Pretty much everyone is confused about this, so here are the most frequently asked questions, with answers.
Who keeps the originals?
The Client keeps the originals.
Where should I keep the originals?
Wherever you choose to keep your other very important documents. In a drawer, in your nightstand, in a shoe box, in your safe.
Should I share to original documents’ location with anyone?
YES. You want the people you nominated to find your documents when the time comes. So you should really share the fact of the existence of the documents with them, their location, as well as instructions as to how to actually get to them should they need to. That includes house keys and safe combinations.
Should I share physical copies or scans of my documents with anyone?
That’s up to you. Some guiding principles here: you want your nominated people to have easy and quick access to your estate plan in the event of an emergency. But you’ll also likely be updating your plan a number of times before it’s needed by anyone, so you don’t want too many plans floating around out there.
Do any of these documents get registered anywhere? How do people know they exist?
The deed(s) to your real property get recorded with the recorder’s office. All the other documents, including the trust, are NOT registered anywhere. So it’s up to you to communicate to your nominated people that you have the plan, and where it is, and give them access to it.
Should I put the originals into a safety deposit box?
You could, but if you do, make sure that the people whom you’ve nominated to act are also listed with the bank, otherwise the bank won’t open the box for them to get to your documents. Also, banks tend to have strange hours. So this is not my favorite idea. I think a safe at home is probably better as it’s easier to get to.
What happens if I lose the originals, or if they are somehow destroyed?
The short answer is, nothing good. The longer answer is not having the original documents will likely introduce uncertainty into validity of your estate plan, and will make it more difficult for your loved ones to settle your affairs during your incapacity or after your death. In short, please do your best to not lose the originals.
Should I scan my documents?
Yes, I think there’s no downside to scanning your documents. That’s a great idea.
Does the attorney keep a copy, and can I or my family members get one, if we need it?
The attorney usually keeps a copy. With three caveats.
First, the attorney is not obligated to keep copies, or make them available to anyone.
Second, the attorney may move, die, or be otherwise unavailable.
Third, even if the attorney is still alive and reachable by the time you need a copy, because of the attorney-client privilege, the attorney cannot share a copy of your documents with anyone, except for you.
Bottom line: “getting a copy from attorney” should NOT be your document sharing plan, except as a last resort. That said, if I can help, I am happy to.