WHERE SHOULD YOU KEEP YOUR ESTATE PLANNING DOCUMENTS?

"Where should I keep my original estate planning documents?" The answer is really simple - in a safe and accessible place. But what does that mean?

What About Your Safe Deposit Box?

Many people think that their safe deposit box is the best place to store their original estate planning documents. But in many states, if the box is just in your name without any other joint owner, then your family will need a court order to open up the box and remove your estate planning documents. Thus, if you become disabled or after you die, then your loved ones won't have immediate access to your estate plan.

In this situation, consider placing the box in the name of your Revocable Living Trust so that the successor trustee of the your trust will be able to gain immediate access to your box, or add a joint owner who you can trust to carry out all of your estate planning wishes.

Other Safe But Readily Accessible Places

Where are some other safe but readily accessible places to store your original estate planning documents?

The most logical place is somewhere in your home or office that's protected from fire and floods, such as your very own fire and water-proof safe. But if you do decide to use a personal safe, be sure to let someone you know and trust the combination to the lock. And at a very minimum you should keep your original estate planning documents on a high shelf in your home or office.

Especially in Hawaii where Hurricanes and tsumami's are possible I have heard of other advisor 's clients lose their original estate planning documents because they were stored on the bottom shelf of a bookcase.

Leaving Copies With Your Estate Planning Attorney

Aside from this, your estate planning attorney should retain signed copies of all of your estate planning documents. Then, if the original documents are destroyed inadvertently, your estate planning attorney can recreate your documents and everything can be resigned.

If the original documents can't be found at the time of your death, then the presumption will be that you intended to destroy them. You don't want anyone to think that you died without a will or other estate plan

I hope that this was helpful. As always if you have questions about your estate plan or the best way to avoid estate taxes for your IRA's give me a call. We can go over the details of your estate and holdings...Yours Truly...Steve

PS. Estate & Tax Law changes often. An annual review can save thousands and sometimes millions in a large estate. Setting up a review is easy and FREE...simply call or email me...Talk to you soon...Steve