Congratulations! You met with your lawyer, crafted tailored legal documents for your estate plan, and signed everything. You have a solid plan in place. Now what? Clients often ask me at our document execution ceremony if they should tell anyone about their plan, who needs copies of documents, and where to keep their plan.
Should you tell anyone about your plan?
Yes – do not keep your plan a secret. In order for your family to be able to help you with medical or financial decisions, they need to know that you have the proper legal documents in place. Talking about your plan can be a very emotional experience, but it an important conversation. Be prepared to explain why you chose a certain person to be your Medical Power of Attorney and another to be the Executor. If you are not treating all children the same as beneficiaries, it would be helpful to explain your rationale, so you can address any confusion.
Who should receive copies of your documents?
The primary documents that should be shared are your Medical Directives. Do give copies of your Medical Power of Attorney, HIPAA release, and Advanced Directive (Living Will) to your doctors to let them know your wishes and also to whom they should communicate. You should also give copies of these medical forms to the persons you have chosen to advocate for you. It may be a good idea to give a copy of your Durable Power of Attorney to the person you have listed, especially if you believe they will be serving on your behalf in the near term. Copies of Wills do not need to be distributed, but you should notify your Executor of the location of your legal documents. In addition, if you have young children, advise the person named as the guardian of the location of the Will and the contact information of the Executor.
Where should you keep your Estate Plan documents?
We strongly recommend that you NOT store your originals in a safe deposit box, as that often makes them difficult to access when they’re needed. Otherwise, there is no wrong location. The most common places our clients have kept their documents are:
- In-home safe
- Filing Cabinet
- Bookshelf
- Closet
- Under the bed
- Desk drawer
- Coffee table
After you have chosen a secure spot for your documents, please also keep the electronic copies in a safe place. Many clients like to share these files to their cloud storage, and some will also send copies to the agents named in their legal documents. No matter where you choose to keep your documents, please tell your lawyer, your Executor, and your family where they will be stored. The worst thing you can do is hide them away and not tell anyone- no plan can help you if the document cannot be found.
