When you craft your Rhode Island estate plan, you may concentrate on putting a will, an advance directive and a power of attorney together, among other possible components. While this is a critical part of estate planning and letting others know your wishes, it is also vital that your executor or designee know where to find your important information when the time comes.
According to the National Institute on Aging, creating your estate plan and organizing your important information benefits you in that it helps ensure your desires come to fruition if you are unable to vocalize them. However, doing so is also helpful for your beneficiaries, who may be able to access what you leave behind faster as a result of you leaving an organized plan behind.
Where to keep your documents
You have a number of options available to you in terms of where you keep your important documents. However, it makes sense to keep everything in one place. For example, you may decide to lock everything into a file cabinet in your home, or you may decide to use a safe deposit box at a local bank. If you go the bank route, make copies of your documents and keep copies somewhere safe at home, too.
Who to tell about your documents
If you have already named someone executor over your estate, let this party know where your important documents are going to be. You may also want to tell a spouse, adult child or other close and trusted family member as well. If you do not have someone you trust in this manner, consider letting an attorney know where to access your important information.
Getting your affairs in order takes time and effort, but it is a vital part of planning, not only for your own future but for those of your loved ones, too.