Where to Store your Living Trust or Estate Plan
After creating a living trust you need to pick a safe and accessible location to store the documents. where to store these important documents. This is important to ensure that your wishes are carried out effectively when the time comes.
Choose a Safe and Secure Location
Home Safe: Keeping your estate plan or living trust in a home safe is a popular choice for many individuals. Ensure the safe is fireproof and waterproof to protect your documents from any potential damage. When picking this option you must give the successor trustee or your family members instructions on how to access it.
Safe Deposit Box: Renting a safe deposit box at a bank can provide an added layer of security for your estate plan or living trust. Make sure to grant access to a trusted family member or executor to retrieve the documents when needed.
Digital Storage: Consider storing digital copies of your estate plan or living trust on a secure online platform. Ensure that the chosen platform is encrypted and password-protected to safeguard your sensitive information.
Give to a Relative for them to Hold onto: Another option is to give your documents to the Successor Trustee or relative for them to hold onto. Any Successor Trustee should always have at least a copy of the estate planning documents.
Your Attorney: Your estate planning attorney should always have a copy of your estate plan in his file. Your attorney COULD hold onto the original version of your estate plan and may desire to if they are the successor trustee or executor.
Communication is Key
Inform Key Individuals: It's crucial to inform your trusted family members, executor, or attorney about the location of your estate plan or living trust. Provide clear instructions on how to access these documents in case of an emergency.
Backup Copies: Creating backup copies of your estate plan or living trust can offer an extra layer of protection. Store copies in multiple locations to prevent the risk of losing the original documents.
Regularly Review and Update
Regularly review your estate plan or living trust with an attorney to ensure that it reflects your current wishes and circumstances and complies with state laws and regulations. Update the documents when significant life events occur, such as moving, marriages, births, or divorces. For review of or updates to your estate plan contact us now!
