Congratulations, your estate planning documents are done. All the signature lines are signed, and the notary signature and seals complete the documents. You took the time to plan, easing many burdens for your family. You have the originals and copies of your documents. Now, you must decide where to store them, who to tell about the storage location, and when do you review them.
Storage: Location, Location, Location
You should store your documents in a safe and accessible location. People have been known to put the originals in a plastic bag and store them in a freezer. Before you reach for the freezer bag, you should consider other options. A safe deposit box with a bank is very safe. It isn’t accessible. In most instances, your box isn’t accessible after your death. Accessibility depends on the bank’s rules. Your attorney may keep your original documents. (I don’t.) Accessing the documents when you need them remains a problem with this option. Many counties permit you to file your will with the probate clerk or county clerk for a nominal fee. In Bexar County, the fee is $5 with the probate clerk. This option sounds fail-safe. Unfortunately, there are occasions where wills are lost and irretrievable from the county records.
The best storage location for vital documents is your home. Store original wills with your other important documents. Storing your originals in a waterproof and fireproof safe is ideal. A metal box or file cabinet is a more likely available location. This location is safe and accessible.
You may solve the storage issue for your other estate planning documents simply. You could give copies of your Directive to Physicians. Medical Power of Attorney, and HIPAA Release and Authorization to your designated agents and your health care providers. You may provide a copy of your Statutory Durable Power of Attorney to your designated agent now, if necessary, or later, when needed. You may also file the Statutory Durable Power of Attorney with your bank.
Inform: Those You Trust
You should tell those you trust where the documents are located. Tell your named executor and your designated agents. If you can’t trust them with this information, then you need to select a new executor and designated agent, who are trustworthy. When it comes to telling other family members, it again depends on who you trust with knowledge about the location.
Review: Regularly
You should review your documents regularly, at least annually. While reviewing them, don’t write on or take apart originals. Review your will determining whether it disposes of your property as you currently desire and whether your designated executor and alternates are ready and available to serve. Review your medical advance directives to ensure your designated agents can act on your behalf with full knowledge of your intended medical care wishes and explicit requests. Review your agent designation in your Statutory Power of Attorney determining whether the person remains trustworthy and available to act in your place on important financial matters.
