Business Succession, Estate Planning, Life Insurance, Medical Power of Attorney, Power of Attorney, Probate, Wealth, Wills

How to Give Your Estate Planning Lawyer More Grey Hair: Safety Deposit Boxes

Safety deposit boxes are an estate planning attorney’s natural enemy.

And here’s why.

A lot of people consider a safety deposit box the natural place to put your estate plan. It’s safe, secure, out of the home (usually), and locked away so no one can tamper with it.

But the problem is exactly that! Safety deposit boxes are too safe, secure, and out of the home!

Once you pass away, no one can access that safety box. You were the only one.

So how can we know what your will says if no one can get to it?

If a client passes away, and their estate plan is locked away, we would need to get a court order to force the third party (usually a bank) to open the box.

That requires opening a case, filing pleadings, getting an order, and physically going to the bank to open the box.

And that’s weeks of time and a lot more in attorney’s fees than you needed to pay in the first place.

And it delays the resolution of your estate by even longer!

Probate is bad enough as it is; we don’t need to make it even longer because we can’t access your safety box.

How should you store your estate plan? Get a binder or a folder, and put every applicable document in the folder. Put your estate plan in a readily-accessible place in your home where you store your other important documents like insurance policies, deeds, and birth certificates.

Then let your loved ones know where you placed those documents. There’s no need to hide the estate plan, but you do want it to be in a place where you and your loved ones can access it in an easy manner.

Get advice on how to conduct your probate and estate plan. A professional, like Legion Law, can certainly help address all these concerns. Our estate plans are cost-effective, comprehensive, and are designed to stand the tests of time.

It wouldn’t be the Legion Law Letter without offering information on how to get in touch with your estate planning and probate attorney. Feel free to schedule a meeting at legionlawpllc.com/contact-us/ for any questions, concerns, or issues you need resolved.

Cheers,


Derek Christensen

Founder of Legion Law, PLLC

17250 Dallas Parkway, Ste. 237, Dallas, Texas, 75248
www.legionlawpllc.com
derek@legionlawpllc.com
O: 682-200-0400 | C: 682-351-5120