One of the many benefits of estate planning is the stability and peace of mind the documents can convey. Too often, people place the documents in their safety deposit box.
Although it sounds counter-intuitive, the safety deposit box usually is a bad choice for these papers.
Safety deposit boxes are secure precisely because they can only be accessed by the account holder. That limitation can frustrate some of the benefits of planning, particularly when an agent or beneficiary is not on the account.
Estate planning documents need to be stored in a place that is secure but accessible to the designated family members. That way, when needed, they can be used when and how they were intended.
Your family should know what to do and how to access the relevant documents when needed. Otherwise, there is a potential for needless delays and costs.
If they do not, or you are not sure how to have the conversation, consider scheduling a consultation with an estate planning attorney.
Windy City Legal is a Chicago law firm that assists clients with real estate, business law, and asset protection matters.