When you’re done creating the most important documents in the world – your original estate plan – where should you keep it? In a place that your next trustee or executor can easily find it! I like to keep it on my shelf in my home office so I can update it whenever I want to add a new bank account or a special gift to someone. It’s important to keep almost every asset in the trust and the list of assets can change all the time. Wherever you keep it, show your trustee where it lives.
Here are a few tips:
Give your doctor and your next agent a physical copy of your Advance Healthcare Directive, so they have it in case of emergency. I like to keep a copy in my glove compartment for the same reason.
Do scan it and save it on a thumb drive, so if your original is lost, you have an electronic back up. You can give a copy of your electronic version to your next trustee either on a thumb drive or share it via Dropbox, a free file sharing system online. This is the most secure system I’ve found so far. If you’re scared to share documents online, don’t scan your list of assets since it has bank account information.
Don’t put it in a safe deposit box unless your trustee is the signer on the box and has the key! Otherwise, it takes at least 40 days after your death and a locksmith to drill out the box ($150). If you put it in a safe at home, please give someone the combination.
Don’t file it with the court! Don’t send us a copy either – since attorneys from Your Legacy Lives are not involved in your estate- unless you hire us separately.
Tell your family and friends about your accomplishment! Share with them the peace of mind you have since putting these documents in place and encourage them to create their own estate plan.