We live in a scan and email world where documents are executed electronically. Even million-dollar real estate deals are electronically signed, which is perfectly legal. It is common to store business records on computers. Is that good enough? I’m not a tech guy, but please BACK UP! Other than that pithy advice, you should have some real, original documents maintained in a safe place. This is especially true with estate planning documents. Having a copy of your will or power of attorney or trust is not enough. You have to have the originals, so we advise keeping them in a binder in a safe place in your home that is accessible to those who might need them. Your executor, powers of attorney agents, trustees need to know where these documents are and how they can obtain them.
There are other items that are equally important that you have the original (or certified copy) and that you store it safely:
- Birth certificates and adoption papers
- Death certificates of your closest loved ones (parents, spouse, children)
- Your marriage certificate.
- A copy of any divorce record of a prior marriage
- Social Security cards
- Military discharge records – essential to apply for VA benefits, including burial in a National Cemetery
- Life insurance policies
- Stock or ownership certificates of closely-held or publicly-held companies
- Beneficiary records on any bank or investment account
- The bank/investment account agreements (which will indicate right of survivorship or beneficiary designations)
These originals are vital for you and for your loved ones.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
