The best place to keep signed original estate planning documents

The best place is probably in a safe deposit box because it will protect the documents from theft, fire, accidental loss, and most other types of damage or harm.  A potential problem, though, is getting it opened after your death. 

 If you decide to keep your estate planning documents in a safe deposit box, consider naming a family member or your Personal Representative or trustee as a joint holder on the box.  That should simplify matters following your death because someone will be able to get into the box without delay.

 Another place to keep your original estate planning documents is with the attorney who drafted them.  However, I have decided not to retain original documents because of concern over theft, fire, flood, storms, or other loss of the document.  It would also be prohibitively expensive to store hundreds or thousands of original documents.  Also, what would happen if I were to die or my law firm was to cease operations?

Many people keep their original estate planning documents at home in a secure place.  If you have a safe at home, that can be a good place to keep them.  Be aware though, when thieves enter your home and discover a locked safe, they often take the whole safe thinking they’ll find cash and jewelry.  The last thing they want is a file containing your estate planning documents, but that’s one of the things they’ll get if you keep them in your safe.  Therefore, unless your safe is bolted to the foundation of your house, it may not be the best place to keep your originals.

More people than you would expect keep original Wills and other estate planning documents in an air-tight plastic bag at the bottom of their freezers.  Freezers are well insulated and heavy and have a way of withstanding fires, hurricanes, and tornadoes. Also, they don’t die or move away, and they are stolen far less frequently than in-home safes.

Most importantly, make sure your designated representative knows where they are!

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Like a Will, a living trust provides for distributions of an asset to named beneficiaries.  Unlike a Will, however, a living trust avoids the probate process- which can be lengthy and expensive- and a trust is shielded from public inspection.  For this reason, a living trust is often used to complement a Will, with select assets being transferred to the trust.

If you already have a living trust, remember that changes in your circumstances may dictate revisions to your trust.  Typically, after reviewing this document, you may decide on a reallocation of assets.  The trust may also be affected by a sale or purchase of property.  In addition, you may want to change the named Trustee.  Make sure you are comfortable with the current terms.

And don’t wait until it’s too late.  If you later suffer from a disability that affects your thinking, such as a stroke or dementia, it will be too late to make these changes.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Do You Have a Will?

A Will is the primary legal document for determining how your assets will be distributed and what would happen to your minor children on your death.  But you can’t just place your Will in a fire safe box and forget about it:  Review and update it regularly to reflect changes in your personal circumstances as well as other events. 

For instance, you might add to or subtract from the list of beneficiaries, possibly because of births of children and grandchildren and marriages or divorces of family members.  Or, you might want to replace the Personal Representative (Executor) you initially named in the Will.  Also, your Will may need to be amended if and when significant tax reforms are passed.

And remember, don’t wait until it’s too last.  You will no longer be able to change your Will if you are suffering from a disability that affects your thinking, such as a stroke or dementia.

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Why Seniors Should Not Share a Joint Bank Account with an Adult Child

Case Study:  85 year old Mom comes to see me because she received a notice from her bank that her entire savings account is frozen.  There is a court judgment against her by VISA credit card.  Mom does not have a Visa account.  Grown-up son does.  Mom put grown-up son on her bank account so he could “take care of her” if she got sick.  What Mom didn’t know is that she made HER money now her son’s money, too.  What Mom also did not know is that son did not pay his Visa credit card.

Beware seniors:  you might think that by putting your child’s name on a bank account (or home) you are saving a trip to the lawyer’s office.  Why do you need a power of attorney or will if your child is already on the account?

As you can see by the illustration above, adding a child to a bank account may expose the parent’s hard earned money to that child’s creditors.

Another reason not to take this short cut, if the child is married, and then gets divorced, YOUR money is his money and is subject to division in the divorce.

Need another reason?  For even the best intentioned child, the temptations of money may be too great.  Maybe they have an alcohol or drug issue?  Maybe they need to pay off debts.  The child may feel that there is no true harm by taking some money “early”.

Think again, Mom.  Keep your money safe. 

Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.

This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.

Contact Us

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Prestige Executive Center
823 Dunlawton Ave. Unit C
Port Orange, FL 32129
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New Smyrna Beach, FL 32168
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