Organizing Your Estate Plan: Important Steps After Signing Your Documents
This blog post explains what you should do with your estate planning documents after they have been properly signed and notarized. These instructions (and this method) come from years of simplifying the process for my clients to get the job done right but with the least amount of “lifting.”
Here, then, is what I recommend:
Secure Storage of Your Will: Usually, your lawyer will not retain the original of your will. You will. After signing your Will, it's advisable to store it in a secure location outside your home, such as a bank safety deposit box. This ensures that your Will is safeguarded against loss, damage (including fire), or unauthorized access. You can keep a copy of your will at your home.
Copy and Distribution These Documents: Make copies of your General Durable Power of Attorney, Healthcare Proxy, HIPPA Release, and Living Will. Store the originals of these documents in your secure location (e.g., safety deposit box) and provide copies to the individuals named in your documents to act on your behalf. Ensure that your Health Care Agent receives copies of your HIPPA Release and Living Will for reference. You can keep a copy of all of these documents at your home.
Digital Backup: I recommend you digitally scan all your signed estate plan documents as PDFs and store copies on your computer and at least one cloud-based system, such as Google Drive or any of the other reliable platforms. This digital backup ensures redundancy and accessibility of your estate plan from anywhere with an internet connection.
Document Location List: Maintain a list in your home indicating the location of your original estate plan documents. This list should also include contact information for the individuals named in your documents and any relevant instructions.
Additionally, consider compiling a comprehensive list of your assets, including bank accounts, investment accounts, insurance policies, and other financial holdings. This list will help facilitate the management and distribution of your assets in the event of your incapacitation or passing.
Furthermore, you may choose to create a record of your online accounts, usernames, and passwords. Exercise caution when sharing this sensitive information and store it securely, such as in a safe or safety deposit box, to prevent unauthorized access.
By following these steps, you can ensure that your estate plan is well-organized, easily accessible, and effectively communicated to the relevant parties. Taking proactive measures to manage your estate plan enhances its effectiveness and provides peace of mind for you and your loved ones.
Commonwealth Estate Planning: “Your Legacy is Our Passion”
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