Disaster has a way of striking when you least expect it. Your family might have an escape plan for house fires, a rendezvous point for larger catastrophes, or a phone chain in case of a family emergency. What if something happens to your estate planning documents and your family needs to reference them? That lockbox in the house might be fireproof, but what if no one can get to your house to retrieve them? Here are some tips for making sure that no matter what happens, you and your family have a better chance at getting their hands on important instructions should the need arise – because you never really know what lies around the corner.
A – Always Make Copies
Yes, even in this day and age of advanced technology, it is highly recommended to make paper copies of all of your estate planning documents. Sure, the USB or external hard drive could come in handy, but what happens if you are suddenly without power to retrieve a will or a Power of Attorney digitally? Having at least 3 paper copies of important documents can save time and frustration in an already stressful situation.
B – Be Sure to Keep Important Documents in More than One Location
Now that you have multiple copies, where should you keep them? One should be at home with you – just in case you actually do have time to grab it. Another could be kept at a bank in a security deposit box and a third with a trusted friend or relative. “Trusted” is key here – make sure whomever you entrust a copy to will keep it safe for you. Some give a copy to a person that will have an active role in their estate plan at some point. That way, they already have an idea about what would need to be done should something happen to you or your spouse.
C – Check to Make Sure All Important Documents are Together
This is very important, especially if a lot is going on at once. You aren’t going to want to drive around to a bunch of different places or have to make a lot of phone calls just to track down every piece of information you might need. Here is a list of documents that should be together: Trust(s), Wills, Durable Powers of Attorney, Healthcare Powers of Attorney, Deeds, Guardianship documents, Insurance Policies with a Name and Contact number of the agent, Life Insurance Policies, Bank Account Information, Retirement Account information, Loan Account Information, Mortgage Documents, Important Medical Records, Investment Information, and any other documents containing information that someone might need to know in order to help you or your family in an emergency.
D – Don’t Forget to Update Your Documents as Needed
A lot of people think that once they sign their brand-new estate plan that they are set and nothing else needs to be done. Wrong! That’s the funny thing about law – it always changes. It is a good idea (and a smart one) to have your estate plan reviewed once a year to check and see if anything needs to be updated according to new laws or changes in existing ones. A properly prepared estate plan is typically thoroughly drafted, but even the best plan should be maintained as the years go on. If your plan does need updating, make sure that every copy in every location is all up to date.
The Elder Care Firm Can Help You Prepare
When it comes to estate planning preparedness, The Elder Care Firm of Christopher J. Berry can help you get off to a great start. We offer different plans to best accommodate where you are in life and what you want or need protected. Call our office today to find out more about estate planning and how you can get started.