When I ran across this article, I thought, “Me too!.” That is clients asking for my advice on where they should physically keep their estate plan. So, I thought this was worthwhile sharing with you. I found this piece by Christopher Yugo at nwi.com on 11/12/23.
“One of the most common things that I am asked by clients is, “Where do we keep the plan?” It’s a great question that absolutely needs to be addressed.
After I complete the execution of an estate plan, I always spend a few minutes talking about what happens next and where they should keep it. My discussion almost always includes the phrase “keep it someplace safe and secure but accessible.”
Anyone who is familiar with old movies has probably seen one where there is a missing will. The story lines are often different, but the rub is usually, where’s the will? Did someone take it? Did dad hide it somewhere? Ultimately, the will is found usually taped to the back of an old picture frame or buried in the back yard under dad’s favorite tree.
Please take my advice and don’t do that. Your family is going to need to find those documents. Don’t hide them or make them difficult to access. It’s not a good idea to make things hard on the ones you love, especially the ones that are included in the estate plan.
When we discuss where to keep the estate plan, many of my clients immediately bring up the safe deposit box. A safe deposit box is a great location. It checks off two of the key words in my advice, safe and secure. However, accessibility is another story. Banks may not be open if you have an emergency over a weekend or in the evening. Also, remember that if you are the only one on the safe deposit box, the kids may not have ready access to it. If you use a safe deposit box, make sure that there is a way for the family to get access. Ask the bank and then let the family know where the key is located.
Another location that I hear mentioned all of the time is a personal safe or fire proof box. Those are also great locations, provided, again, that the family can gain access to them. Remember that accessibility is important.
Another good place to keep the plan is wherever you keep your important papers. If you have a file cabinet or desk drawer where you keep your important stuff, chances are that will work. A location like that is low on the security threshold but it’s adequate in most cases. Let’s face it, being concerned that someone will steal or hide the plan would have likely come up in the estate planning process. If those are concerns, discuss them with your attorney and get their take on what should be done.
A more unusual location, although perfectly appropriate, is with the county clerk’s office. Wills can be deposited with the county clerk for safe keeping. There is a small charge involved but the clerk’s office will provide a safe, secure and accessible location. Just remember to tell your loved ones that’s where the will is. The clerk’s office is unlikely to be the first place the family looks unless they know that they should.
Where ever you keep the plan, just make sure that you don’t hide it. The plan is important and the family is going to need it someday. A missing will makes for great drama in an old movie but not in the real world. Trust me, drama is the last thing you want when dealing with an estate.”
I add to this excellent advice one more suggestion. Wherever you keep the original of your estate plan, it is wise to provide a copy to your appointed executor. That individual has likely already been notified (and agreed) to take on that role. It makes sense to give that individual a copy so they know what your wishes are related to your assets and beneficiaries. Like the author of this article, I like to close out my services with my estate planning client with a similar conversation about keeping the plan secure and accessible to the appropriate individuals. Whether you need to start a plan from scratch or update an existing one, I would be honored to help. Having your affairs in order and current is one of the most caring actions you can take for your loved ones. Let’s do it together. Call me at 513-399-7526 or visit my website, www.davidlefton.com, for more information.
Source: nwi.com, 11/12/23 by Christopher Yugo