Bank Safety Deposit Boxes vs. Home Fire Resistant Safe

There are some important documents/papers which need to be kept by you.  They are your proof that something has occurred and you have it paid in full, or papers notarized in case you can’t take care of your own affairs.  They should all be kept in a safe place.

Bank safety deposit boxes are loaned out at a fee to you.  As size of the box increases, so does the annual price….choose what works for you.  You fill out the information, so they have your signature, and you should add a person you trust to also sign. You are then given two keys. If you lose the key(s), it’s quite a costly hassle to get another. You don’t have to give the second key to the other person signed on as they will only need access to the box in the event of your serious illness or death.

A fire retardant home safe in many sizes is available with a one time reasonable lay out of cash for keeping documents safe and handy. They are fire retardant up to a very high degree of heat should there be a fire.  ***An important note:  Should there be a fire, DO NOT open the safe.  Allow the safe to cool down for at least 1 week.  If you open it, it will introduce oxygen, and it will flare up.  Let it completely cool down for a week or more.

You’ve chosen the type that’s best for you.  The papers/documents to put inside are originals of your will, trust, health care proxy, living will, power of attorney, mortgage discharge, birth certificates, military service discharge papers, marriage ctf., divorce NISI, ., important numbers (bank account(s), passwords, court docket numbers), life insurance policies, vehicle title, social security card(s), Retirement and bank account information, etc.  In other words, anything that would be difficult for you or your power of attorney or beneficiaries to acquire or replace in case of your inability to care for yourself, or your death. You may have, or can think of more.

Let your power of attorney know where your documents are kept.