What Do You Keep In Your Bank Safe Deposit Box?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
rattlenap
Posts: 324
Joined: Wed May 25, 2016 6:22 pm

What Do You Keep In Your Bank Safe Deposit Box?

Post by rattlenap » Fri Feb 17, 2017 7:34 pm

I am curios to hear what it is that you keep in your Bank Safe Deposit Box

For myself, I keep:

Passport
Silver Eagle coins
Paper I-Bonds
Vintage Family Photos
Digital copies of documents on a 2nd back-up drive

cadreamer2015
Posts: 521
Joined: Wed Apr 08, 2015 1:52 pm
Location: North County San Diego

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by cadreamer2015 » Fri Feb 17, 2017 7:38 pm

Deeds
Car titles
Social security card
Jewelry
Copies of estate planning documents
Savings bonds

Probably need to think about putting portable hard drive with data backup in there
Last edited by cadreamer2015 on Fri Feb 17, 2017 8:20 pm, edited 1 time in total.
De gustibus non est disputandum

pyld76
Posts: 131
Joined: Thu Feb 09, 2012 4:15 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pyld76 » Fri Feb 17, 2017 8:07 pm

Hard drive with backup of the whole nine yards. Updated every 6 months.
Original deeds, car titles, etc.
Wills and other estate planning stuff.
An offsite copy of the "What DW is to do if I'm hit by a bus or burn down in the house" documentation.
Original social security cards and certified birth certificate copies.
Copies of override keys for safes in the house
A few old mint sets of dubious value.
Printed copes of two factor authentication override codes for various important things.

Gnirk
Posts: 667
Joined: Sun Sep 09, 2012 3:11 am
Location: Western Washington

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Gnirk » Fri Feb 17, 2017 10:50 pm

Fine jewelry, deed to cemetery plots, paper EE and I bonds. DH keeps auto titles, our wills, and other papers in safe at home.

nodenuff2
Posts: 305
Joined: Tue Mar 06, 2012 4:08 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by nodenuff2 » Fri Feb 17, 2017 11:12 pm

Bank lockbox holds cash and gold. Safe at home holds all the paper titles and old deeds
2014 No. 42 2015 No.342 2016 No. 6 what do I know? "Good bless America land that I love..."

carolinaman
Posts: 2592
Joined: Wed Dec 28, 2011 9:56 am
Location: North Carolina

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by carolinaman » Sat Feb 18, 2017 8:18 am

Wills, gold and silver coins, some jewelry

matatupuncher
Posts: 22
Joined: Mon Aug 17, 2015 7:26 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by matatupuncher » Sat Feb 18, 2017 8:43 am

If I'm in the U.S I keep between 80 and 100k in cash, a flash drive w/ important docs scanned and my Zim passport (father was born and raised in the former Rhodesia hence my dual citizenship). Lot of cash but helps me sleep well at night.

And keeps the ex's grubby hands off it :)

User avatar
BTDT
Posts: 758
Joined: Sun Aug 29, 2010 10:40 am
Location: Grand Lake OK

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BTDT » Sat Feb 18, 2017 8:57 am

Pictures of everything in the house, important documents (DD-214, marriage license, birth certificates, etc,) complete plug and play back-up drive, detailed after-death instructions, including location of accounts and passwords, plus 4 months spending in cash for wife to use during probate
If past history was all that is needed to play the game of money, the richest people would be librarians.

flyingaway
Posts: 1191
Joined: Fri Jan 17, 2014 10:19 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by flyingaway » Sat Feb 18, 2017 9:03 am

Why do you need a safe deposit box at a band? Is it free?
I have one safe in my home, with all important documents.

User avatar
Sheepdog
Posts: 4734
Joined: Tue Feb 27, 2007 3:05 pm
Location: Indiana, retired 1998 at age 65

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Sheepdog » Sat Feb 18, 2017 9:31 am

flyingaway wrote:Why do you need a safe deposit box at a band? Is it free?
I have one safe in my home, with all important documents.

