> From: "Julie J. Colgan" <[log in to unmask]>
> Date: May 24, 2012 3:21:15 PM EDT
> Subject: Re: Legal Requirements for Vault Storage
> 
> 
> SNIP from Julie:

> However, I strongly suggest you critically question why it is
> your firm is retaining original wills and other original financial
> instruments in the first place.
> 
> SNIP from Julie:

> Lawyers hold onto them (and accept the immense risk associated
> with it) because it all-but guarantees that the client will HAVE to return
> to that same lawyer when they need to update their documents.  It's a
> client retention tactic, nothing else.
> 
> SNIP from Julie:

> While I was in-house and still now when I consult with law firms I
> recommend the firm image the instrument (will, trust, whatever) so they
> have a copy in the file to facilitate updates, but that the original be
> promptly provided to the client upon signature for their own safe-keeping.
> The risk and effort required to appropriately hold onto intrinsically
> valuable property of your clients *for no significantly good reason* is
> never worth it in the end.
> 
> Julie

But how would the client create this safe-keeping?  The answer is that the single client will not build a vault so no real safe-keeping is ever provided. 

To me, the high quality law firms would deliver a safe vault for Trust Documents, Wills, Estates and while they have the liability for this, they charge an appropriate fee for this and the biggest service is that no one can gain access to the will or estate documents.  If the law firm will not offer this, who would?

Plus law firms do have a legal liability to protect documentation involved in litigation. Failure to show up in court with documentation would be cause for Summary Judgement.  Who should protect the Data Map the Court is requiring for discovery?

In large estates, protecting the original documents from fraudulent heirs is a key function. Even just destroying the original sends the estate into a state where it is not the intent of the person who created the Will.

If not the law firm, how can any large estate protect itself? Just shunting the responsibility would tell me that the law firm is not really interested in protecting my interests. 

What can I expect from a law firm storing my pre-trial documents? Do they not have the liability here? In a pharmaceutical trial one box of documents represented a liability of $80 million should the documents not be available. If they refuse to vault these documents while in their care, it would ruin their reputation in the trial industry.

Hugh Smith
FIRELOCK Fireproof Modular Vaults
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(610)  756-4440    Fax (610)  756-4134
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