How to Finalize and Manage Your Completed Documents
Completing your Will or Trust is an essential step in securing your estate's future, but it's just the beginning. Once you’ve made these documents legally binding through signatures, follow these steps to ensure everything is properly arranged for the future.
What should I do once my documents are signed?
Once your estate planning documents are signed, you've taken a significant step toward ensuring your wishes are honored. Here’s what to do next:
1. Store in a Safe Place: Keep your documents in a secure location, such as a fireproof home safe or a secure filing system.
2. Notify Loved Ones of the Location: It’s crucial for your family, executors, or successor trustees to know where these documents are stored. While you don’t need to share all details, disclosing the location is important.
3. Review & Update Your Documents Annually: Since circumstances can change, so should your estate plan. Make it a habit to review and, if necessary, update your documents each year.
Having open discussions about your estate plan can help minimize potential conflicts among your loved ones. Even simply acknowledging the plan's existence and its location can make a significant difference.
Do my signed documents need to be filed with the state or sent back to FastWill?
No, your documents do not require state filing while you’re alive, and you don’t need to send them back to FastWill. The signatures on these documents are what make them legally binding. However, it’s essential to keep them in a secure location known to your named executors and loved ones. After your passing, your executor or successor trustee will take care of any necessary filings with local government entities.
Should I store it in a safe deposit box?
While a safe deposit box provides security, it may not be the most accessible option during urgent situations, such as making healthcare decisions. Accessing a safe deposit box can involve bureaucratic hurdles and delays. Consider alternatives that strike a balance between security and accessibility.
What do I do after signing my Trust?
Signing your trust document marks a significant milestone in estate planning. The next step, funding your trust, is just as critical. This involves transferring ownership of your assets into the trust. It's a strategic move that helps your assets avoid probate, ensuring a smoother transition of your estate to your beneficiaries.
What happens to my documents if FastWill goes out of business?
FastWill aims to be here for the long haul. However, in the unlikely event that we're no longer available, any documents you've signed will still remain legally valid.
You can also create new documents or modify your FastWill ones with the assistance of another attorney or a different service.