One reason is that home safes can be broken into or removed. Another is that safes that are "fire proof", in an extreme fire, the paper contents can be damaged. Most home safes have 2 to 4 hour average fire rating which does not include where a fuel caused fire (gas, gasoline) may be present. Our cost for a larger box is $31 a year....cheap insurance.
I do have a home safe, but not for my very important stuff,, not for hard to replace stuff.
In my bank safety deposit box we have:
Passports
Paper I Bonds
CDs
Birth and marriage certificates
Titles
House ownership papers
Military Discharge
Original Revocable Trust
Photos of house, autos, etc. for insurance purposes.
Valuables
People should not say everything they think. They should think about everything they say.

j0nnyg1984
Posts: 297
Joined: Sun Apr 24, 2016 9:55 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by j0nnyg1984 » Sat Feb 18, 2017 1:10 pm

100% full of silver. I should put my trust and other documents in it but honestly at this point in my life the silver is worth more :twisted:

Cash
Posts: 1159
Joined: Wed Mar 10, 2010 10:52 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Cash » Sat Feb 18, 2017 1:21 pm

I don't have one. We have insurance for jewelry. I can easily obtain another copy of everything else that people have mentioned in this thread (except maybe paper bonds, but I don't have those and see no reason to ever acquire any).

User avatar
BrandonBogle
Posts: 1892
Joined: Mon Jan 28, 2013 11:19 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BrandonBogle » Sat Feb 18, 2017 3:07 pm

Will, deed, blueprints, encrypted backup hard drive.

I should add my social security and such there.

I have three backup hard drives. Two at the house and a third at the safe deposit box. I rotate them through every 6 months. The two at home are just cheap insurance if one fails and I need a doc restored without going to the bank (like on a weekend).

Passport and tax returns I have in my home safe, but maybe I should move my old tax returns to the same deposit box?

Dimitri
Posts: 427
Joined: Sun May 31, 2015 10:51 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Dimitri » Sat Feb 18, 2017 3:35 pm

.....
Last edited by Dimitri on Sat Mar 11, 2017 6:24 pm, edited 1 time in total.
Let's never come here again because it would never be as much fun.

Nearly A Moose
Posts: 512
Joined: Fri Apr 22, 2016 5:28 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Nearly A Moose » Sat Feb 18, 2017 4:25 pm

I've been really lazy about setting up a safe deposit box, so this is a good reminder and useful list of suggestions. Two things I wouldn't bother putting in it:

(1) backup hard drives - I use crashplan to create a complete backup in the cloud in real time. As I understand it, the encryption is very good, and no one is going to randomly guess my 64 character randomly generated password. I just don't see the value in bothering with a physical offsite backup at this stage, especially one that I can only access during the business day, have to spend time actively managing, and that could be 6 months out of date.

(2) Jewelry- if I'm going to possess nice jewelry, I want my wife or me to wear it. What's the point of possesssing something that I never see, touch, or use? Just insure it and use it. If something happens to it, it's still just a thing (if it's of very sentimental value, have some professional photos taken of it, and keep those in a secure location so you can preserve the memory for yourself).
Pardon typos, I'm probably using my fat thumbs on a tiny phone.

shawcroft
Posts: 890
Joined: Sun Feb 24, 2008 4:18 pm
Location: Connecticut

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by shawcroft » Sat Feb 18, 2017 4:38 pm

Excellent discussion and timely. I have been informed some states require a bank to "seal" the safety deposit box upon learning of the customers death. The box is only opened with supervision. Our estate attorney said language should be in the will to direct things in such a box to designated individuals so as to avoid having a formal evaluation of each item performed as part of probate .....such as jewelry and other items having some value
Has anyone addressed how to handle stuf in a safety deposit box in their estate planning?
Shawcroft

pyld76
Posts: 131
Joined: Thu Feb 09, 2012 4:15 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pyld76 » Sat Feb 18, 2017 4:45 pm

Nearly A Moose wrote:(1) backup hard drives - I use crashplan to create a complete backup in the cloud in real time. As I understand it, the encryption is very good, and no one is going to randomly guess my 64 character randomly generated password. I just don't see the value in bothering with a physical offsite backup at this stage, especially one that I can only access during the business day, have to spend time actively managing, and that could be 6 months out of date.


