What Should I Do with My Estate Plan When It Is Finished?

You are finally going to make your estate plan a reality; however, what should you do with your estate planning documents once they are ready? Like most people, you probably keep other valuables in your safety deposit box, making that an obvious choice. A Phoenix estate planning attorney at Morris Hall PLLC explains where the best place is to keep your estate planning documents.

Your Estate Planning Documents

The estate plan you create should be as unique and individual as you are. Nevertheless, there are some common components, strategies, and documents that are frequently found in an estate plan, including:

• Last Will and Testament
• Trust agreement
• Power of attorney
• Life insurance policy
• Advance directive

In many cases, an original copy (meaning one with an original signature in ink) of the document in question is required for the document to work as intended. For this reason, your estate planning documents should be kept together in a safe place. Understandably, the first place many people think to store their estate planning documents is in their safety deposit box; however, your safety deposit box is not usually the best place to keep your documents.

What Happens to Your Estate Planning Documents after Your Death?

To understand why putting your estate planning documents in your safety deposit box may not be the best choice, you need to understand some probate basics. If you executed a Will prior to your death, you appointed someone to be the Executor of your estate and oversee the probate process. Your appointed Executor must initiate the probate process with the appropriate court and petition the court to officially be appointed as your Executor. If the court approves the appointment, the court will issue Letters Testamentary which provide proof that the Executor has been appointed by the court and therefore has the authority to act on behalf of the estate.

The problem is that in order to initiate the probate process and secure the appointment as your Executor, an original copy of your Will must be submitted to the court. If your Will is in your safety deposit box, however, the bank won’t allow access to the box without proof that the individual seeking access is the Executor of your estate. This becomes a “chicken and egg” problem. Your chosen Executor cannot secure the necessary Letters Testamentary to act as your Executor without your Will – but he/she cannot access your Will without the Letters Testamentary.

Similar problems can crop up with other estate planning documents as well. For example, an Agent with your Power of Attorney may have the legal authority necessary to access your safety deposit box; however, if the POA document granting your Agent that authority is in the box, your Agent has no way to prove that he/she is your Agent.

Estate Plan Finished: Here’s What To Do With Your Documents

So if your safety deposit box is out, where should you keep your estate planning documents? First, it is always a good idea to execute more than one original copy of important documents. Ask your estate planning attorney to keep one set of original documents. Also give an original copy to anyone named to a fiduciary position within your plan. Your Executor should get an original copy of your Will. A Trustee should have an original copy of a trust agreement and an Agent needs an original copy of a Power of Attorney.  Finally, an original set of documents should be kept at home in a fireproof safe and/or given to a trusted family member.

Contact One Of Our Phoenix Estate Planning Attorneys

Is your estate plan finished or do you need help planning for your future? For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about where to keep your estate planning documents, or you are ready to get started on your estate plan, contact one of our experienced Phoenix estate planning attorney by calling 888-222-1328 or 602-249-1328 to schedule your appointment today.