Dear Liz: What do you do with your will or living trust once it’s created? Do you put the document in your home safe or a safe deposit box at the bank? Leave it with a friend or relative? What’s to prevent someone who has access to your property from destroying that document? I heard of such a case where the will was never found and the wrong relative took everything.

I imagine you could leave it with your attorney with instructions to ensure it is abided by upon your death. But who will contact the attorney after your death to ensure your wishes are abided by? I know the coroner won’t do it, nor a funeral home.

Answer: Definitely don’t put the original document in a safe deposit box. Once notified of your death, your bank will typically seal the box until your executor can prove they have the legal right to retrieve it — and that will be complicated if the document naming them as executor is in the box.

Keeping the original in your own safe is better than leaving it at the bank, but still not ideal if you fear someone with bad intent could access it. For most people, the best option is to leave the original with their attorney. You can provide copies to your executor and other trusted people and give them your attorney’s contact information.

More information on fiduciaries

Dear Liz: In a recent column, you discussed the difference between fee-only vs fee-based financial planners. Most of my retirement dollars are in an IRA with one of the better-known investment companies. One of the advisors with that firm has advocated for an annuity with a well-known insurance company as a component of my portfolio. So, does this affect the advisor’s status of fee-only vs fee-based, or is this person to be only on the fee-based side of the equation? Or am I just confused?

Answer: You’re confused because it’s confusing — deliberately so. Many investment companies, including the better known ones, don’t make it clear that their advisors do not have to put your best interests first. Most are held to a lower “suitability” standard that allows them to recommend an investment that isn’t as good as the alternatives, simply because it pays them a higher commission.

If you want an advisor that puts your interests ahead of their own, seek out a fee-only financial planner — one who only accepts fees paid by clients rather than commissions and other incentives. This advisor should be a fiduciary, meaning the advisor is required to put your best interests first. The advisor must be willing to state, in writing, that they will put your interests ahead of their own.

It’s especially important to check with such a fiduciary advisor before purchasing an annuity, since these are complex products with potentially significant downsides that could be glossed over by someone who’s being paid to sell you one. An annuity could be the right fit for you, or it could be an expensive mistake. Get an objective review from a fiduciary before you buy one.

Liz Weston, Certified Financial Planner, is a personal finance columnist for NerdWallet. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.