So, you got your estate planning documents signed and executed. Now what? This next step you take after signing is very important to make your documents work for you. After all, if you sign them but don’t do anything with them after that, they’re not serving their purpose.
Let’s discuss what exactly you should do after getting your plan in order, including who should have copies of your documents and what to do with the originals.
What to do Right After Executing Your Estate Planning Documents
Once your estate planning documents are signed and executed, the next step is to make electronic copies. You may do this yourself at home if you have a scanner. Connell Law will scan and send copies of executed documents if our clients need such service.
Store these electronic copies locally on your personal computer or on a hard drive. If needed, copies should be accessible. But these copies should also be secure. So don’t store them in a place where unauthorized access is likely (like a work computer or shared cloud storage).
Also notify the ones who are involved in your plan that you’ve completed your documents. Hopefully in the weeks leading up to signing, you’ve discussed your wishes with the ones that you have named as executor, trustee, agents, etc. They should know how to access your documents in the event they are needed.
Who Should Receive Copies of Your Estate Planning Documents
Everyone named as a primary or alternate in your estate plan should receive a copy of your documents. The ones who you give authority to act on your behalf are frequently referred to as Fiduciaries.
These people should receive copies as soon as possible:
- The Executor of your estate and any Alternate should receive a copy of your Last Will & Testament
- Successor Trustees should receive a copy of your Trust Agreement and Certificate of Trust
- Agents and Alternate Agents with Power of Attorney for Property and Power of Attorney for Healthcare should receive copies
- Medical providers, like your primary care physician, should receive copies of your Power of Attorney for Healthcare and Living Will
Beneficiaries also ought to receive a copy of your Will and/or Trust, if appropriate. Minor children should not be given such documents. But adult children should be able to view what your wishes are and ask any clarifying questions about your wishes.
You may distribute these copies electronically, such as on a thumb drive, or give them a hard copy.
Where to Store Originals
You should store the original documents in a secure place, such as a fireproof safe or gun safe. Originals may be necessary for certain types of documents, like the Last Will & Testament. We want to avoid a situation where the original is lost when it’s needed.
Also important is to let your Fiduciaries where the original documents are located and how to access them. If you store your estate planning documents in a safe, make sure that your Fiduciaries can access it.
You may also deposit the sealed original of your Last Will & Testament with the court that exercises probate jurisdiction in your county of residence. The court must have a vault for safekeeping. For those residing in Murfreesboro and Rutherford County, this will be the Rutherford County Chancery Court. There is a mandatory $5 fee for depositing your Will with the court. You will receive a certificate of the deposit.
Final Thoughts on What to Do with your Estate Planning Documents
Signing estate planning documents isn’t the last step. Signing your documents makes them effective. But your Fiduciaries need to know what your wishes are and how to exercise the powers that you give them.
Making copies of your documents, distributing copies to appropriate parties, and safely storing the originals are all critical action steps to take after signing. We discuss these action steps with our clients during signing ceremonies and provide checklists to help with the process of keeping all necessary parties in the loop.
To get your estate plan together, contact Connell Law, PLLC today for a free consultation. Work with us so that we can help you plan today for a more peaceful tomorrow.