Ever tried to recover data volumed in terabytes from Crashplan or any other cloud-based service via a residential broadband connection which isn't gigabit? I run nightly backups to an offsite NAS which I seeded at home before placing it, but even that suffers from the same problem in that if I had to recover my dataset in full, it would take weeks. On the other hand, yanking a drive out of the safety deposit box at the bank allows me to recover everything back to the date of the last bank copy in hours, and then perhaps be looking at a few dozen Gigabytes (tops) to come current from the offsite (but online) backup. If I had crashplan or S3 or backblaze or just about any other cloud provider, it would take days, if not weeks, to recover my full data set at home and in some cases generate one hell of a retrieval charge.

(This reflects 4TB drives coming from a RAID 1 environment. The problem gets progressively worse as your data set gets larger)

I don't object to the cloud, but recognize that for large data sets on small connections it is still problematic. And only going to the cloud means you have 2 copies of your data. The paranoid person has a minimum of three.

Cash
Posts: 1159
Joined: Wed Mar 10, 2010 10:52 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Cash » Sat Feb 18, 2017 4:53 pm

Dimitri wrote:What I do know is that when you come home and someone has a gun to your wife's head (or child's) you are going to open the safe (if you have one).


True. I don't have a home safe either. Aside from maybe a few hundred dollars, I keep my cash at FDIC-insured institutions. Our most valuable piece of jewelry is my wife's engagement ring, which she wears every day and would not put in a safe-deposit box. If someone wants to steal that, insurance will pay for another. A robber would be sorely disappointed if he came to my house. I'm far more concerned about hacking in this day and age. Safe-deposit boxes won't protect against that.

mpsz
Posts: 157
Joined: Sat Jan 09, 2016 7:11 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by mpsz » Sat Feb 18, 2017 6:24 pm

I live in an apartment, so a home safe can't be secured properly. A burglar could just carry it away and open at their leisure. So I have both, and keep anything valuable or sensitive (in the sense of ID theft) at the bank.

Bank SDB:
- Encrypted backup hard drive.
- Passport book, SS card, birth certificate.
- Printed statements for all investment accounts, updated once or twice a year.
- Checks and debit cards for accounts I don't access in this way very often (online savings, brokerage, etc).
- Car title.
- All insurance documents.
- Coins, jewelry.
- Paper 2FA backup codes.

Home safe (water/fire-resistant):
- Passport card and expired DL as backup IDs.
- Primary checkbook.
- Emergency cash (has been used before).
- Another copy of the encrypted backup hard drive.

Regarding cloud backup -- I use it as well and agree that the download/upload speed can be a problem as well. Services like Backblaze will mail you a 4TB drive with your data for I believe $189. AWS (S3) will do this too (for importing data as well), but their device is very clunky and there's a per-GB fee to load the device (1/3 the cost of downloading). Either way, that would be much faster for a multi-TB restore... but I agree keeping a copy on an external drive would be faster still.

Hockey10
Posts: 123
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Hockey10 » Sat Feb 18, 2017 7:56 pm

Just as important as what is in the box, is who can access the box. My safe deposit box is titled so that it can be accessed by myself, my wife, and my son. In the event that my wife and I are killed in a car crash, plane crash, etc, our son can get into the box without any hassles.

My Dad had a similar arrangement with me (my Mom was already deceased), so when he became incapacitated, I was able to get all of his important documents out when needed.

User avatar
BrandonBogle
Posts: 1892
Joined: Mon Jan 28, 2013 11:19 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BrandonBogle » Sat Feb 18, 2017 9:25 pm

Hockey10 brings up a good point that others should consider.

