An original will or trust may both be extremely important for ensuring that your loved ones are able to receive the assets that you intend. However, in many cases, it can be confusing for your personal representative to keep track of all of these pertinent documents and to ensure that they are stored in the right place. In addition to your will or trust, other documents that can help your personal representative handle your estate administration include life insurance policies, passwords and login details for online or other accounts, and contact information for any banks or other places where you have assets saved.
Estate planning attorneys frequently keep original documents, and in these situations, lawyers are responsible for ordinary care for preservation of the documents. This can include holding it in a safe vault, safe deposit box, or other secure place. That said, it’s also a good idea to keep your own copies somewhere that your personal representative can find them for you and begin to determine the total number of things inside your estate.
Any personal representative responsible for handling your estate administration should be prepared to keep copies of all critical documents, such as things like your life insurance policy, trust documents and distributions made from any trust or from the will. Keeping all of this material in one common location makes it easier to provide necessary reporting to the court and to keep beneficiaries informed as to the status of distributions.
Beneficiaries may believe they are entitled to a significant portion of the estate, but it is the personal representative’s job to pay out taxes, creditors and any other financial obligations before distributing the remaining assets to beneficiaries. A clear paperwork trail with proper recording of every transfer or payment made will help to provide clarity to all beneficiaries and to the court, thus protecting the personal representative from individual liability issues.
For more information about setting up your estate planning, contact a Pasadena estate planning lawyer today.
