Making an estate plan is an important task that every adult needs to do. They also need to ensure they keep it up to date, making changes to take account of new circumstances.
Yet those two steps alone will not guarantee a smooth transition if you become severely incapacitated or die. One of the primary reasons problems could arise is if no one can access the estate plan.
Safe and accessible
Your estate plan needs to be safe and accessible to those who will need it when the time comes. Locking it in an underground vault that no one knows how to access might be safe, but the lack of accessibility will prove problematic. That can lead to confusion and delays. You also don’t necessarily want your plan to be too accessible, as it might fall into the hands of someone who tries to change it in their favor.
Suitable options for storing your documents include:
- In the cloud: Copies in the cloud can provide a quick reference and act as a useful backup if the originals cannot be easily located.
- In your house or office: Maybe you put all your important documents in a particular locked drawer. Or you might store them in a safe in the garage. Ensure that someone knows the location and has the key or code to access them or can easily get those things when needed.
- In a bank or another office: Banks and credit unions sometimes have safe deposit boxes you can rent. Attorneys may also have the facility to store copies of the documents they help create.
Whatever physical location you choose, investigate how safe the documents would be if a fire, flooding or other such disaster were to strike. Estate plans are important, so be sure to seek guidance on how best to create one and store it.