Many banks have a policy to lock access when the owner(s) pass away and do not allow access until a the executor of the statement provides documentation so they can access the safe. So absent making others available to access the safe, don't leave your only copy of the will in the safe. I keep my original there and a copy at home, but allowing a close family member and/or the execute access will also work.

Dimitri
Posts: 427
Joined: Sun May 31, 2015 10:51 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Dimitri » Sat Feb 18, 2017 9:33 pm

.....
Last edited by Dimitri on Sat Mar 11, 2017 6:22 pm, edited 1 time in total.
Let's never come here again because it would never be as much fun.

User avatar
CaliJim
Posts: 2621
Joined: Sun Feb 28, 2010 8:47 pm
Location: San Fran Bay Area

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by CaliJim » Sat Feb 18, 2017 10:03 pm

Vacheron Constantine
Lange Zeitwerk
Audemars Piguet
-calijim- | | For more info, click this

johnra
Posts: 103
Joined: Sun Dec 28, 2014 12:07 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by johnra » Sun Feb 19, 2017 1:11 am

We don't have a safety deposit box anymore--just added hassle getting to documents like passports, global entry etc when we needed them (and why so secure? these are replaceable)

We keep documents secured at home such as will, disabled daughter's conservatorship papers/health records/SSI papers, passports, titles, social security cards, birth and marriage certificates, life insurance policies, etc

Our attorney also has copies and list of all assets

Many key records are on Dropbox (but these are <1 GB)

cheesepep
Posts: 697
Joined: Wed Feb 17, 2010 10:58 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by cheesepep » Sun Feb 19, 2017 3:55 am

I don't have one (but I should), but I would keep passport, old pictures, and old coins, and some cash.

skepticalobserver
Posts: 841
Joined: Tue Jul 29, 2014 11:29 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by skepticalobserver » Sun Feb 19, 2017 6:26 am

I was told at a local SunTrust branch that they were phasing out safety deposit boxes. The thinking is that digital is the new safety system.

Do any banks still require two keys to open a box?

We used to keep some cash in the box, in addition to CDs, birth/marriage certificates, etc. How can you withdraw large amounts of cash when the teller is giving you the fish eye?

dcabler
Posts: 254
Joined: Wed Feb 19, 2014 11:30 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by dcabler » Sun Feb 19, 2017 6:53 am

7 years of Tax forms
Wife and kid's passports (I travel a lot for work so keep mine handy)
Wills
Living Wills
Birth Certificates
Car titles
Master printout of all passwords/account numbers
Paper bonds (mostly given by parents/grandparents)
Diplomas
Investment Policy Statement
A few silver coins

HarrietSpy
Posts: 26
Joined: Mon Sep 22, 2014 9:59 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by HarrietSpy » Sun Feb 19, 2017 7:50 am

A note about jewelry - I've been advised by a jeweler not to store pearls in a safe deposit box box as the dry conditions can damage the pearls.

I keep some jewelry in the safe deposit box regularly and rotate pieces. Not all are very expensive but figure if we are robbed at home I'll still have a few items left in the box. My home was robbed many years ago and that event influences my thinking. They took every piece of jewelry plus electronics

Before we go on vacation I put all jewelry in the box and take it out after we return.

aqan
Posts: 236
Joined: Fri Nov 06, 2015 7:07 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by aqan » Sun Feb 19, 2017 8:22 am

pyld76 wrote:"What DW is to do if I'm hit by a bus or burn down in the house" documentation

Great idea. I've been thinking about creating something like this for a long time. Do you mind sharing some of the things you have in there.
i only have bank details & insurance policies etc so far.

aqan
Posts: 236
Joined: Fri Nov 06, 2015 7:07 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by aqan » Sun Feb 19, 2017 8:25 am

skepticalobserver wrote:.....
How can you withdraw large amounts of cash when the teller is giving you the fish eye?

