Preserving Estate Planning Documents

One can oftentimes underestimate the importance of preserving original estate planning documents. 

A decedent’s original will is required to commence probate.  Without it, it may be nearly impossible to probate the decedent’s estate.  When the terms of a missing will can be established through a copy, then one may try to probate the lost will.  However, the deceased testator last held the original will, then the missing will is presumed to have been revoked. 

Because it is so important to keep original documents, using a bank safe deposit box is a good approach provided someone has a key to the box or is named as a co-owner or co-signatory. 

Normally, the trust and will are kept together.  The same principles apply to any original trustee affidavits and trustee resignation documents. 

The original power of attorney to manage property, financial, and legal affairs must be maintained.  While some recipients may accept a certified copy of the original, the original document is required to be presented to a notary public or a licensed attorney for copying and certification.  If the power of attorney provides that it is immediately effective when signed, the original document should also be kept in a safe deposit box against abuse until needed. 

The advance health care directive or durable power of attorney is different than other documents in that a photocopy is as good as the original.  This also true for bank and brokerage account statements. 

See Dennis A. Fordham, Estate Planning: Importance of Original Estate Planning Documents, Lake County News, Nov. 15, 2014.