Where Are Your Estate Planning Documents and Have They Been Signed?

One of the biggest problems when someone you love dies is where are their "official" documents. Some people share that information with others close to them but too many do not. So today I want to share best practices for estate planning documents with you.

Estate planning documents have no legal effect whatsoever until they are signed and, where required, notarized. Once you have reviewed and finalized the documents, you should proceed to have them executed immediately. As important as this may be, I have found on more than one occasion that people have held documents for years without having them executed. I remember one couple wanted to know if they should execute documents drafted more than three years prior. There are some people who never get around to executing documents prepared for them. That is why it is important that the attorney, or whomever you choose as the coordinator of your estate planning, should always make it a part of their practice to arrange the execution of all estate planning documents.

Once your estate planning documents are executed, you have several options for places to maintain your original documents. You can keep them in a safe deposit box at your bank or financial institution or a safe that is fireproof and waterproof in your home. The attorney can maintain your original documents for you as well. In many states like Pennsylvania, you do not have to file or register your will upon execution. It is only filed or registered at death.

It is your preference regarding the maintenance of your original documents. You also want to make sure those who will be serving in a fiduciary capacity know where your documents are located and can get to them when needed for your benefit.

Do you have questions or comments? Leave them here or contact us at www.ythlaw.com