Why Treasures in Safe Deposit Boxes Get 'Lost'

Here's a piece from Money Central that talks about how thousands of safe deposit boxes are declared 'abandoned' every year, how their contents are turned over to the state, and how you can keep it from happening to you.  Here's the situation:

Every year, untold numbers of safe deposit boxes are declared "abandoned," drilled open and their contents turned over to state unclaimed-property offices. Whatever's inside that can be auctioned -- jewelry, stamp collections, coins, watches -- eventually is sold to the highest bidder.

The proceeds from these sales join the estimated $23 billion sitting in states' escheat coffers, waiting for the rightful owners to appear. But the stuff that's sold, much of it irreplaceable memorabilia and heirlooms, can never be retrieved.

Here's their advice for making sure this doesn't happen to you:

• Call your bank.
• Visit your box. (at least once a year).
• Tell your heirs.

Of the three tips, the last is probably the most important. I would suggest that as you put together your will you include written instructions on how your heirs should get into your safe deposit box and how the contents are to be divided.

I don't have a safe deposit box (I use a fire retardant safe at home), but I am planning on mentioning my safe in the update I'm doing to my will this year.