Estate Planning Blunders #12 Not Securing Your Estate Plan
End-of-life planning is a crucial aspect of estate planning, but simply creating the necessary documents is not enough. It is equally important to keep them in a safe and secure place that is accessible to those who will need them in the future. In this article, we will discuss the dangers of not securing your estate plan and provide tips on how to keep your end-of-life documents safe.
The Risks of Not Securing Your Estate Plan
Not securing your estate plan can have serious consequences, including:
Loss of documents: Losing your end-of-life documents can make it difficult or impossible to administer your estate according to your wishes. Your loved ones may need to spend significant amounts of time and money trying to locate your documents, which can also lead to legal complications.
Unauthorized access: If your documents fall into the wrong hands, it can lead to identity theft, financial fraud, and other forms of theft. This can have devastating consequences for you and your loved ones.
Outdated documents: Failing to update your end-of-life documents can result in assets being distributed according to outdated instructions, causing confusion and disputes among your beneficiaries.
The Importance of Keeping Your Estate Plan Secure
To avoid the risks associated with not securing your estate plan, it is important to keep your documents safe and accessible to those needing them. This can be done by:
Using a secure storage location: A safe deposit box with a bank, a fireproof safe in your home, or a secure online storage system are all options for storing your end-of-life documents. Make sure to choose a location that is safe, secure, and easily accessible.
Informing someone you trust: Let someone you trust, such as a family member or your attorney, know where your documents are stored and how to access them. This will ensure that your documents can be accessed in the event of an emergency.
Updating your documents regularly: Review and update your end-of-life documents regularly to ensure that they reflect your current wishes and life circumstances. This will help to avoid any confusion or disputes among your beneficiaries.
Tips for Securing Your Estate Plan
Here are some tips for keeping your estate plan secure:
Make sure to create duplicate copies of your documents and store them in separate locations for added security.
Use password-protected online storage systems that have secure access controls.
Choose a storage location that is not susceptible to natural disasters, such as flooding or fires.
Store your documents in a location that is easily accessible to your loved ones in the event of an emergency.
Securing your estate plan is a critical aspect of end-of-life planning. By keeping your documents safe and accessible, you can ensure your wishes are fulfilled after you pass away. Remember to choose a secure storage location, inform someone you trust, and update your documents regularly. Finally, consult an experienced estate planning attorney to ensure your plan is tailored to your unique needs and circumstances.
