Where is the Best Place to Store Your Original Estate Planning Documents?

Estate planning attorneys are frequently asked where original documents, such as wills, trusts, powers of attorney, and healthcare directives, should be kept for safekeeping. While there’s no one-size-fits-all answer, the following considerations can help you determine the best option for your situation.

Should You Store Your Original Estate Planning Documents in Your Safe Deposit Box?

Many people think their safe deposit box at a local bank is the most secure place to keep estate planning documents. This can work well if you’ve granted access to your spouse, a trusted child, a family member, or a close friend. However, it's important to understand that giving someone access doesn’t automatically give them legal rights to the box.

Because a safe deposit box is a lease agreement with the bank, only the person(s) who signed the lease can access it. If you become incapacitated or pass away and you're the sole leaseholder, even those you previously gave access to may be locked out. In some states, a court order may be the only way for them to retrieve your documents—an unnecessary delay and expense during an already difficult time.

If you’re hesitant to give someone immediate access, some banks allow you to add your revocable living trust as a co-lessee. This can enable your successor trustee to access the box if you're no longer able to act as trustee. Additionally, if you use a safe deposit box, be sure your trusted loved ones know which bank branch holds the box, as well as where to find the key.

One final note: banks have limited hours. If your documents are urgently needed outside of those hours, access won’t be possible. It’s definitely something to think about as you decide what works best for you.

Should You Store Your Original Estate Planning Documents in Your Home Safe?

Home safes are a convenient option, but to be effective for storing original estate planning documents, your safe should be:

• Bolted to the floor (to deter theft)
• Fireproof
• Waterproof

Also, make sure a trusted individual knows the combination or has a way to access it if you become incapacitated or pass away.

Should You Ask Your Estate Planning Attorney to Store Your Original Estate Planning Documents?

In the past, it was common for attorneys to hold clients’ original documents, often as a courtesy. Today, most attorneys decline this responsibility due to liability concerns. Over time, it may become challenging for your family to locate your attorney, especially if they’ve changed firms, retired, or passed away, making this a less reliable option. While some attorneys may still offer to hold your original documents, it’s often wiser to explore a more dependable alternative.

Should You Ask Your Corporate Trustee to Store Your Original Estate Planning Documents?

If you’ve appointed a bank or trust company as your executor, personal representative, or successor trustee, they may be the ideal place to store your documents if they offer this service. Many financial institutions have secure systems in place for document storage. Just make sure your family knows the documents are there and how to retrieve them when needed.

The Bottom Line

Wherever you choose to store your original estate planning documents, make sure your family, a trusted friend or advisor, or your estate planning attorney knows where they are. If the originals can’t be found, the law may assume they were intentionally destroyed. That could result in your assets being distributed according to state law, regardless of your actual wishes.

If you have questions about where to store your documents or if you'd like help creating or updating your estate plan, we’re here to help. Give us a call today, and let’s talk about your needs.