What to keep in a safe deposit box

Renting a safe deposit box at a financial institution offers a secure place away from home to store important documents and other items. But what, exactly, should you place in it?

The Federal Citizen Information Center suggests the following items be kept in a safe deposit box:

• Birth certificates
• Citizenship papers
• Marriage certificates
• Adoption papers
• Divorce decrees
• Wills
• Death certificates
• Deeds
• Titles to automobiles
• Household inventory
• Veteran’s papers
• Bonds and stock certificates
• Important contracts

As a general rule, you don’t need to take up space in your safe deposit box for documents that can be easily replaced, such as copies of insurance policies and cancelled checks. Other documents that do not necessarily need to be placed in a safe deposit box are income tax returns, education records, employment records, bank books, Social Security cards and life insurance paperwork.

In addition, anything that might be needed in an emergency – such as passports, originals of a “power of attorney” contract, medical-care directives, and funeral or burial instructions – should not be kept in a safe deposit box.

Valuables such as jewelry can be kept in a safe deposit box. However, keep in mind that in the rare event of a natural disaster or theft, the Federal Deposit Insurance Corp. does not insure the contents of safe deposit boxes nor are they usually covered by the bank’s insurance.

Be sure to store all items in airtight, zip-lock or plastic lidded containers inside the box and photograph the contents.

Finally, the FDIC notes that someone designated as your “power of attorney” is not automatically granted access to the safe deposit box, should you become incapacitated or die. Also, simply giving someone else a key is not enough to grant access – a spouse, child or other key holder must sign the bank’s rental contract as a joint renter. Check with a bank official to find out what is required under state law and your bank’s own policies in the event of your death, the FDIC recommends.

Copyright 2008 BadgerBoomers.com

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