Safe-deposit box is not a necessary requirement of every one but some people want a deposit box to save their valuable things. Anyhow, if somebody owns it, he should avoid putting a will or cash in it rather he can go for property deeds, insurance policies, collectibles, family heirlooms and other personal documentations.
Things to be stored in bank safe-deposit box
Deposit box is just to provide you with a facility to save your important documents, belongings and daily use items that in a case if you lose them you would not regret of them. The purpose of deposit box should be defined. One should go for storing those things which, in case he loses, don’t get him or others in great trouble, these items can be;
- Birth or marriage certificates
- Insurance policies
- Property deeds
- Rare coins
- Irreplaceable family photos
- Stock or bond certificates
- Foreign currency
But some people are also found of reluctant attitude regarding storage of these items into their boxes because of some privacy concerns.
Things not to be stored in bank safe-deposit box
Do not save and put such things in your deposit box that in case, if they are lost you would regret of those. Be very sure about the purpose of deposit box before submitting your important belongings. Following are some items that should be avoided to save in your deposit box because they can cause a trouble for you. Putting such items is a high risk in fact, they include;
- You will documentations
- Your cash
- Those items of yours that you think you may need in emergency.
- Your power of attorney
- Property documents
Joint safe-deposit box can be risky in a way that they have an access of other people who are enrolled for it. So avoid such things in your deposit box. Go for managing them at your personal security box at your home or in your office.
Your bank safe-deposit box after your death
Anyone who is a co-renter of the box has immediate access to it after your death, but if it was on a sole rent an executor or executrix that you have designated to handle your estate after your death, would get access to your safe-deposit box. For speeding up the process, have a “temporary executor clause” in a will, he can obtain a court order quickly after your death to access the box.
Appointment of a trustee
If you legally appoint a trustee to oversee assets placed in trust before your death, that person also would have access to the safe-deposit box upon your death. But in this case all the authority and responsibilities are on the trustee of the account. It depends upon him that what he has to do with your assets after your death.