Summary:
Estate planning involves, in large part, providing for those that matter most
to you. To make sure your plan can accomplish this, you must plan to provide
for the security of your estate planning documents. Having a plan that cannot
be located can lead to many problematic consequences, such as added expense or
the courts distributing your assets in a manner not consistent with your true
wishes. To avoid this, make sure not only that you keep your documents in a
safe place, but that you communicate the location of your plan, and how to
access it, to the people who will need to know.
You've
taken the steps you need to secure your family's future by putting an estate
plan in place. You've signed all your documents. You've funded all the trusts
that are part of your plan. But have you taken the necessary steps to protect
your estate planning documents themselves? This step, while easily overlooked,
is a very important element to ensuring that your plan is a success and carries
out the wishes you've recorded in those documents.
If your
original documents are lost or destroyed, the consequences can be incredibly
harmful. In most all cases, the law requires your executor to produce the
original copy of your will in order to start the probate process. If the
original will cannot be found, the court will decide what happens to your
assets. If the court receives enough evidence, it may, in some cases, order
your estate probated in accordance with the missing will. In many situations,
though, the court will view the inability to produce the original will as proof
that you intentionally destroyed it, which means that you revoked it. Unless
you also created another valid will previously, the court will distribute your
assets in accordance with the intestacy laws of your state.
If your
plan includes one or more trusts, note that they are not required to be
submitted to the courts when you die. Nevertheless, you should make sure that
these documents, along with your powers of attorney and living will, are kept
someplace completely safe. Most people usually keep all their estate planning
documents together in one place, such as a folder or a binder, which makes it
easier on them and their estate planning professionals should they need to make
changes. This will also be of great benefit to your loved ones and
executors/successor trustees after you die.
Some
people may choose to maintain a safe deposit box at a bank for their estate
planning documents. Others might choose someplace closer to home. If you keep
your documents at home, it is important to ensure that they are kept not only
protected from theft but also disasters such as fire or flood. Regardless of
the location you select, it is important that you communicate this information
to the correct people. Whether it is an estate planning attorney who will be
handling the probate of your will, or a loved one who will be serving as the
successor trustee of your living trust, they will need to be able to find and
access your documents promptly. If your documents are secured in a locked
location, you might consider providing your successor or estate planning
professional with a copy of that key. If you are using a safe deposit box, you
may want to complete the necessary forms with your bank to give that person the
right to open the box. By taking these pre-planning steps, you can help ensure
that you will save your loved ones time, stress and possibly money.
This article is published by the
Legacy Assurance Plan and is intended for general informational purposes only.
Some information may not apply to your situation. It does not, nor is it
intended, to constitute legal advice. You should consult with an attorney
regarding any specific questions about probate, living probate or other estate
planning matters. Legacy Assurance Plan is an estate planning services-company
and is not a lawyer or law firm and is not engaged in the practice of law. For
more information about this and other estate planning matters visit our website
at www.legacyassuranceplan.com.
No comments:
Post a Comment