Should I Store My Estate Plan in a Safe or Safe Deposit Box?

In a word: no. Your comprehensive estate plan is finally done. You have your will, trust, financial power of attorney, and healthcare power of attorney in a binder… and now what? Where does it go?

We used to think that these types of important documents should go into a safe deposit box or a fire proof safe. The problem with a safe is that it’s not easily accessible to loved ones who may need it if you are ever incapacitated — or at the time that you die. So those aren’t ideal.

Also - during the fires in LA - it was confirmed that even if the fire proof safe withstands the fire, the documents inside are mostly destroyed.

Most of the time, these documents do not contain your social security number or bank account information, so it’s okay to store it anywhere you feel comfortable: a bookcase, a “to go” bag, under the bed, in a filing cabinet.

Whereever you decide to put it, the key is this: tell someone that these documents exist AND where they are located. You do NOT need to tell anyone what the documents say, but it’s super helpful if someone can know that they exist somewhere.

There’s nothing worse than having a loved one rifle through all of your stuff and things wondering if anything exists. Or worse, initiating a probate because they can’t find your trust!

So put it somewhere safe… but not in a safe… and then tell some people where that is.

If you don’t have your comprehensive estate plan yet, contact us today for a consultation!