Creating an estate plan is an important step toward protecting your loved ones. However, even the most carefully prepared plan won’t do much good if nobody can find the documents when they’re needed. Missing documents can create unnecessary confusion, delays and stress for a family that’s already grieving.
Your will, trusts, powers of attorney and other important documents need to be protected from damage, theft and loss. Just as importantly, the right people need to know where to find them when the time comes.
What could happen to your documents?
You don’t have to experience a major disaster to lose important paperwork. A small house fire, burst pipe or flooded basement could easily destroy documents stored in a desk drawer or filing cabinet.
Natural disasters pose similar risks. In Chicago and throughout Illinois, severe storms, flooding and tornadoes can cause significant property damage. Even a waterproof filing cabinet may not offer enough protection if your home suffers extensive damage.
Where should you store your estate plan?
There are several options worth considering, each with its own advantages and drawbacks:
- A fire-resistant, waterproof home safe: This keeps your documents close at hand while offering protection against common household emergencies. Make sure someone you trust knows how to access it.
- A bank safe deposit box: This can provide excellent physical security, but accessing the box after your death may be complicated. Illinois has procedures for accessing a deceased person’s safe deposit box, but your executor may still encounter delays.
- Your attorney’s office: Some estate planning attorneys offer secure storage for original documents. If yours does, make sure your executor knows whom to contact.
- Secure digital storage: Scanning your documents and storing encrypted copies online can provide a useful backup. However, digital copies generally won’t replace originals when the law requires them.
Keeping your estate plan secure is only half the job. Your chosen executor and other appropriate individuals should know where your documents are stored and how to access them. You should also periodically review your storage arrangements, particularly if you move, change attorneys or update your estate plan.
An experienced estate planning attorney can help you decide where to keep your documents and how to make sure they’re available when your loved ones need them.
