What to Do and Not Do with Your Estate Planning Documents
Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them.
Posted on April 27, 2020
All estate plans should include, at minimum, two important planning instruments: a durable power of attorney and a will. A trust can also be useful to avoid probate and to manage your estate both during your life and after you are gone. In addition, medical directives allow you to appoint someone to make medical decisions on your behalf. Once you have all these essential estate planning documents, you need to make sure they are stored properly and get to the right people.
Store the Documents Properly
Your estate planning documents should be stored in a safe, secure location that is accessible to your personal representative (also called an executor), the person you appoint to handle your estate’s affairs after your passing. Some law firms will store your original signed documents for you.
FREE WEBINAR
5 Things to Know About
Estate Planning
When You Turn Sixty-Five
If you want to keep them at home, you should use a water- and fire-proof safe or filing cabinet. Many people use a safe deposit box in a bank, but these can be hard for your representative to access. Often the documents giving your personal representative the right to access the safe deposit box are themselves in the box. If you do use a safe deposit box, you may want to have a joint owner on the account.
Spread the Word
It is critical that you tell your personal representative where the documents are located so that he or she can easily access them when needed. If the documents are locked away, your representative needs to know the combination or where the key is located.
You should also talk to other people who might be affected --such as your agent under a power of attorney or a health care proxy--about what you want if you are unable to communicate your wishes yourself. Doing this ahead of time will help them execute your wishes when the time comes. You may want to give family members copies of your documents. If an original document is lost, the court may accept a copy in some circumstances.
Avoid Confusion
Make sure you destroy any old estate planning documents that are no longer valid. Old documents can cause confusion among family members and could lead to litigation.
In addition, do not write on your current documents. If you want to make a change, contact your attorney to formally change the document. Handwritten additions are usually not valid and could raise questions about the document.
More from our blog…
Could Medicaid Payback Rules Come to an End?
Amid recent reports from such prominent news outlets as The New York Times and Associated Press about the negative impact of Medicaid estate recovery on families, the idea of [...]
Seniors and Caregivers: Establish an Emergency Action Plan
For seniors and their caregivers, having a plan in place should an emergency strike can provide some peace of mind in a turbulent world. A [...]
5 Ways to Update Your Estate Plan After a “Gray” Divorce
Deciding to end a marriage as an older adult is increasingly common. If your marriage ended later in life, you could be part of the [...]
Survey Highlights High Costs of Long-Term Care in 2023
You may not foresee ever needing assistance with your day-to-day life. However, research shows that seven in 10 adults aged 65 and older will require [...]
Recent blog posts
FREE WEBINAR
5 Things to Know About
Estate Planning
When You Turn Sixty-Five