Taking the initiative to create an estate plan is a crucial decision, marking a significant milestone in safeguarding your legacy and ensuring your wishes are respected. However, with the plan in place, a new question arises: Where should these invaluable documents be stored to ensure their safety and accessibility? We delve into this topic below.

Why Proper Storage Matters
Estate planning documents — encompassing instruments such as wills, trusts, powers of attorney, and medical directives — aren’t mere papers. They’re tangible representations of your wishes, rights, and intentions concerning your assets, health, and the future well-being of loved ones.

The Imperative of Security and Accessibility:
The dual requirement for storing these documents is both security and accessibility. While it’s vital to shield them from potential harm or unauthorized eyes, they must be readily available when required. An inaccessible will during probate or an unreachable medical directive in a health emergency defeats their very purpose.

Potential Risks of Inadequate Storage:
Opting for haphazard or inadequate storage for such vital documents can open the door to a multitude of problems. Firstly, the simple risk of losing them can spiral into a web of legal complexities and could postpone the realization of your wishes. Secondly, these documents are susceptible to damage from various elements like water, fire, or even pests. Such damage not only makes them illegible but also risks disputes over their content, or even more concerning, can lead to them being deemed void. Lastly, in the absence of stringent protective measures, there’s a lurking danger of unauthorized access. The sensitive data these documents hold can easily become fodder for misuse or fraudulent activities if landed in the wrong hands.

In essence, while drafting these documents is the first pivotal step, their protection is an ongoing responsibility. Proper storage isn’t just a logistical concern; it’s a measure to ensure the integrity and effectiveness of your estate planning efforts.

Common Places to Store Documents:

Home Safe

A fireproof and waterproof home safe provides immediate access and a good level of security.

Safety Deposit Box

A bank’s safety deposit box offers heightened security but may be less easily accessible.

With an Attorney

Some people opt to leave original documents with their estate planning attorney for safekeeping.

Pros and Cons of Each Storage Option

When considering storage options for vital documents, each choice presents its own set of advantages and drawbacks. For instance, in terms of accessibility, home safes provide the convenience of rapid access anytime you need it. However, they can be vulnerable to theft. On the other hand, safety deposit boxes, typically found in banks, offer enhanced security, but their accessibility can be limited, especially outside of banking hours.

From a security perspective, while home safes grant a decent level of protection, both safety deposit boxes and attorney offices usually go a step further, implementing advanced security measures to safeguard your documents. Financially speaking, home safes are a one-time investment, which might be appealing to those looking to avoid recurring costs. In contrast, opting for a safety deposit box typically means committing to regular annual fees.

Digital Storage Solutions

With the advent of technology, digital storage solutions like secure cloud services are also available. However, be cautious of cybersecurity risks and ensure you choose a secure and reputable service.

Notifying Trusted Individuals

It’s vital to inform a trusted person—like an executor or power of attorney—about the location of your estate planning documents. This ensures that the documents can be accessed in a timely manner when needed.

The Importance of Regularly Reviewing and Updating Your Estate Planning Documents

Life’s unpredictability, marked by milestones and unforeseen changes, demands flexibility in our planning. Similarly, estate planning documents should evolve to mirror these life shifts, whether they arise from familial changes, property acquisitions, or shifts in financial status. Each time these documents are updated, it’s crucial to safely store the latest version and discard outdated ones to prevent confusion. Regular reviews guarantee that your documents remain aligned with your current wishes and situation, ensuring smooth execution when the time comes, free from legal hassles or misunderstandings.

Consult a Professional Estate Planner

Storing your estate planning documents in a secure, accessible location is crucial for the effective execution of your estate plan. For personalized guidance and peace of mind, don’t hesitate to consult the experts at ALTA Estate. We’re here to help you every step of the way.

To learn more or schedule a consultation, please reach out to ALTA Estate, your trusted estate planning resource in Tucson and southern Arizona.

The text above is for general informational purposes and should not be considered legal advice. For more information, click Contact Us. Follow Mark Fishbein Tucson Estate Planner on LinkedIn or Facebook.