I always wonder why you'd need large amounts of cash??? Unless you're doing something fishy;)

User avatar
Toons
Posts: 11921
Joined: Fri Nov 21, 2008 10:20 am
Location: Hills of Tennessee

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Toons » Sun Feb 19, 2017 8:27 am

I don't have one
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

Cash
Posts: 1159
Joined: Wed Mar 10, 2010 10:52 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Cash » Sun Feb 19, 2017 8:28 am

CaliJim wrote:Vacheron Constantine
Lange Zeitwerk
Audemars Piguet


Nice

aqan
Posts: 236
Joined: Fri Nov 06, 2015 7:07 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by aqan » Sun Feb 19, 2017 8:34 am

flyingaway wrote:Why do you need a safe deposit box at a band? Is it free?
I have one safe in my home, with all important documents.

I do both. We keep most of the valuable stuff and not so frequently needed docs at the bank. Keeping everything at home woild be like keeping all your eggs in one basket.
Moreover the safety box at home is mostly to keep your stuff safe in case of fire not so much from thieves

User avatar
BTDT
Posts: 758
Joined: Sun Aug 29, 2010 10:40 am
Location: Grand Lake OK

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by BTDT » Sun Feb 19, 2017 9:03 am

skepticalobserver wrote: How can you withdraw large amounts of cash when the teller is giving you the fish eye?


Some general responses:

I have never had a teller watch me add or remove contents to a safety box, have you?.

Replacing individual documents may be easy but when you have lost all of them (birth certificates, passports, marriage license, discharge papers etc) I think you will have fund a new hobby replacing all of them.

Our wills are always sent to those concerned not left at home to be discovered after death.

Retrieving safe deposit box contents is first on my list of after death instructions to my wife. That is where the remaining instructions are financial records are kept. 90% of our financial transactions are done on-line including auto-bill pay. If the crooks take your computers and fire safe, a safe deposit box can make life a little easier.

All of my accounts and password information are only stored in my safe deposit box. While I may keep all my pictures in the 'cloud', I'm old and dubious about keeping all my financial information in some place I have no control over.

$30 bucks a year for 'my' peace-of-mind is well worth the cost
If past history was all that is needed to play the game of money, the richest people would be librarians.

User avatar
TheGreyingDuke
Posts: 1357
Joined: Fri Sep 02, 2011 10:34 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by TheGreyingDuke » Sun Feb 19, 2017 10:39 am

We recently moved and that forced me to empty the safe deposit box. The contents were:

Old coin collection going back to the late 19th Century
Various wills and medical power of attorney documents from friends who had named me
Paper e bonds purchased in the 1990's and I bonds that were tax refunds
Old legal papers (divorce, marriage license, death certificates)

Made sure that when I opened a new account in our new locale that the entity had safe deposit boxes available. After unpacking and going through the paperwork decided that there was no need. All the paperwork is either available electronically or easily replaceable. I am down to a small fireproof box and a backup hard drive at my son's house, six miles away.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells

wolf359
Posts: 991
Joined: Sun Mar 15, 2015 8:47 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by wolf359 » Sun Feb 19, 2017 10:46 am

What about the horror stories that surfaced during the financial crisis?

http://abcnews.go.com/GMA/story?id=4832471&page=1

Some states (California was mentioned as the worst) went after safe deposit boxes to raid them for assets.

Do you at least check your local state laws to see how they handle unclaimed property (some of the assets in the story weren't actually abandoned), or take any other precautions? (like having a Plan C?)

Data stored on an encrypted drive is probably safe from this type of (admittedly far-fetched) risk. But people will assume safe deposit boxes have valuables in it. That marks them with a target. Is that overly paranoid?

To follow up on California, there was a class action lawsuit, and a federal order stopped them from additional seizures in 2008. The current California unclaimed property website cites a (new?) law that prevents them from seizing or destroying unclaimed property, and notes they haven't done it since 2006.

User avatar
tinscale
Posts: 344
Joined: Thu Dec 17, 2009 11:16 pm
Location: North Carolina

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by tinscale » Sun Feb 19, 2017 11:00 am

aqan wrote:
pyld76 wrote:"What DW is to do if I'm hit by a bus or burn down in the house" documentation

Great idea. I've been thinking about creating something like this for a long time. Do you mind sharing some of the things you have in there.
i only have bank details & insurance policies etc so far.

