If you are old enough to remember “It’s 10 PM (Do you know where your children are?)” blasting across the evening news with that deep, convincing voice, it may also be time to read through this brief reminder.
Having your estate planning documents in order is a huge accomplishment! We like to think that having documents in place is one of the most thoughtful gifts you can give your loved ones. However, it may not be enough to have an estate plan prepared and executed. As you make a blueprint for the new year, we invite you to add a straightforward goal to your list. You might consider making it a goal in the new year to reach out to the individuals whom you’ve included as fiduciaries/agents throughout your documents. Below are a few recommendations:
What happens if you pass away owning a safe deposit box and your loved ones can’t find the key?
You want to avoid a situation where the original will is located in the safe deposit box. It is possible no one could access it due to not being listed as a co-owner or beneficiary, and/or they don’t have a key.
Original Documents
We suggest clients keep their original signed documents, along with a copy, in a secure and easily accessible location like a fireproof safe or with other important documents, such as birth or marriage certificates. You should consider whether storing documents in a safe-deposit box makes sense, as banks have strict rules and regulations regarding access by non-owners. You want to avoid burdening your successors unnecessarily and make sure that your documents are easily accessible.
Communication
To ensure your wishes will be followed and to put your mind at ease, we encourage you to communicate with those whom you’ve named in your estate planning documents. Let them know you have a plan in place, your expectations, and where the documents can be located. Consider whether it is appropriate to give the named agents and/or executors a copy of your documents for their ready reference.
As you celebrate new beginnings or close chapters in your life, it’s important to have an up-to-date will or trust that reflects your values, relationships, and any causes important to you. If you name different agents and/or executors, communication regarding those changes is important, too. Finally, communicating with us about any changes made or under consideration is crucial, as well. Your existing documents may need to be updated to reflect those changes.Consider After Loss Professionals
At Legacy Planning and Probate, we are surrounded by a wonderful community that includes other professionals who can be of great assistance to your loved ones, such as accountants, financial advisors, real estate brokers, etc. Perhaps also consider reaching out to after loss professionals as part of your planning. Firms like After Loss Advisors provide a full suite of helpful services like, household organization, digitizing memorabilia and heirlooms, household concierge, and other a la carte services. Adding these professionals to your team creates a whole-picture approach to your legacy planning.
At LP&P we realize every estate is unique. Whether you have questions about your current plan, want to make some changes, or need to get the process started, we can schedule a complimentary consultation to help put your mind at ease. If this post resonates with you, and you’d like more information regarding a few estate planning topics, we encourage you to visit past blog posts. You may find the following helpful resources:
July 2023 post regarding Difficult Relationships and Estate Planning
April 2024 post regarding Keeping Your Estate Planning Current
September 2024 post regarding Digital Era of Estate Planning