If you are concerned about securing your valuable documents and possessions, you’ve probably been wondering which items should go into your bank’s safe deposit box, and which should remain locked away in a home safe. Choosing wrongly could make your most critical items vulnerable to burglary or limit easy access to commonly-needed items. Let’s take a look at the proper strategies for using these safeguards effectively.
General Rules
The primary rule of thumb for determining whether an item belongs in a home safe or a safe deposit box is: If you (or your loved ones) might need immediate access to it, keep it at home; if you want maximum security above all else, keep it in a safe deposit box. Banks keep longer hours than they once did, but they still offer limited Saturday hours and are closed on a variety of holidays. The simple fact that your bank may be some miles from your residence can complicate your ability to gain access to important items in a hurry. But not everything needs to be immediately accessible – and a bank can provide greater security than even the most secure home safe, which may be more vulnerable to fires or burglaries. Here’s a breakdown of what types of items should go where:
Items for Your Home Safe
- Original estate plan documents – The original copies of any Wills, Revocable Living Trusts, Durable Powers of Attorney, and various medical directives you may have specified must be easily accessed by your executor or survivors in the event of a medical emergency or death.
- Social Security cards – Original copies of Social Security cards should also be held in your safe. Not only do you need to keep them away from prying eyes, but you also need to protect the cards themselves (which can be a hassle to replace) from damage.
- Insurance policies – You may need quick access to your insurance policies for any number of reasons.
- Passports – Do you travel frequently, or could be asked to zip off to another country on short notice? Keep your passport and Global Entry Card handy in your home safe.
- Frequently-used valuables – Everyday jewelry and other frequently-used valuables should be safe and sound – and ready when you want them.
- Cash on hand – You never know when you might need cash or other emergency funds above and beyond what an ATM machine will provide you. Your home safe can hold that emergency cash for unexpected events.
- Non-sensitive media – Your book manuscript, journals, and non-sensitive media can be stored in your home safe for periodic access and updates.
Items for Your Safe Deposit Box
- Non-urgent critical documents – If you have critical documents that you may rarely need to view or share, such as divorce papers, military records, or your birth certificate, store them in your safe deposit box.
- Backup copies of estate plan documents – There’s no reason you shouldn’t keep additional copies of your estate documents in your safe deposit box. Most courts would consider submissions of copies of your estate plan documents if the originals were lost or damaged.
- Household inventories – A household inventory will prove highly useful for your executor, but it can most likely wait until said executor can visit the bank. Also, it will also prove handy if a fire or other event damages your property, or if the listed items are stolen.
- Heirlooms and infrequently-accessed valuables – Family heirlooms and jewelry, your “million-dollar” stamp or coin collections, and other high-value assets need the ultimate protection of the safe deposit box.
- Credit card data and other sensitive information – You don’t want to risk exposing your credit card information or other super-sensitive information to a safe-cracker. Relegate this media to the safe deposit box.
One final note: When you’re shopping for a “fireproof” home safe, make sure it can protect not only paper (which burns at 350F) but also photos and digital media (which require temperatures below 125F). In addition, look at the amount of time the home safe guarantees to not reach these temperatures. The higher the time rating, the longer your items will be protected as the fire department extinguishes the fire.
© 2018 Matthew W. Harrison and Harrison Law, PLLC All Rights Reserved
This website and article have been prepared by Harrison Law, PLLC for informational purposes only and does not, and is not intended to, constitute legal or financial advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.
