How does a trust work?

A trust is a document that you create during your lifetime to manage and distribute your assets.

You don’t have to be rich to need an estate plan! While it’s true that high-net-worth individuals often have more complex estates, having an estate plan is important for anyone who wants to ensure their wishes are carried out, no matter the size of their assets.

You've crossed the finish line of estate planning – congratulations! That carefully crafted will, trust, and power of attorney are poised to carry out your wishes. But hold on, the journey's not quite over. Now comes the crucial question: where the heck do you store these vital documents?

Let's explore the possibilities, each with its own set of pros and cons:

1. Home Sweet Home:

Pros: Convenient, always accessible, and you can keep an eye on them. A fireproof safe provides extra security.

Cons: Risk of loss in a fire, flood, or theft. Remember, your house isn't Fort Knox. Family members might stumble upon them before the time is right, causing unnecessary worry or confusion.

2. Safe Deposit Box:

Pros: Secure access with multiple verification layers, fire and flood protection, and peace of mind knowing they're out of your home.

Cons: Access can be limited during bank hours or after someone has passed awy. Dealing with bureaucracy on your loved ones' behalf might be tricky. Consider annual access fees and potential box closure rules.

3. Online Storage:

Pros: Convenient access from anywhere with an internet connection, easy sharing with your executor, and potentially lower risk of physical damage.

Cons: Cybersecurity concerns exist, though reputable sites offer strong encryption. Ensuring your loved ones have login credentials and tech savvy to access them in your absence requires planning. Also, in some instances, a probate court will require the original.

4. Lawyers Office:

Pros: Your lawyer already knows the documents and can readily assist your loved ones when the time comes. Secure storage and confidentiality are guaranteed.

Cons: Not all lawyers offer this service, and fees might apply. Requires additional trust and communication with your lawyer about their document retention policies.

5. Family and Friends (Proceed with Caution):

Pros: Familiar face for your loved ones and potentially easier emotional access.

Cons: Risk of loss, damage, or unauthorized access. Potential for family conflict if mishandled or misplaced. Choose trust and organization skills wisely.

Ultimately, the ideal document sanctuary depends on your individual needs and preferences. Consider convenience, security, and accessibility for your loved ones. Remember, clear communication about their location and who should access them upon your passing is crucial.

Bonus Tip: Make copies! Keep one with your lawyer, one at home in a separate location from the originals and consider sharing a digital copy with a trusted family member (with proper security measures in place).

Start Your Planning

No matter where you choose to store your estate planning documents, the most important thing is to do it! We make it easy. Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting with me. You’ll share your goals and objectives, and I’ll present your options and our unique flat fees. Then, if we’re a good fit to work together, we’ll discuss the next steps. Book your Peace of Mind Planning Session HERE. Mention this blog post and we’ll waive the $450 fee!

You've crossed the finish line of estate planning – congratulations! That carefully crafted will, trust, and power of attorney are poised to carry out your wishes. But hold on, the journey's not quite over. Now comes the crucial question: where the heck do you store these vital documents?

Let's explore the possibilities, each with its own set of pros and cons:

1. Home Sweet Home:

Pros: Convenient, always accessible, and you can keep an eye on them. A fireproof safe provides extra security.

Cons: Risk of loss in a fire, flood, or theft. Remember, your house isn't Fort Knox. Family members might stumble upon them before the time is right, causing unnecessary worry or confusion.

2. Safe Deposit Box:

Pros: Secure access with multiple verification layers, fire and flood protection, and peace of mind knowing they're out of your home.

Cons: Access can be limited during bank hours or after someone has passed awy. Dealing with bureaucracy on your loved ones' behalf might be tricky. Consider annual access fees and potential box closure rules.

3. Online Storage:

Pros: Convenient access from anywhere with an internet connection, easy sharing with your executor, and potentially lower risk of physical damage.

Cons: Cybersecurity concerns exist, though reputable sites offer strong encryption. Ensuring your loved ones have login credentials and tech savvy to access them in your absence requires planning. Also, in some instances, a probate court will require the original.

4. Lawyers Office:

Pros: Your lawyer already knows the documents and can readily assist your loved ones when the time comes. Secure storage and confidentiality are guaranteed.

Cons: Not all lawyers offer this service, and fees might apply. Requires additional trust and communication with your lawyer about their document retention policies.

5. Family and Friends (Proceed with Caution):

Pros: Familiar face for your loved ones and potentially easier emotional access.

Cons: Risk of loss, damage, or unauthorized access. Potential for family conflict if mishandled or misplaced. Choose trust and organization skills wisely.

Ultimately, the ideal document sanctuary depends on your individual needs and preferences. Consider convenience, security, and accessibility for your loved ones. Remember, clear communication about their location and who should access them upon your passing is crucial.

Bonus Tip: Make copies! Keep one with your lawyer, one at home in a separate location from the originals and consider sharing a digital copy with a trusted family member (with proper security measures in place).

Start Your Planning

No matter where you choose to store your estate planning documents, the most important thing is to do it! We make it easy. Start by booking a Peace of Mind Planning Session. This is a 1-hour meeting with me. You’ll share your goals and objectives, and I’ll present your options and our unique flat fees. Then, if we’re a good fit to work together, we’ll discuss the next steps. Book your Peace of Mind Planning Session HERE. Mention this blog post and we’ll waive the $450 fee!