INDUSTRY INSIGHT LEGAL INSIGHT
INDUSTRY INSIGHT LEGAL INSIGHT
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COVELLI & PISCIONE LAW OFFICES , P . C .
SAFEGUARDING YOUR ESTATE PLANNING INVESTMENT
A properly executed Estate Plan is one of your most valuable assets . Your Last Will and Testament achieves several valuable purposes : it directs the distribution of your assets after your death , it appoints the person you have deemed most qualified to carry out your Estate Plan , and perhaps most valuable of all , it provides your family with peace of mind and makes the transition easier for your loved ones in the event of your death .
So , what is the first thing you do with this valuable investment ? Throw it in a drawer in the dining room ? Relegate it to a dusty old filing cabinet in the basement ? Toss it in the top of the closet ? Promptly secure it in your safe deposit box at the bank ?
If you answered “ Yes ” to any of the above questions , it is time to rethink your strategy today ! You may be thinking , “ Wait , why is my safe deposit box not a ‘ secure ’ location for my Will ?” The answer here may surprise you — while the bank certainly is a secure location , it is a less-than-ideal place to keep your Will . This is because accessing your safe deposit box after your death can be complicated , and while Pennsylvania allows for a Will search immediately following your death , it requires your heirs to follow specific procedures in order to access the safe deposit box .
After all of the effort you went through to streamline the process for your loved ones , the last thing you want to do is create a “ hurdle ” for them at the very outset . Similarly , probating a copy of the Will creates some additional hurdles for your heirs , which while not always insurmountable , definitely cause additional time and unwanted expense for your loved ones during an already difficult time .
Now that we know what not to do , what should we be doing to protect our legal documents and make the probate process easier for our loved ones ?
Natalie Piscione , owner at Covelli & Piscione Law Offices and experienced Estate Planning and Probate attorney , offers several helpful suggestions . First , find a safe space inside your home to store your original documents . Ideally , this location will be fireproof and waterproof . While many opt for a safe or a fire box , there are new alternatives coming on the market all the time . Currently , there are even waterproof and fireproof envelopes available both online and at local retail stores for an inexpensive option with a smaller footprint than a standard safe .
After you have secured your original documents , let your Executor ( s ), Agent ( s ), Surrogate ( s ), and Trustee ( s ) know where to locate them , in the event that they need to access the documents . You do not need to share the contents of the documents , or provide copies to your fiduciaries , but make sure that when the time comes , they are able to quickly and easily locate your records . Finally , destroy outdated documents if you drafted newer , updated documents . Your family may end the search once they locate a document , but not discover until much later that a more recent Will was executed , complicating the probate process . If you have updated your Estate Planning , you should destroy or otherwise indicate on the outdated documents that they have been superseded .
And as always , if you have questions about your Estate Planning or Probate , the experienced team of attorneys at Covelli & Piscione Law Offices , P . C . are available to discuss your specific situation with a free initial consultation .
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys , and has been providing Estate Planning and Estate Administration legal services for nine years . The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law . For more information , call 412.653.5000 or visit covellilaw . com .
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