Where to Keep Trust Documents

The above only works to the extent that things are documented. Therefore, the trustee or his lawyer will not rely solely on oral communication with beneficiaries, but will follow up in writing to document oral communications. Have you recently completed your estate plan with a will and receiver lawyer? Congratulations! The hardest part is done. As you strive to tie loose ends or “fund” your trust as needed, it`s also time to think seriously about where you`ll keep your original estate planning documents. And most importantly, be sure to remember where you stored your living trust, as you could run into problems if you can`t find the original documents. An approval relationship can be created for a variety of functions, and there are many types of trusts. Place them in a waterproof and fireproof box or in a household safe that will protect them and allow them to be picked up in the event of a fire or other disaster. Documents stored here may include: insurance policies, deeds, living wills, wills, powers of attorney, and fiduciary documents, as well as a list that summarizes what you have for open credit card accounts, other lines of credit, all investment and bank accounts, other assets, and any prepaid funeral arrangements or burial-related requests. This type of document ensures that your assets are distributed according to your wishes, provides healthcare providers with advice on your medical treatment and care, especially end-of-life care, and ensures that informed financial decisions can be made on your behalf. A trustee should keep a chronological journal (journal) from the beginning. Entries should detail all discretionary decisions, meetings, travel, and expenses to promote fiduciary duties (on a daily basis. A detailed record indicates the basis for all of the syndic`s discretionary decisions: the judicial authority on which the judicial authority relied; the professional advice obtained; and the essential information and documents taken into account in rendering a judgment.

As Irvine`s testamentary attorney and trustee, clients often ask me where they should keep original documents such as wills, trusts, powers of attorney, and health policies to ensure this never happens. While I don`t think there are any strict rules in this area, let`s look at a few options. When a person creates a living trust, they are usually the only one who has access to it. Trusts are private documents. They are never on the public record, even after someone has died. This means that the court does not know what is in a trust, so someone has few options to find a loved one`s missing documents. Make copies: Once you have completed and completed your trust, make multiple copies. Keep one at home, one in your office, and wherever you spend a lot of time. You may also want to consider giving your trustees copies of your trust. This will ensure that they receive what you want to give in the event of death, no matter what. Your will, as well as other important estate planning documents, should be kept in a safe and easily accessible place.

Also tell someone you trust where you keep it, or share the location with them in your Everplan so they can be easily found when they need it. A declaration of trust will also provide the basic conditions for trust. Your estate remains private and goes directly to your heirs, you don`t pay probate lawyers or court fees, and your loved ones may be able to avoid being stuck in probate court for a year or more. From this planner`s perspective, a trust can be a fantastic choice for estate transfer. A will can be kept in your home in a personal safe, locked filing cabinet, or other safe place. If you keep your will in a place that requires a combination, password or key to enter, share this information with someone you trust, for .B. Your spouse, adult children or lawyer. Trusted documents are often misplaced, lost during moves, accidentally thrown away or destroyed. A trust can also be locked in a locker if it is closed after a person`s death. Ironically, given that people tend to put their estate plans in a locker to keep them. One option would be a locker, but that comes with some risks. If you don`t give someone access before you die and the documents that give your loved ones permission to manage your affairs are in the locker, your executor will literally be locked.