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Make It Accessible: Organizing Your Estate Documents

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Organizing Your Estate Documents-papers in a pile on a desk

 

Getting your affairs in order is more about logistics than sentiment. The people acting on your behalf will need two things: legal authority and reliable information. Without both, even simple matters can stall. Begin while you are fully competent.

Consider what documents you have

Your first step should be to assess whether you have all the necessary legal documents.

These may include:

  • A durable power of attorney, which authorizes someone to manage your financial affairs if you are unable to do so
  • A living will — a type of advance directive — that states your preferences for medical treatment if you can’t make decisions for yourself
  • A health care proxy or health care power of attorney, depending on the state, which appoints someone to make health care decisions for you if you can’t make them yourself
  • A do-not-resuscitate order
  • A guardian designation for minor children

This is also the time to clarify your wishes. If you have not formalized your estate plan, consult an attorney to create one.

Organizing your records

If you are unable to act for yourself, a trusted person should know where your essential documents are located and how to reach your attorney, financial institution, and/or executor or Trustee. Create a secure file at home and maintain a written list of important records, account information, and contact names and phone numbers.

This file should include:

  • Personal documents: passport, birth certificate, Social Security information, marriage certificate, divorce decree, military discharge papers, naturalization papers and your will or trust. Probate typically requires the original signed will. Include adoption papers, burial instructions and organ donation documentation.
  • Retirement and death benefits: recent annual statements for retirement accounts, survivor benefit program information and deferred compensation plans. Include the name, address and phone number of each retirement system or plan administrator, whether federal, military, private or through providers such as the Teachers Insurance and Annuity Association.
  • Tax records: federal, state and local income tax returns for at least the past two years as well as property tax bills, deeds and records of liens.
  • Insurance policies: life, auto, homeowners, property, accident, liability, long-term care and hospitalization coverage.
  • Financial accounts: the location of all checking and savings accounts, savings bonds, stocks, bonds and other securities.
  • Credit cards: account numbers and customer service contact information.
  • Online accounts: bank and brokerage accounts, domain names, blogs, social media platforms, shopping accounts and online document or photo storage.
  • Professional and personal contacts: membership organizations that may provide survivor benefits as well as contact information for friends and business associates who may assist your family. Include the names and phone numbers of your attorney, accountant, financial planner, stockbroker, insurance agent, and the executor of your will or Trustee of your Trust.

Where to store your file

Store your file in a location that protects the original documents while allowing your executor to access them promptly.

Consider these options:

  • Safe deposit box: A safe deposit box can be difficult to access after death, and banks may restrict or delay access depending on state law and the bank’s policies. If no co-lessee is listed or the bank limits co-lessee access, your executor may need court authorization to open the box, meaning documents stored there might not be immediately available.
  • Your attorney’s office: Many estate attorneys will store the original or an executed copy of your will in a secure location, sometimes for a fee and sometimes at no charge; policies vary by firm. If the original is lost, destroyed, or stolen, the attorney may be able to provide an affidavit to the court. The attorney can also transfer the will to your executor when needed.
  • A home safe: A waterproof, fireproof safe is appropriate if you ensure that your executor or another trusted person has access to the key or combination.
  • Court safekeeping: In some jurisdictions, the local probate/surrogate court offers “will safekeeping” — depositing your will with the court — for a modest one-time fee.

By organizing your documents, communicating your wishes, and choosing secure storage, you make it easier for your family to carry out your intentions when it matters most.

If you need to create an estate plan or have your current one reviewed, it is in your best interest to speak with an estate planning attorney from Mackay Dressler Law Firm at your earliest convenience. Contact our office to schedule a consultation with a member of our team. Estate planning helps secure your future and the future of your family upon your death. Protect your assets and your loved ones with an updated estate plan.

Miranda Dressler
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