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You are in for a surprise if you think there is not much to using a safe deposit box beyond putting keys in locks. In its own quiet way it is among the bank's most important offerings and among the most misunderstood, even though the safe deposit box service may be tucked down in the basement or far corner of your bank. While millions of people rent safe deposit boxes, few pay attention to questions such as who could or should have access to a bank safe deposit box and how the contents of the safe deposit box are protected. About the only time people ever consider these issues is when there is a problem, and then it may be too late to prevent a loss. To help you decide whether to use a safe deposit box, and how to use one wisely, read the following questions and answers. To keep things simple, our references to banks are intended to apply broadly to banks, savings credit and institutions unions. Why should I rent a safe deposit box? Safe deposit boxes are a convenient place to store important items that would be difficult or impossible to replace. A safe deposit box also offers privacy and security. Although many people like to keep valuables close by in a closet, safe or file cabinet at home or in the office, these places probably are not as resistant to fire, water or theft. Also, some insurance companies charge lower insurance premiums on valuables kept in a bank's safe deposit box instead of at home. What items should go into a safe deposit box? If I lose this, I am in deep trouble, safe deposit boxes are a good place to keep any personal items that would cause you to say, Important papers to consider putting into your safe deposit box, originals of your insurance policies, family records such as birth, death and marriage certificates, original deeds, other, leases, titles and mortgages contracts; stocks, certificates and bonds of deposits. Other valuables worthy of a spot in your safe deposit box include special medals and jewels, rare stamps and other collectibles, negatives for irreplaceable photos, and videos or pictures of your home's contents for insurance purposes. What should NOT go in a safe deposit box? Safe deposit boxes are probably not a good place for anything you might need in an emergency, in case your bank is closed for the night, the weekend or a holiday. Possible examples are originals of power of attorney, passports in case of an emergency trip, medical-care directives if you become ill and incapacitated, and funeral or burial instructions you make. Consider giving the originals to your attorney, and making copies to go in your safe deposit box or to give a close friend or relative. Should it go in my safe deposit box if I have a will? Whether your will should be at the bank or elsewhere, such as with your attorney, depends on what your State law says about who has access to your safe deposit box when you die. Ideally, the person you name to oversee your financial matters after you die your executor or personal representative should have early access to your original will. Kindly visit our site http://www.metrosafe.co.uk/metrosafe/ for more info.
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