The lawyer’s duty towards retained estate planning documents

Jennifer A. Kosteva (Associate, McGuireWoods LLP, Richmond, Virginia) has recently posted her article entitled Where There’s a Will, There’s a . . . Duty?: A Closer Look at the Safekeeping of Clients’ Original Estate Planning Documents.

Here is an excerpt from the article’s introductin:

Before the ink has dried on their newly executed wills, clients often ask their attorneys and other advisors where they should store their original estate planning documents. A number of options are available, each with their own advantages and disadvantages. The options for storing original estate planning documents include in the client’s home safe, in the client’s safety deposit box at a bank, with the drafting lawyer, with the named fiduciary, with a trusted family member, friend, or advisor, or in some jurisdictions with respect to wills, with the clerk or registrar of the appropriate court. This article examines the duties of a lawyer who retains a client’s original estate planning documents for safekeeping. The article also considers safekeeping by a bank, trust company, or other financial institution serving as a fiduciary under a will or trust, or as an advisor to the client.