That’s the question of the day – Where do you keep important papers – locked up in a safety deposit box at your bank or should you keep it at home, In safe place?
First off – it’s important that all the important papers you have – marriage (and divorce) documents, birth certificates, adoption papers, real estate deeds, wills, passports, copyrights or patents, insurance policies, etc – all of these should be reviewed occasionally and, if necessary, changes should be made to those that need to be updated. Many people create detailed files and folders and are very well organized – but many people just stick important papers in either their bank safety deposit box or a drawer in their house that serves as their “all purpose” filing system!
BUT – there are a number of things that make sense to keep at home, not at a bank – best to store these, or copies of these things, at home in a fireproof safe or box.
Property Insurance policies – you’ll need this information right away if your house suffers damage and you’ll need to file a claim – of course knowing how to contact your broker is also a good idea as he/she can navigate you through this process.
Passports, Birth Certificates original social security cards – keep these handy – also be careful with these, they can be a hassle and can take some time to replace
Medical – if you or someone in your family is taking medication for an ongoing condition, a list of medications and the pharmacy you use that will have these records.
Investments – bank account information, investment and retirement account information and perhaps some cash on hand for emergencies.
Vehicles – Spare keys and titles to the cars you own/lease.
Legal Documents – Wills, powers of attorney, health care proxies, etc – keeping these in a bank vault is not a good idea. Safety deposit boxes are sealed upon notification of the box owner’s death. It can take time and money to have this opened and can delay the settlement of an estate.
Of all the items mentioned, legal documents can be the most important thing that you shouldNOT keep in a bank vault. Hopefully you will not need these for a long time – but things happen and you should be prepared. Keep them in a fire proof safe, at home.
As always, if you have any questions or concerns about this or any insurance matters – please feel free to reach out to me!
