Every few months, we get a call from a panicked client. (No, not from the same client. Each time it’s another one.) After the initial greetings, the gist of the conversation is always the same:
P.C. (Panicked Client): “I can’t find my Trust. By any chance do you have it?”
J.K.: “No, I have a file copy. When you signed everything, I gave you a set of original estate planning documents and a separate set of copies. I also gave you a letter of instructions, recommending that you put the originals in a safe deposit box at the bank, and that you keep the copies at home, bearing a note indicating where the originals were.”
P.C.: “I had them in the bank, but I needed to check something, so I took them out. I had them at home, but…” (At this point, choose one of the following: (a) “they got misplaced when we moved” or (b) I think they got thrown out by mistake” or “ I thought my son took them to hold onto” or, well, you get the idea.)
J.K.: “What about the set of copies?”
P.C. “I just don’t know! I’ve looked everywhere. What can be done about this?”
J.K.: “We can provide you with a second set of copies. If the originals are truly lost, you may want to consider having us prepare a Restatement of the original Trust.” (This last comment is applicable, as long as the Grantor is still alive and competent.)
At this point in the conversation, we usually recommend that the client take one more thorough look for the documents, and even go back to look in the safe deposit box.
Happily, most of the time, P.C. (now Relieved Client, or R.C.) calls back again, within a few days: “I found them!” (At this point, choose one of the following: (a) “They were in the safe deposit box, after all” or (b) “They were in the last box we unpacked” or (c) “My daughter was holding onto them.”
The moral of the story is clear: Keep you original estate planning documents in a safe deposit box. Keep a copy at home, with information regarding the location of the originals.
Jerry Kessler practices law in Santa Clarita. You may contact him at 661-255-1001 for a confidential consultation.