following your passing. In most cases, if the original copy of a will cannot be located following the death of the testator – the person who created the will – the will may be presumed to have been destroyed with the intent to revoke it. Such an instance can lead to many complications for your loved ones during the probate process, including the state considering you to have died intestate, or without a valid will.
What Happens if You Lose Your Trust Documents?
Similar to a lost will, a lost trust may be deemed to have been destroyed with the intent of revoking the trust. One of the significant advantages of a living trust is to avoid the probate process following your death; however, if your trust cannot be located after you pass away, your assets might still end up subject to probate.
How Can You Avoid Losing Your Estate Planning Documents?
By taking simple precautions, you can easily avoid losing or misplacing your estate planning documents – which in turn will make matters much smoother for your heirs following your passing.
There are numerous ways to avoid losing your will, trust or any other estate planning documents. In general, the best way to do so is to ensure such documents are locked away in a safe and secure location. Some examples of safe and secure locations include:
- Waterproof and fireproof safe
- Safe deposit box
Waterproof and fireproof safe
The best storage option for your estate planning documents is a waterproof and fireproof safe. A safe provides a reliable location in your home where you can securely store important documents such as these. Investing in a waterproof and fireproof safe is helpful in case of an emergency, such as a flood or house fire, that could damage your safe and the contents inside.
An advantage to storing your estate planning documents in a safe at home is that you always have the documents in your possession, rather than having them stored at a location other than your home. This can make the documents easy to find when you need to access them. You should also inform your agents where you store your original estate planning documents so they can access them after you pass.
Safe deposit box
Another common option is a safe deposit box at your bank. Although a safe deposit box allows for a private location to store your estate planning documents, one major complication is that following your death, it becomes very difficult for anyone else to gain access to your safe deposit box – and your loved ones may even need a court order to access the box. For this reason, amongst a few others, we generally advise against storing your originals in a safe deposit box at a bank.
For any questions regarding the safe storage of your estate planning documents, or any of your other estate planning needs, we are here to help. Contact us today to learn more about how we can work with you.
For more information regarding various estate planning and elder law topics, view our resources page, where you will be able to find previous blog articles, newsletters and our informative webinar series.
Image by Mohamed Hassan from Pixabay
