Friday, October 2, 2015
The best executed estate plan would be worthless if the executor of the estate cannot find the legal documents after a client passes away. This column discusses the importance of making sure the designated executor is able to find the legal documents that client created for the estate. The author of this column, Michael Pace, provided a personal anecdote of an experience he had with his sister keeping her estate planning documents in a hidden compartment that he would not have been able to find or gain access of. This author recommends creating an "info list" template that would explain to the person that is appointed the attorney-in-fact, personal representative, or trustee knows where the necessary information is kept and stored. Trying to get access to these documents after a client passes away would create a lot of stress and hardship for anyone appointed in a fiduciary role.
See Michael Pace, The Best Estate Plan Is Worthless If It Can't Be Found, Financial Advisor IQ, October 2, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.