Keeping Your Estate Planning Documents Safe and Organized – The McNamara Law Firm

Estate plans can be physically bulky, and often consist of numerous documents, including a Trust, Power of Attorney, Advance Healthcare Directive, HIPAA release, and others. For married couples, there are often two sets of most documents – one for each spouse. The client typically keeps custody of the original documents in a binder with “tabs” identifying each important document. The attorney keeps a digital copy. If a document needs updating, it should be done in strict compliance with the law, and placed in the estate planning binder – NOT haphazardly thrown somewhere, or put in a strange location where it will likely never be found.
Unfortunately, many people fail to maintain their important binders. They lose them, scribble on them, toss them out in error, or keep them in odd places never to be found. Do not keep them in a safe deposit box, as most family members do not have access to the box, or don’t know of the box’s existence. Keep the binder organized, and in your home office or where you pay your bills. It should be easily accessible in the event of an emergency. Your next “Trustee” and “Agent” should know where those documents are, and how to use them if needed. Keep your list of assets updated as they change. Don’t keep statements for closed accounts, or deeds for property sold long ago. Make sure your beneficiaries are current on your retirement accounts, and your trust assets titled in the name of your trust (such as brokerage accounts, real estate, and savings accounts). If you’re not sure if things are done correctly, it’s time to have your documents reviewed by an attorney.
For more information, or for an appointment, please visit www.theMcNamaraLawFirm.com, or call (661) 287-3260.