Do you have a self-storage unit or plan to rent one? Many Americans use these handy extra spaces for everything from business inventory to seasonal sports equipment or even an extra vehicle. But how should you address your storage unit when doing estate planning? Here are a few tips for every storage unit renter to make sure their things and their heirs have a smooth transition.
1. Provide Additional Access
Should you be the only one to have access to your unit? That may not be the best plan. If something happens to you unexpectedly, no one would likely be able to access the space for some time. Your stuff is at risk and the executor can't do their job. Make sure at least one person has access in case of an emergency.
2. Make the Executor Aware
The executor of your will (and possibly one or more heirs) should be informed that you rent a storage unit. You can do this in conversation or include it in your will or estate documents. Include the details about where the unit is, what it holds, and how it can be accessed by survivors.
3. Inventory Your Storage Unit
Know what's inside your storage space. Are there items that family or friends will want for sentimental reasons? Do stored goods have a monetary value that the estate needs to include? Does anything need special handling? This allows you to prepare the executor or provide a plan of action for special items.
4. Find Out the Process
Talk with the staff at your chosen facility about what happens if you die. All storage facilities should have a set response process. How long will they wait before reaching out to the emergency contact? Will they send certified mail before foreclosing? What paperwork do they require from the executor or heir? Knowing what they need means you can prepare in advance to make the transition.
5. Keep It Secure
Unfortunately, when a person passes away, some family members or heirs may take advantage of the opportunity to take items they want or even hide things from other heirs. Not only is this unfair to your heirs, but it also increases family conflicts. Prevent this by choosing a secure storage facility with proper safeguards in place.
Where to Start
Preparing for the possibility of your own demise isn't fun, but it's important. Start planning for your storage unit's future by touring safe, secured, and experienced storage facilities near you today.
Contact a local self-storage service to learn more.
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