A comprehensive estate plan is good for you and your heirs. While your plan may include other items, four documents are a good place to start. After completing your plan, you must find the right place to store the documents.
Even though many places may work, the following five tips are likely to help you pick the perfect spot.
1. Talk to your attorney
Many estate planning lawyers retain copies of documents for some time. If your lawyer does, you can probably rely on him or her to keep your planning documents safe.
2. Invest in a fire safe
Your estate planning documents are flammable, so you must take steps to protect them from destruction. Investing in a fire safe allows you to keep your documents at home where you can easily access them.
3. Rely on a trusted friend or relative
In addition to keeping your planning documents at home with you, you probably want to deliver a backup copy to a trusted friend, relative or your executor.
4. Use technology
You may also choose to upload your planning documents to a password-protected cloud. With this approach, you can access your documents at any time from essentially anywhere.
5. Avoid the safe deposit box
Your estate planning documents are important, but they probably do not belong in a safe deposit box with your other valuables. After all, if you are physically unable to access the box, the financial institution may prohibit others from doing so.
Furthermore, your safe deposit box may only be accessible during banking hours. By foregoing your safe deposit box in favor of smarter storage options, you can be sure you can find your estate planning documents when you most need them.