Here are a couple of previous threads. Good info in there.

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=188292&newpost=2857396

https://www.bogleheads.org/forum/viewtopic.php?t=150124

pyld76
Posts: 131
Joined: Thu Feb 09, 2012 4:15 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pyld76 » Sun Feb 19, 2017 11:17 am

aqan wrote:
pyld76 wrote:"What DW is to do if I'm hit by a bus or burn down in the house" documentation

Great idea. I've been thinking about creating something like this for a long time. Do you mind sharing some of the things you have in there.
i only have bank details & insurance policies etc so far.


Sure.

It's prefaced by a small note of the "I hope you never have to read this..." and some personal thoughts.

It starts out with an overview of what accounts, property, assets, wills, powers of attorney, insurance policies exist at a very high level, and where the details on each can be found (primary location, backup copies, account information and numbers, contact info for all of the above).

It moves to a very detailed explanation of how and where to retrieve all electronic records and data in the event of the catastrophic loss of our primary residence. The backup data locations, the accounts and encryption keys to retrieve, the processes by which to retrieve said data, and where DW can go for help (IT saavy relatives, IT saavy attorney, etc) if those instructions are not sufficient.

A reiteration of the estate things which must be done and instructions on how to do them--getting accounts transferred, executing the will, what things exist in the family trust and what doesn't, where to go to do all of these things.

Notes on what to do to financially manage the estate. This includes a pretty detailed plan of attack, who she can go to for help (financially savvy family members, and a few advisor recommendations, culminating with "if you cannot find any of the above, call VG PAS on the theory they probably won't screw you over.")

A pointer to a completely separate document I drew up about "things DW never cared about from a mechanical and maintenance standpoint around the house, but now must learn" (in the interest of fairness, it has a companion document for DH/me in the event of her untimely demise).

You try to think of everything, but because that's ostensibly impossible I typically revise it once a year with either material changes or things I know I left out.

pyld76
Posts: 131
Joined: Thu Feb 09, 2012 4:15 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pyld76 » Sun Feb 19, 2017 11:27 am

wolf359 wrote:What about the horror stories that surfaced during the financial crisis?

http://abcnews.go.com/GMA/story?id=4832471&page=1

Some states (California was mentioned as the worst) went after safe deposit boxes to raid them for assets.

Do you at least check your local state laws to see how they handle unclaimed property (some of the assets in the story weren't actually abandoned), or take any other precautions? (like having a Plan C?)

Data stored on an encrypted drive is probably safe from this type of (admittedly far-fetched) risk. But people will assume safe deposit boxes have valuables in it. That marks them with a target. Is that overly paranoid?


Without running afoul of the law here on BH, I'd say to you that California's fetish to get its hands on "abandoned" property is about the 8th or 9th position on my list of "fiscal reasons I don't live in California."

In my state, the law is between 3 and 5 years for abandoned property and accounts. In the case of safe deposit boxes, the clock runs either from the point of not paying the rent in the box or the point of last contact (I believe they go with whicher is later). In any event, I can document that I've paid the rent yearly, the signature card the bank is required to retain documents our presence no less than every six months, and I have a ledger of the box contents with pictures of the few "valuables" within.

Be diligent, not necessarily paranoid.

Nearly A Moose
Posts: 512
Joined: Fri Apr 22, 2016 5:28 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Nearly A Moose » Sun Feb 19, 2017 9:55 pm

pyld76 wrote:
Nearly A Moose wrote:(1) backup hard drives - I use crashplan to create a complete backup in the cloud in real time. As I understand it, the encryption is very good, and no one is going to randomly guess my 64 character randomly generated password. I just don't see the value in bothering with a physical offsite backup at this stage, especially one that I can only access during the business day, have to spend time actively managing, and that could be 6 months out of date.


