A safety deposit box seems like the perfect place to store your most valuable items. It’s secure, private, and protected from fire or theft at home. But not everything belongs in that little metal box at the bank. Some things are better kept elsewhere, even if they seem important. If you put the wrong items in your safety deposit box, you could face delays, legal problems, or even lose access when you need it most. Knowing what not to store can save you a lot of trouble. Here’s what you need to know before you lock up your valuables.
1. Your Original Will
It might seem smart to keep your will in a safe deposit box, but this can cause big problems. If you pass away, your family may not be able to access the box without a court order. Banks often freeze safety deposit boxes when the owner dies. This means your loved ones could wait weeks or months before they can even see your will. Instead, keep your original will with your attorney or in a fireproof safe at home. Make sure someone you trust knows where it is and how to get it.
2. Power of Attorney Documents
A power of attorney lets someone act for you if you can’t make decisions. But if the only copy is in your safety deposit box, your agent can’t get to it without the document itself. This creates a catch-22. If you become incapacitated, your agent may need the power of attorney to access your box, but they can’t get it without already having that authority. Keep these documents in a place where your agent can reach them quickly, like a secure home safe or with your lawyer.
3. Passports and Travel Documents
Travel plans can change fast. If your passport is locked away at the bank, you might not be able to get it in time for a last-minute trip or emergency. Banks have limited hours, and you may not be able to access your box on weekends or holidays. Keep your passport and other travel documents in a safe but accessible spot at home. This way, you’re always ready to go when you need to.
4. Cash
Storing cash in a safety deposit box might feel secure, but it’s not insured by the Federal Deposit Insurance Corporation (FDIC). If the bank is robbed, flooded, or damaged by fire, your cash could be lost forever. Plus, you can’t access it outside of banking hours. If you need to keep cash on hand, consider using a fireproof safe at home or opting for a high-yield savings account for enhanced security and convenience.
5. Items You Need in an Emergency
Think about what you’d need if disaster struck—medical directives, insurance policies, or spare keys. If these documents are in your safety deposit box, you may not be able to access them when you need them most. Banks can close during natural disasters, holidays, or even due to technical issues. Keep emergency items readily accessible, such as in a home safe or a trusted friend’s house.
6. Uninsured Valuables
Jewelry, rare coins, or collectibles might seem safe in a deposit box, but banks don’t insure the contents. If something happens to the bank, you’re out of luck. Homeowner’s insurance usually doesn’t cover items in a safe deposit box either. If you must store valuables, ensure you have separate insurance coverage for them.
7. Digital Devices and Flash Drives
It’s tempting to store backup drives or USB sticks in your safety deposit box. But if you need to access essential files quickly, you’re out of luck if the bank is closed. Additionally, digital devices can be damaged by humidity or temperature fluctuations within the box. Use secure cloud storage for digital backups, and keep physical copies in a fireproof safe at home.
8. Burial or Funeral Instructions
If you have specific wishes for your funeral or burial, don’t put them in your safety deposit box. Your family may not see these instructions until after the funeral, which defeats the purpose. Share your wishes with loved ones and keep a copy in a readily accessible location at home.
9. Anything Illegal or Questionable
Never use a safety deposit box to store illegal items, such as unregistered firearms, drugs, or stolen property. Banks have the right to open your box if they suspect illegal activity, and you could face legal trouble. Only store items you legally own and can explain if asked.
Think Before You Store
A safety deposit box is a useful tool, but it’s not the answer for everything. Some items are better kept at home, with your attorney, or in digital form. Always consider how quickly you might need something and who else might need access. The right storage choice can save you stress and protect your loved ones from unnecessary headaches.
What’s the most surprising thing you’ve learned about safety deposit boxes? Share your thoughts or experiences in the comments below.
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