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Storing Your Estate Planning Documents

Safeguarding important documents, including your will, is essential, especially in regions prone to natural disasters like southeast Texas. As part of your emergency preparedness plan, you must ensure these documents are protected from potential damage. Today, in our blog post from the Law Office of Bryan Fagan, we’ll discuss effective strategies for how to store a will and other estate planning documents safely amidst uncertain conditions.

Have a plan- just like you did with your estate planning documents

Do you remember when you first started to devise a plan for planning for the end-of-life circumstances and your estate in general? Something must have driven you to take the step to prepare these documents. You may have experienced the death of a loved one and realized that you still haven’t drafted your own will. Or, you may have had a life-changing event happen in your household that led you to build the motivation necessary to get your will ready to go. In any event, it probably wasn’t just another day passing that caused you to get your will ready. At some point, your “why” became significant enough to motivate you to take the next step and prepare that will after delaying it for so long.

You can think of your will or trust like your emergency preparedness kit. If you had to leave your home at a moment’s notice, would you be able to do so? Probably not. Maybe if you lived alone and already had an overnight bag ready you would be able to. Otherwise, it would probably be tough sledding to collect toiletries, clothes, food, prescriptions, etc. in enough time to get out the door and evacuate to a safe place.

Prepare your emergency bag: essential items and document safety

When the waters start to rise in your home, and you are running out of time to collect enough things to keep you in one piece for the next few days it would be great if you had the forethought to collect your belongings to get them ready to leave the house quicker. You can search for a “bug out” bag on Google to learn what items you might include in this emergency kit if you’re interested.

During this time it would also be important to keep a close eye on your documents. These are things that you would not necessarily want to leave behind in the event of an emergency. For example, insurance policies, your driver’s license, Social Security cards, and things of this nature are what I mean as far as important papers, documents, and cards. When it comes to computers and laptops a handy list of passwords would be nice to have in case you need to log in to your email from another computer. 

As far as your estate planning documents are specifically concerned you should have a place where you can leave them where they are both safe and accessible. Both factors need to be considered. Punting one quality in favor of the other is not a wise decision to make. Rather, you need to be able to thread the needle between safety and accessibility. Making the documents so hard to locate that you can’t get to them quickly if you need to does not make a ton of sense. 

Secure your documents: safes and safe deposit boxes

Many people opt to store their documents in a fire and flood-resistant safe. These safes come in various sizes, allowing you to store additional items if they are large enough, or they can be specifically designed for documents. Placing the safe in a secure location in your home and bolting it to the ground adds an extra layer of protection. Researching different options and budgeting accordingly ensures you get the best safe for your needs. It’s essential to invest in safeguarding your estate planning documents after putting in the time and effort to create them.

Consider storing your estate planning documents at a local bank or credit union where you conduct your banking activities or maintain a safe deposit box. These boxes, typically located in a secure area of the bank or credit union, provide a safe option for document storage. Opt for a facility conveniently located near you for easy access.

You can talk to the bank or credit union to determine who can access the safe deposit box beside you. Sometimes, you can give a spare key to someone you trust. Keep in mind that once you die your assets may become frozen so that nobody other than a co-key holder can access the box. Sometimes, your estate or will may require probate to prevent a scenario where your safe deposit box becomes inaccessible after your passing. You can easily avoid this issue by adding another person’s name to the safe deposit box.

With it being 2023, it should not surprise any of us to learn that online document hubs like Dropbox allow you to keep your documents someplace easily and safely. Flash drives, also known as thumb drives, serve as excellent storage options for important documents. You can put the zip drive into your overnight bag or in the pocket of your shirt before leaving the house in an emergency. 

If you’ve hired an attorney for estate planning and will drafting, they may offer to safeguard the original signed documents for you, preventing misplacement or unauthorized access. Some attorneys, like those at the Law Office of Bryan Fagan, handle both estate planning and family law matters, providing comprehensive legal support.

