Establishing a will, power of attorney, trusts, and healthcare directives is critical to protect your legacy and ensure your wishes are respected. Just as drafting these documents is crucial, it is just as critical that you ensure they are properly secured. If these important documents cannot be retrieved when they are needed, they will not provide the protection you had intended. Storing these documents improperly can cause unnecessary complications and stress for your family.
One of the main reasons to create an estate plan is to plan for the unexpected. However, it also ensures your loved ones can act on your behalf without interference. To help your family avoid court orders and delays, our Nevada estate planning attorney explains how to, and how not to, store your documents below.
Do Not Rely on a Safety Deposit Box
A safety deposit box may seem like the best option, but there are many problems associated with storing your estate planning documents in one. The biggest of these is that if you suddenly pass away or become incapacitated, your loved ones may not be able to access it.
In Nevada, only owners of safety deposit boxes are granted access to them. If your loved ones need to retrieve documents out of your box, they will need to obtain a court order. This can create unnecessary delays. Even if you have informally given someone else the authority to access the box, this does not carry any legal weight. You may be able to name a revocable living trust as a co-lessee, allowing your successor trustee to access the box. Setting this up is complex and must be done properly.
It is recommended that you do not rely solely on a safety deposit box. This will limit delays and not create more legal barriers.
Using a Personal Safe
You may prefer to keep your estate planning documents in your own safe at home. This can be a suitable option if the safe is waterproof, fireproof, and securely bolted. This is particularly important in Nevada where wildfires and flooding are persistent risks.
It is important to ensure your safe cannot be moved easily and that someone you trust can access it when necessary. You can choose a loved one, your successor trustee, or another trusted advisor. It is important to ensure the key or combination can be retrieved in the event that you are no longer able to provide it.
It is critical to leave clear instructions with someone you trust, and that those instructions are in writing. You can also leave a key or copy of the combination in another secure location. You should never sacrifice security for accessibility. Still, your documents should not be so secure that those who need to carry out your plan cannot access the documents that will allow them to do it.
Using a Financial Institution
Appointing a corporate trustee, such as a financial institution, they may be able to offer you storage for your estate planning documents. These institutions typically use a secure facility, and they have procedures in place to protect your legal documents.
Not all financial institutions offer storage services, but they can be a reliable option if you have already made them part of your estate plan. People who have complex business interests, estate structures, or many beneficiaries may choose this option because it is consistent with their long-term goals and it is a practical choice.
Ensure Loved Ones Can Find Your Estate Planning Documents
Regardless of where you have stored your will, trust, or other estate planning documents, your plan may not be executed if no one knows where to find them. If the original documents cannot be located, it will be presumed that they have been destroyed. Your estate may then be distributed under the state’s intestate succession laws and that may not be aligned with your written intentions.
It is critical that your trustee, executor, or other loved one knows where the original estate planning documents are kept and how to access them. To do this, create a list of all of the estate planning documents you have drafted, as well as where they are stored. This can minimize confusion, prevent delays, and provide your loved ones with the confidence they need to move forward during a very difficult time.
Our Estate Planning Attorney in Nevada Can Provide the Legal Advice You Need
At Boyer Law Group, our Nevada estate planning attorney can draft your important documents and provide all of the advice you need regarding all aspects of your plan. Call us today at (702) 255-2000 or contact us online to schedule a consultation and to get the legal help you need.