Most Americans do not have an estate plan. So, if you have made yours, you are already a step ahead of 74% of your fellow citizens.
Yet, your estate plan won’t do you much good if no one can find it when you die or fall seriously ill and need to call upon some of the options you built into it. Thus you need to have a good think about where to store your estate plan. Here are some options:
At home
At home could work well, provided someone knows where it is and how to access it. For example, if your spouse and kids know you keep all your documents labeled alphabetically in your filing cabinet, they should be able to find your estate plan easily. If, however, that filing cabinet needs a key, you should let someone know where the key is.
The problem with a filing cabinet or desk drawer is that they are susceptible to disasters such as fire or flooding. Safes built to resist such things are available, but just make sure someone knows the code and location.
In the cloud
You can store a copy of your estate planning documents in the cloud. They won’t replace the original but can help point people in the right direction for certain things. You would however need to be sure someone can access them. There are ways to leave digital access to an executor or family member when you die.
With your attorney
Some attorneys are happy to help out with document storage. Be sure to check how safe their storage is against fire, flooding, theft and other such issues. Also, bear in mind what would happen if the firm were to close down before you die.
As with any estate planning matter, legal guidance can help you understand more about your options.
