For everyone, estate planning comes as a hard pill to swallow when you think about it. Death makes it harder to swallow as we avoid talking about it. However, it is wise to check on your estate planning docs regularly and make any changes to them where necessary.
If you have not done estate planning, it is time to get on it. Here is our guide on organizing your estate planning documents to take advantage of it.
Gather All of Your Documents
Start by gathering all your estate planning documents in one place. These documents may include your will, trusts, powers of attorney, life insurance policies, deeds, and other relevant documents. Gathering all the documents in one place allows you to easily identify the documents you need to review, update, or share with your executor, trustee, or attorney.
Store Documents in a Safe Place
After you have gathered all the documents, it is important to store them in a secure location. A fireproof safe, a safety deposit box, or a secure storage facility are suitable options for storing your estate planning documents. You should also ensure that your executor, trustee, or attorney knows where the documents are stored and how to access them.
Label Your Documents
Labeling your estate planning papers is important so your executor, trustee, or attorney can find them quickly. You should write on each paper what kind of document it is, when it was signed, and any other important information, like the name of your attorney or witnesses.
To ensure that your estate planning documents are easy to navigate, consider adding custom estate planning tabs to each document. These tabs can help you and your executor, trustee, or lawyer quickly find specific parts of the document. This makes it easier to look over and change as required. Go to https://tabshop.com/custom-estate-planning-tabs to get the best deals!
Make Copies
Making multiple copies of your estate planning documents is essential to ensure everyone who needs them has access to them. You can provide copies of your documents to your executor, trustee, attorney, financial advisor, accountant, and other family members. By providing copies, you can ensure that everyone involved in administering your estate has access to the information they need.
Keep Documents Up-to-Date
It’s important to review and update your estate planning papers often to ensure they are up-to-date and reflect your current wishes. Changes in your life, like having a child, getting divorced, or getting married again, may mean updating your estate planning papers.
It would help if you also looked over your papers when tax laws or laws about estate planning change significantly to make sure they are still relevant and useful.
Consider Digital Storage
In addition to physical copies, consider storing your estate planning documents digitally. You can use a secure online storage service or a password-protected USB drive to store copies of your documents. Digital storage provides an additional layer of security and ensures that your documents are accessible worldwide.
Keep Calm and Organize Your Estate Planning Documents
Having organized your estate planning documents, you are now in control of the outcome to best protect your loved ones when the time arrives. Review and update your plans annually or as needed to ensure that all documents remain up-to-date. Feel free to contact a legal professional for help at any step.
We hope this article was helpful to you. If you enjoyed it, be sure to check out our blog for more valuable information and resources.
