It's always better to make sure you know exactly where they are and how to get to them and make sure that other people know it as well.Ĭertificates and photos and anything small that you are keeping as an investment are good examples of items to put in a safe deposit box, but you might also consider things like vaccination records or important receipts. The thing is that there are a lot of things that simply cannot be replaced by insurance if they get stolen or lost in a fire or some other kind of disaster. ![]() It might be a slight risk to keep them in a house, but there's no point in keeping them at all if no one ever sees them. That goes double for any photos that people might store. ![]() I don't particularly like the idea of people putting valuable art into a lock box indefinitely, for example, because I think it's a real shame to hide something that could be used to make the world more beautiful. It might be cheaper to just spend a lump sum on one of those, particularly if you have large items you want to store, or if you want to be able to get at them in a hurry.ĭecember 11, - As long as you aren't storing away things you could be enjoying. I would look into getting a lock box, though, rather than a safety deposit box necessarily, as you can get very fancy lock boxes these days that are fire and flood proof and unlikely to be opened by the average criminal. Fine art would still be better off displayed (and that's also because it needs to be properly cared for, not just put into a cheap deposit box and forgotten) but old photos and certificates and other things of that nature can be copied and the originals stored away for safe keeping. For those who continue to use a safe deposit box, we do not recommend keeping your Last Will and Testament in that box.December 12, - Well, in the digital age you can store most things without worrying about never seeing the image. A better practice is to store your valuables at home in a safe or lock box. In fact, the use of safe deposit boxes is becoming a thing of the past. Only then can the probate or administration be commenced.Ĭlearly, safe deposit boxes can become a hassle after the death of an owner. If the Last Will and Testament is found, it must be delivered to the Court by the bank. ![]() In this case, one must first file a petition with the Surrogate’s Court asking for permission to inventory the contents of the safe deposit box, usually under the supervision of a bank officer. To probate or administer the decedent’s estate, the original must be presented to the Surrogate’s Court. Making matters more complicated, the Last Will and Testament of the decedent may be in the safe deposit box. This could be a cumbersome process for those who have no reason to probate or administer an estate other than to access a safe deposit box. New York banking law provides that access to a safe deposit box must be granted to an Executor, Administrator, Trustee or Guardian. Unlike joint bank accounts, there is no right of survivorship feature with safe deposit boxes. ![]() Many people who own safe deposit boxes as joint owners, for instance a husband and wife, mistakenly believe that the surviving owner has free access to the contents of the box after the death of the first owner. Surprisingly, this practice applies even in situations where there are joint owners. It is common practice in New York for banks to “seal” a safe deposit box upon the death of an owner. Di Costanzo: Can my spouse access our jointly owned safe deposit box after my death?
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