I tried to refrain, but since the thread is still alive ...

If your firm insists on acting as a safe-deposit box for its clients, then
you've got great advice here about what kind of protection you should
install.  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.

There is no ethical or legal obligation that requires lawyers (in any
jurisdiction I am aware of) to hold originals in a custodial storage
capacity.  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.

If you make the argument right, it can become very clear that the ~$5k in
fees you'll get every 5-15 years is not even close to the damages you can
expect if you lose (misplace or cause the premature destruction of) the
client's property and they can't defend or execute their estate when
necessary.  And besides, if your lawyers are as awesome as they think they
are (which I'm sure they are), the client will come back to them regardless
... right?

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.

Just some food for thought.  Good luck with whatever your firm decides to
do!

Julie


-- 
Julie J. Colgan, CRM

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