Where to Keep Important Documents

When you die, the bank that has your safe deposit box may "seal" it until sometimes-lengthy legal procedures end. This can occur even if a second registered holder of the box is still alive. Only government and court-appointed representatives have access to the box during those procedures. Here are suggestions for using a safe deposit box wisely.

Keep in your safe deposit box

·       birth and death certificates (original)

·       divorce certificates/decrees (original)

·       adoption papers (original)

·       marriage licenses (original)

·       military service papers (original)

·       real estate deeds (original)

·       title insurance (original)

·       mortgage papers (original)

·       savings bonds and certificates (original)

·       rare stamps and coins

·       copy of your will (your law firm keeps original)

·       copy of cemetery deed (your law firm keeps original)

·       copy of burial instructions (your law firm keeps original)

·       copy of life insurance policies (your law firm keeps original)

·       video of all your personal property, periodically updated for casualty loss purposes (fire, flood, tornado, theft, etc.)

Your law firm keeps*

·       will (original)

·       cemetery deed (original)

·       burial instructions (original)

·       life insurance policies (original)

·       important business records, such as articles of incorporation, bylaws, stock certificates, stockholder agreements, buy-sell agreements, deferred-compensation agreements, etc. (original; keep copies in your office)

·       If you change lawyers, get old documents from your old lawyer and have your new lawyer keep them.

Keep in your fireproof home safe*

·       power of attorney

·       living will

·       health care proxy

·       location of safety deposit box

·       location of key to safety deposit box

·       name and contact information for the law firm that keeps important documents for you

·       tax records

·       list of all your assets and liabilities

·       retirement plan documents

·       Social Security records

·       Make your heirs aware of the safe, its contents and the key's location. They need ready access to the contents of the box when you die.

Do not keep in your safe deposit box

·       Cash. Could generate suspicion, tax liability questions, etc.

·       Property belonging to someone else. Heirs could have a hard time proving ownership (or non-ownership) of jewelry or other valuables.

·       Originals of documents that govern how your estate will be handled after your death, such as power of attorney, will, living will, health care proxy, burial instructions, burial plot deed, etc.