Creating an estate plan is a personal process that involves important decisions regarding personal property, medical care and other sensitive matters. For these reasons, some Texas adults do not want their estate planning documents easily found and accessible. However, hiding these documents could cause complications for heirs and beneficiaries when it is time to settle the estate.
The security of these documents
It is important to carefully secure documents without hiding them in impossible-to-find places. For example, a fire could destroy documents, they could get lost in a move, or a break-in could result in their loss. For this reason, it is practical to keep copies of all documents, as well as consider storing the original in a safe deposit box. Even if no one else knows how to access the papers, the executor of the estate should know the location of the originals.
It is also important to destroy copies of older and outdated versions of documents. Life changes sometimes necessitate changes to existing plans, but only the newest versions should be kept. Multiple and conflicting copies of estate planning documents can lead to complications when it is time to settle the estate.
Planning with the future in mind
Creating an estate plan is a practical and prudent step for virtually every Texas adult. It is just as important to safely store and maintain these documents in case they are needed. An experienced estate planning attorney can provide insight into how to create a strong and sustainable plan, as well as how to store papers appropriately.