Ever tried to recover data volumed in terabytes from Crashplan or any other cloud-based service via a residential broadband connection which isn't gigabit? I run nightly backups to an offsite NAS which I seeded at home before placing it, but even that suffers from the same problem in that if I had to recover my dataset in full, it would take weeks. On the other hand, yanking a drive out of the safety deposit box at the bank allows me to recover everything back to the date of the last bank copy in hours, and then perhaps be looking at a few dozen Gigabytes (tops) to come current from the offsite (but online) backup. If I had crashplan or S3 or backblaze or just about any other cloud provider, it would take days, if not weeks, to recover my full data set at home and in some cases generate one hell of a retrieval charge.

(This reflects 4TB drives coming from a RAID 1 environment. The problem gets progressively worse as your data set gets larger)

I don't object to the cloud, but recognize that for large data sets on small connections it is still problematic. And only going to the cloud means you have 2 copies of your data. The paranoid person has a minimum of three.


Fair point. But I have some redundancies that help. First, I have a local NAS set up as a RAID array that also holds a full backup of my our computers. So I gave a relatively easy fix if the issue is computer failure as opposed to burning down the house. I also have a work machine that I can use to do anything web-based. Finally, if my house burns down and I have to use the online backup, 99% of that data is archival. I can install key programs easily on a fresh machine and just going again. If I need a document, they're sitting in Dropbox too.
Pardon typos, I'm probably using my fat thumbs on a tiny phone.

aqan
Posts: 236
Joined: Fri Nov 06, 2015 7:07 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by aqan » Sat Feb 25, 2017 8:45 pm

pyld76 wrote:
aqan wrote:
pyld76 wrote:"What DW is to do if I'm hit by a bus or burn down in the house" documentation

Great idea. I've been thinking about creating something like this for a long time. Do you mind sharing some of the things you have in there.
i only have bank details & insurance policies etc so far.


Sure.

It's prefaced by a small note of the "I hope you never have to read this..." and some personal thoughts.

It starts out with an overview of what accounts, property, assets, wills, powers of attorney, insurance policies exist at a very high level, and where the details on each can be found (primary location, backup copies, account information and numbers, contact info for all of the above).

It moves to a very detailed explanation of how and where to retrieve all electronic records and data in the event of the catastrophic loss of our primary residence. The backup data locations, the accounts and encryption keys to retrieve, the processes by which to retrieve said data, and where DW can go for help (IT saavy relatives, IT saavy attorney, etc) if those instructions are not sufficient.

A reiteration of the estate things which must be done and instructions on how to do them--getting accounts transferred, executing the will, what things exist in the family trust and what doesn't, where to go to do all of these things.

Notes on what to do to financially manage the estate. This includes a pretty detailed plan of attack, who she can go to for help (financially savvy family members, and a few advisor recommendations, culminating with "if you cannot find any of the above, call VG PAS on the theory they probably won't screw you over.")

A pointer to a completely separate document I drew up about "things DW never cared about from a mechanical and maintenance standpoint around the house, but now must learn" (in the interest of fairness, it has a companion document for DH/me in the event of her untimely demise).

You try to think of everything, but because that's ostensibly impossible I typically revise it once a year with either material changes or things I know I left out.

Many thanks. I need to get started on the will first and backups next.

appreciate you taking time to list this down.

User avatar
powermega
Posts: 1128
Joined: Fri May 16, 2014 12:07 am
Location: Colorado

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by powermega » Sat Feb 25, 2017 9:00 pm

Passports
Car titles
Property deeds
Life insurance contracts
Marriage certificate
Birth certificates
Social Security cards
Wills
Even a stopped clock is right twice a day.

David Scubadiver
Posts: 413
Joined: Thu Mar 24, 2016 8:40 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by David Scubadiver » Sat Mar 11, 2017 7:07 pm

Make sure your bank is on the top of a hill and not near a body of water. You can't imgaine what those vaults look like after a flood, and forget your paper and cash, completely destroyed. Lots of folks in downtown manhattan leaned the hard way after Sandy flooded the vaults.

