Storing Wills & Trusts
Storing your will or trust documents in a place that is both safe and accessible can be a worry. Many people keep the original documents in a bank safety deposit box or with an attorney. However, if you prefer to keep them at home, an excellent solution to your concerns is in-home waterproof and fireproof storage. A waterproof protective container and fireproof safe are good choices for storing wills, trusts and other important legal or financial documents. Costs can range from modest to expensive but either way you will receive peace of mind in return. Does this Spark an idea?
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Instructions
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Purchase an airtight waterproof bag or container for documents that will protect from water damage, mildew, humidity, rodents, insects or other potential damage. Size will determine the cost so make sure your waterproof bag or container is big enough but not more than you need.
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Purchase a fireproof safe or lockbox. Home safes come in a variety of styles and sizes. They can range in price from quite inexpensive ($30 to $50) to very expensive, up to almost $1,000.
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Place all of your important documents in the container, such as your will, trust, end-of-life care, legal documents, insurance policies, financial records, birth certificates and other records. Place the airtight waterproof bag in the fireproof safe.
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Tell the executor or personal representative of your estate the location of the documents. Also tell a family member or trusted friend who lives near you where your will and trusts are located. Be sure to give the combination or extra key to the safe to your personal representative and/or family member.
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Keep a copy of your will and trust in your home files for easy reference and review.
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Provide readily available instructions regarding access to the original will. Make a note on the copies of your will stating the location of the originals.
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Tips & Warnings
If you keep the original documents with your attorney or in a bank safe, make sure your personal representative or the executor of your estate has the legal authorization to access the original documents upon your death or disability.
If you do not have a fireproof safe, place your waterproof document container on a sturdy high shelf in your home in an area least exposed to heat or humidity.
Every time a will is updated, previous versions including all copies should ideally be destroyed and replaced with the newly signed and dated will.
References
Resources
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