The bottom line no matter what option you choose is that you need to designate certain individuals who are in your family or close-knit social circle who can keep track of this information with you. A sibling, cousin, brother-in-law, etc. needs to be kept in the loop about your financial documents, estate planning documents, and things of this nature. If you were to update a will then you need to contact any person who has a copy of your former will and make sure that person destroys any copy that is in their possession.

Ensure clear communication to simplify estate handling

This will help ensure that there are no misunderstandings when it comes to handling your affairs once you pass away. Remember, you don’t get a second chance with this, so ensure everything is ready when you have the opportunity. There is no telling if something were to happen to you that would put you in a position where you were not able to keep someone in the loop before you become incapacitated, for example. 

Communication is a huge part of this process. If you have a will then you need to communicate to the executor of the will before your intent to name him or her to that position. This is a huge responsibility for someone, and you need to be sure that he or she is willing to accept that role. The last thing you want to do is name someone as the executor of your will and have him or her not be willing to serve in that capacity. In this case, the will would need to be probated to name a new executor. All the while multiple negative things occur.

Firstly, all your beneficiaries will have to wait to receive the property promised to them in the will. Some may need immediate access to the property instead of waiting for a new executor to be appointed. Additionally, your estate may incur bills, such as taxes and other fees, that you must pay from its assets.

Clarity and accessibility for executors

This means that a 5-million-dollar estate could quickly become 4.5 million due to taxes, court costs, or other fees. However, if you communicate your intent to name someone as the executor of your estate before doing so you will know whether you will need to name another person, or your original executor will be happy to step up to the plate and act in this capacity on behalf of your estate. 

Inform the executor about the location of your will, including any copies, and other important documents and property in your home. This detailed information ensures their preparedness and reduces confusion during a challenging period. Designating a loved one as executor means considering their emotional state upon your passing. It’s essential to spare them from the burden of searching your home for important documents by disclosing the will’s location in advance.

Next, it is helpful to have a reading of the will before you pass away. You can choose to either read the will aloud to your family members or have individual discussions with them about its contents. This ensures they know about their inclusion and can discuss the rationale behind your decisions. It’s always difficult to discover exclusion from a will.

Conclusion

Some family members may feel upset because you did not include them in the will, even though they assumed they would be included. However, by informing the person that he or she is not going to receive property in your current version of the will you may be able to help avoid confusion and frustration at the time of your passing. By keeping everyone in the dark until you pass away you run the risk of having the family focus more on property than on each other during the grieving process. 

It’s crucial to recognize that creating a will involves more than just drafting the document; it requires ongoing evaluation and updates to reflect life’s changes. Events like death, divorce, and other life developments necessitate revisions to your will to ensure it remains relevant and accurate. Partner with a knowledgeable estate planning attorney from the Law Office of Bryan Fagan. This ensures that adjustments are made correctly and thoroughly, giving you and your loved ones peace of mind. Learn more about how to store a will and keep it updated effectively by consulting with our team.

Questions about the material contained in today’s blog post? Contact the Law Office of Bryan Fagan

If you have any questions about the material contained in today’s blog post, please do not hesitate to contact the Law Office of Bryan Fagan. Our licensed estate planning and probate attorneys offer free of charge consultations six days a week in person, over the phone, and via video.  These consultations provide a great opportunity for you to learn more about estate planning and how filing a probate case may impact your family.

Other Related Articles:

  1. Essential Estate Planning in Texas
  2. Mastering Estate Planning in Texas for Non-U.S. Citizens
  3. Real Estate Evaluation in Texas Estate Planning
  4. Self-Proving Vs Traditional Wills: Which Is The Best Fit?
  5. Common Myths and Misconceptions About Self-Proving Wills
  6. Oral Wills: Are They Legally Binding and How To Handle Them
  7. Evolving With the Times: Electronic Wills
  8. Historical Significance Of Handwritten Wills: Famous Examples
  9. Does the VA help veterans with their wills?
  10. The Importance Of Wills In Texas Estate Planning

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