How to Use a Safe-Deposit Box

Important papers are more secure in a safe-deposit box than in a file at home. Here are some ideas on how to use your safe-deposit box effectively.

Instructions

Difficulty: Easy

Things You’ll Need:

• Safe-deposit Boxes
• Vital Documents

1. Put original records in the box. Documents might include birth certificates, marriage and divorce certificates, military discharge papers, and passports.
2. Include investment certificates - stocks, bonds, government securities and passbooks.
3. File records of your profit-sharing and pension plans, IRAs, and so forth.
4. Put the certificates of title to your cars in the box.
5. Include copies of wills and death certificates.
6. Put valuable jewelry or collections in the box.

Tips & Warnings

• You will probably receive two keys for your safe-deposit box. Keep them in separate places.
• Make sure trusted family members know where your box is located and where you keep the keys.
• Give the bank names of family members (especially your spouse) who have legal access to the box. Make sure family members know they have access.
• Avoid keeping papers that are sealed at the time of death in the box.
• Keep life insurance documents elsewhere.
• It is illegal to keep drugs, alcohol, weapons or explosive items in a safe-deposit box.