Where Is the Best Place to Store Your Original Estate Planning Documents?

Estate planning attorneys are often asked where original estate planning documents—wills, trusts, powers of attorney, and healthcare directives—should be stored for safekeeping. While there is no right or wrong answer to this question, consider the following:

Should you store your original estate planning documents in your safe deposit box?

Some people believe that the best place to store their original estate planning documents is in their safe deposit box at a local bank. This may make sense if you have given your spouse or a trusted child, other family member, or a friend access to your box. However, giving someone permission to access your safe deposit box does not give them the same legal rights to it that you have. Because a safe deposit box is a rental arrangement (you are leasing the box from the bank), if you are the only one who signed the lease and you become incapacitated (unable to manage your affairs) or die, no one else will be able to open your box, not even the people to whom you have previously given access. Depending on your state law, the only way for someone else to gain access to your box if you become incapacitated or die may be to obtain a court order, which wastes time and money.

If you are not comfortable giving someone else immediate access to your box, some banks may allow you to add your revocable living trust as an additional lessee, which will give your successor trustee access to your box if you can no longer serve as trustee of your trust for any reason. Also, if you use a safe deposit box to store important items such as your estate planning documents, ensure that your trusted loved ones know which bank has the box—and the exact branch where it is located. They will also need to know where you keep the key.

One final caution about using a safe deposit box for your estate planning documents: Banks have limited hours. If your loved ones need to access your documents outside of banking hours, they will not be able to.

Should you store your original estate planning documents in your home safe?

Home safes are popular these days, but in order for yours to be a good place to store your original estate planning documents, it should be difficult to move (bolted to the floor!), fireproof, and waterproof. In addition, ensure that someone you trust has the combination to your safe or can easily gain access to the combination if you become incapacitated or die.

Should you ask your estate planning attorney to store your original estate planning documents?

Traditionally, many estate planning attorneys offered to hold their clients’ original estate planning documents for safekeeping (usually without charging a fee). Today, most do not want to take on the liability. In addition, as the years go by, it may become difficult for your loved ones to track down your attorney, who could have changed firms, become incapacitated, or died.

Should you ask your corporate trustee to store your original estate planning documents?

If you have named a bank or trust company as your executor/personal representative or successor trustee, this may be the best place to store your original estate planning documents if they are willing to do so. Banks and trust companies often have specific procedures in place to ensure that your original estate planning documents are stored in a safe and secure area. If you choose this option, ensure that one or more of your loved ones know where your original documents are located.

Regardless of where you decide to store your original estate planning documents, ensure that your family members, a trusted friend or advisor, or your estate planning attorney knows where to find them. If your original documents cannot be easily located, it may be legally presumed that you purposefully destroyed them, depending on your state law. Without your estate planning documents, your money and property will be divided among your family according to state law and distributed outright. It will not matter that you wanted something different if no one can find your documents. If you have questions about the best place to store your documents or would like to discuss creating or updating your documents, call us.