Safe Deposit Box – Is It Really Safe?

Published: 10th October 2011
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Generally we are all very cautious about safeguarding our valuables and priced possessions such as cash, jewels, and important documents and so on. And the first option that pops up in our mind to store our precious possessions safely is the safe deposit boxes located in banks, post offices and other institutions. Even though this means of storing your precious metals or gemstones or currency or any other important wills in safe deposit box is not safety-guaranteed as well, people go for it to protect it from any vulnerable dangers such as theft, fire, flood, meddling and similar other reasons. But a sensible question to be put forth is whether these safety boxes are really safe of just seems to be secured for the sake of their names. The true answer to this question is that all properties or things that you own are not to be dumped into this box and there are certain limitations as to what kind of things can you place trusting a safety box and what are the things that you should not.



Never should you store original wills, trust instruments, or powers of attorney into a safe deposit box. The basic reason for this restriction is the fact that when that person dies, his or her safety deposit box would be sealed for weeks which would result in considerable delays. Sometimes the situation may become even worse that you may even be forced to spend money for a court order to grant permission for opening the box. So, instead of getting oneself into all these kinds of trauma, it’s always better and advisable to place these kinds of worthy belongings mentioned above in a fireproof safe at home or at your attorney’s office.



Moreover, nowadays it’s also said that a safety deposit box is not a proper place to hoard your cash since it isn’t a reliable one. This can be justified by the reason that they can also be destroyed, as they were done during the World Trade Center Attack. But, on the contrary, due to the global financial crisis, most of the people are finding safe deposit boxes as the best private area to keep their cash safe. So, to avoid the confusion as to what are the things that should go into a safety box and what are the things that should not, experts answer that as a rule of thumb, documents or valuable things that are needed during emergency times are not to be deposited in a safety box since they’ll cause extra tension and stress due to delays in opening them again in urgent times of needs. Other than that, all the important documents and priced possessions that are worthy to be stored privately can be placed in a safe deposit box.



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