Money Analysed

Secure Your Valuables: What Not to Keep in a Safe Deposit Box

Safe deposit boxes can be an excellent way to store valuable items, documents, and keepsakes, protecting them from theft, damage, or loss. However, not everything belongs in a safe deposit box, and some items should be easily accessible to you and your loved ones.

In this article, we will discuss some of the things you should avoid storing in a safe deposit box and the importance of accessibility to specific documents and items. Items to avoid storing in a safe deposit box:

1.

Wills: Although it might seem like a good idea to store your will in a safe deposit box, keep in mind that after you pass away, it may be challenging for your loved ones to access your safe deposit box without a court order, which can take time and cost money. 2.

Cash: Depositing cash in a safe deposit box is not recommended since it’s not insured. If you need to store cash for a short period, it’s better to keep it in a secure location at home or deposit it in a bank account.

3. Keys to something important: Avoid storing any keys that you might need, such as house keys, car keys, etc., in a safe deposit box.

Instead, keep them somewhere safe, where you can access them easily. 4.

Jewelry: While it may seem like a safe and secure location for valuable jewelry, a safe deposit box could be inconvenient if you want to wear or enjoy it. Try keeping your jewelry storage in a place that you can access easily.

5. Original trust documents: If you store your trust document in a safe deposit box, it could create unnecessary problems for your beneficiaries.

Ensure that your beneficiaries have access to the document, so they know what to do when the time comes. 6.

Medical power-of-attorney document: Your agents and doctors need to access your medical power-of-attorney document quickly. You can leave a copy with your doctor, agent, or a trusted person whom you know you and your health care provider will contact.

7. Passports: Avoid storing your passport in a safe deposit box, or any other location where you can’t get it swiftly if needed.

You will need your passport for many things, such as international travel and identification. 8.

COVID-19 vaccination card: As we know, It has become crucial to have a COVID-19 vaccination card with us all the time. You can carry it in your wallet, purse, or keep it in a fireproof document safe in your home.

9. Loaded weapons, liquids, and explosives: Storing dangerous items like loaded weapons, liquids, and explosives in a safe deposit box is prohibited in most institutions, so keep those elsewhere.

10. Instructions or directions to loved ones: Avoid keeping funeral instructions, estate distribution, and other important instructions in a safe deposit box.

It’s essential to ensure that your loved ones can access these documents easily when the time comes. Importance of accessibility to certain documents and items:

1.

Will accessibility: Keep a copy of your will in a fireproof document safe in your home and inform your beneficiaries where the document is stored. Consider giving a copy to your attorney.

2. Cash accessibility: As mentioned earlier, it would be best to avoid storing cash in a safe deposit box.

You can keep cash at home somewhere secure so that you can access it when needed. 3.

Importance of key accessibility: Keep your keys in a secure location at home where you can access them quickly. It’s also a good idea to keep a spare key with a trusted relative or friend.

4. Need for jewelry to be worn and enjoyed: Jewelry is meant to be enjoyed and worn.

Store it somewhere where it’s easily accessible so that you can put it on and feel it’s beautiful. 5.

Trust document accessibility: Ensure that your beneficiaries know where to find and access your trust document when needed. This document is critical when it comes to distributing your assets after you pass away.

6. Medical POA accessibility: Medical power-of-attorney document should be accessible to your doctors, agents, or loved ones who will be caring for you when needed.

Consider leaving a copy with your doctor. 7.

Passport accessibility: Keep your passport in a secure and accessible location, such as a fireproof document safe at home. It’s essential to have your passport in case of any emergencies or situations where you need it for identification.

8. Importance of COVID-19 vaccination card accessibility: Ensure that you carry your COVID-19 vaccination card with you or keep it in a fireproof document safe at home where you can easily get it.

9. Accessibility of funeral instructions and estate distribution documents: Ensure that your loved ones can access any documents outlining your funeral instructions and estate distribution.

Keep them in a secure, accessible location in your home. Conclusion:

Storing important documents and items safely is crucial, but some items should not be kept in a safe deposit box.

We hope this article gives you an insight into what to avoid storing there and the importance of accessibility to certain documents and items. Keep your valuables safe and accessible.

In summary, when it comes to storing important documents and valuables, it’s important to be cautious about what you put in a safe deposit box. Avoid storing items such as cash, keys, wills, and passports, and keep in mind the importance of accessibility to documents and items related to medical care, estate distribution, and jewelry.

Store these items in a secure location at home, and make sure your loved ones know where to find them if needed. Remember, storing things safely and having easy access to them is crucial, and with a little bit of forethought and planning, you can ensure that your valuables remain protected while being easily accessible when required.

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