Why a Safe Deposit Box? And What to Put in It

If you're like me, you've probably wondered at one point or another about whether or not you need a safe deposit box (and what you'd put in it if you had one). Well this piece from MSNBC addresses these two issues. They start with the why's first:

Don’t underestimate the importance of an away-from-home place to keep important documents. The safe deposit box is, in fact, the safest place you have — it’s free of risk from at-home fires and also from tampering. If cost or inconvenience is an issue, consider a fire-retardant safe. (There’s no such thing as a fireproof one.)

Personally, I go with the at-home safe. You can get a relatively inexpensive one at an office supply store. Next, MSNBC gives a list of what documents go where:

Here’s our guide to where your documents should go. Note: Some of the items are on both lists. That’s not a mistake.

In a safe deposit box (or, as a second choice, a fire-retardant safe):

• Deeds and titles
• Marriage licenses and divorce decrees
• Birth certificates
• Home inventory
• Social Security cards
• Stock certificates
• List of bank accounts, brokerage accounts, certificates of deposit, and credit cards (with account numbers and branch locations).

In a drawer at home:

• Insurance policies
• Passport
• Tax returns (past seven years)
• Wills and trusts
• Power of attorney
• Medical directives
• Funeral and burial instructions
• List of bank accounts, brokerage accounts, certificates of deposit, and credit cards (with account numbers and branch locations).

Here's another option for "List of bank accounts, brokerage accounts, certificates of deposit, and credit cards (with account numbers and branch locations)." Put this list on your computer, then make a monthly back-up disk and take it to work. Then you'll have this information safe at work in case of a fire or other emergency.

Comments

[ceo in training]

good post on something I've been meaning to look into for a while. I think I'd rather go with an off site box(maybe at a bank) as in-home one can get stolen.