Where Is the Best Place to Store Dependencies
Where is the Best Place to Store Your Original Estate Planning Documents?
Anne Desormier-Cartwright
Anne Desormier-Cartwright
Managing Partner at Elder & Estate of the realm Planning Attorneys PA
Acres planning attorneys are often asked where original demesne planning documents – wills, trusts, powers of attorney, and healthcare directives – should be stored for safekeeping. While there is atomic number 102 honourable or wrong serve to this question, consider the favorable:
- Should you store your original estate planning documents in your safe safe-deposit box? Many people may believe that the optimal place to shop their groundbreaking estate planning documents is in their safe lockbox at the local camber. This may make sense if you have disposed your spouse or a trustworthy child, other family member, or friend access to your box. However, since a safe deposit box is a rental arrangement (you are leasing the box from the money box), if you are the lone one who signed the lease and you become incapacitated operating room pop off, no one else will be able to open your box. Unremarkably the single way for someone else to gain access to your box if you become incapacitated or die is to obtain a court order, which wastes time and money. If you are not comfortable giving someone else immediate access to your box, many Banks will allow you to sum your revocable living believe as an additional lessee, which will reach your successor trustee access code to your boxful if for any cause you can no more serve as trustee of your trust.
- Should you depot your original estate planning documents in your home safe? Home safes are touristed these years, but in order for yours to be a estimable lay out to store your original estate preparation documents, it should cost difficult to move back (bolted to the flooring!), fire-proof, and water-proof. In addition, make a point someone you trust has the combination to your secure or will easily gain access to the combination if you become incapacitated or die.
- Should you enquire your estate planning attorney to store your original landed estate planning documents? Traditionally, many estate planning attorneys offered to admit their clients' innovational estate of the realm preparation documents for safekeeping (usually without charging a fee). Nowadays most don't want to take on the liability. In addition, Eastern Samoa the years go alon, it may become difficult for family members to track down your attorney, who could change firms, get powerless, or die.
- Should you ask your corporate trustee to store your original estate provision documents? If you give birth named a bank or trust fellowship as your executor or successor trustee, this may be the best post to store your archetype land planning documents. This is because banks and trust companies have specific procedures in station to insure that your original estate planning documents are stored in a safe and secure area. If you choose this pick, make a point one or Sir Thomas More of your family members know where your first documents are located.
Regardless of where you decide to store your original estate preparation documents, make a point your phratr members, a trusted friend or financial advisor or your estate planning lawyer jazz where to find them. Otherwise, if your original documents terminate't be easily located, then it may be legally presumed that you no more likeable what they same and purposefully destroyed them.
Where Is the Best Place to Store Dependencies
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