The use of a gallon sized ziplock bag will save your stuff in the event of a flooded box. Strongly recommend. This will protect in the event of a sprinkler going off as well.

User avatar
celia
Posts: 6944
Joined: Sun Mar 09, 2008 6:32 am
Location: SoCal

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by celia » Sat Mar 11, 2017 7:41 pm

CHOCOLATE!



(I'm always happy when I leave the bank :) )

tibbitts
Posts: 6852
Joined: Tue Feb 27, 2007 6:50 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by tibbitts » Sat Mar 11, 2017 7:51 pm

David Scubadiver wrote:Make sure your bank is on the top of a hill and not near a body of water. You can't imgaine what those vaults look like after a flood, and forget your paper and cash, completely destroyed. Lots of folks in downtown manhattan leaned the hard way after Sandy flooded the vaults.

The use of a gallon sized ziplock bag will save your stuff in the event of a flooded box. Strongly recommend. This will protect in the event of a sprinkler going off as well.

I don't think ziplock bags seal completely. At least none of the brands I've used actually hold water, and I've tried most of the popular brands. I'd use something else.

David Scubadiver
Posts: 413
Joined: Thu Mar 24, 2016 8:40 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by David Scubadiver » Sat Mar 11, 2017 8:15 pm

Double bag. It'll stay dry enough. Or tape the top closed. It'll stay dry enough.

tim1999
Posts: 3311
Joined: Tue Dec 16, 2008 7:16 am

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by tim1999 » Sat Mar 11, 2017 8:21 pm

I've never had one in my life.

User avatar
pokebowl
Posts: 53
Joined: Sat Dec 17, 2016 7:22 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by pokebowl » Sun Mar 12, 2017 4:07 am

Nothing. I live on a tropical island. Any documents that allow for electronic copy while still being seen as "valid" are safely encrypted in cloud storage. The rest of my needed important documents and physical cash are kept in a small 100% water proof "go-bag" in a home safe. I also have a backpack sitting next to said safe with camping gear, sleeping bag and canned food/water. Earthquakes, tsunamis and hurricanes do not discriminate between bank and home.

User avatar
Ged
Posts: 3274
Joined: Mon May 13, 2013 1:48 pm
Location: Roke

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by Ged » Sun Mar 12, 2017 12:49 pm

My safe deposit box is currently empty. However I have a new set of estate documents in preparation - wills, POA, living wills. On top of that will go an encrypted hard drive and some optical disks with tax data, family photos and other assorted data.

inbox788
Posts: 4099
Joined: Thu Mar 15, 2012 5:24 pm

Re: What Do You Keep In Your Bank Safe Deposit Box?

Post by inbox788 » Sun Mar 12, 2017 5:30 pm

shawcroft wrote:Excellent discussion and timely. I have been informed some states require a bank to "seal" the safety deposit box upon learning of the customers death. The box is only opened with supervision. Our estate attorney said language should be in the will to direct things in such a box to designated individuals so as to avoid having a formal evaluation of each item performed as part of probate .....such as jewelry and other items having some value
Has anyone addressed how to handle stuf in a safety deposit box in their estate planning?
Shawcroft

I have a joint account, so I assume spouse has access and it's only an issue if we both go at the same time. Is that a wrong assumption?

I've made numerous attempts to organize things into the safe deposit box, but more and more have discovered that it's not needed or better saved elsewhere. Anything that has numbers or is a document that can be scanned is better off in a secure cloud somewhere (and/or a USB drive). Things like deeds and DMV papers are replaceable, so I'll take the trouble to replace them when/if needed rather than take the trouble to go extreme on safekeeping them. A copy of a will is about all I think needs to go in the safe deposit box. I use my passport often enough that it's too much trouble to keep elsewhere. Trips to the safe deposit bank are so infrequent that I forget what's there, and often forget why the items went in in the first place.

For those extreme planners, don't forget the hair die, color changing contact lenses, and other items (pills? why? pen? injectable?) along with the obvious cash in multiple currencies, credit cards, passports from various countries, and protection.
Image

Post Reply