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Be mindful not to use your bank safe deposit box to store anything you might need to access quickly or when the bank is not open. That could include passports and originals of your "powers of attorney" that authorize others to transact business or make decisions about medical care on your behalf.
What Should Not Go in a Safe Deposit Box: Wills, power of attorney documents or health care directives. Only someone listed on your signature authorization card can access your safe deposit box.
Deeds, titles, and insurance paperwork for your home, car or other property. Insured valuable collectibles, like stamps, coins, trading cards, or other collectible items. Insured jewelry. Business paperwork, such as contracts, records, legal documents, and more.
Hard-to-replace documents the owner doesn't often need to access are good candidates for storage in a safe deposit box. These can include: Original copies of property deeds, automobile titles, and other ownership documents. Personal-identification documents such as Social Security cards and birth certificates.
A safe deposit box is the perfect place to store these irreplaceable certificates. Other documents that you may want to keep in your safe deposit box include diplomas and school transcripts, copies of your will or power of attorney, and sensitive documents that you want to protect from discovery by anyone in your home.
Illegal or restricted items
Certain items—such as firearms, explosives, or illicit substances—may violate bank policies or legal regulations if stored in a safe deposit box, says McGuinn.
Safe deposit boxes are typically sealed after the death of the owner until the probate process has begun or been completed. This is why important documents, such as Wills, Trusts, Deeds, Powers of Attorney, insurance policies and medical directives, should never be placed in safe deposit boxes.
A safe deposit box is perfect for storing original documents, like birth certificates, wills, social security information, annual tax returns, and power of attorney.
The statement that is NOT true about bank safe deposit boxes is that the owner has access to the safe deposit box at any time, as access is limited to the bank's business hours. All other statements about safe deposit boxes are accurate.
In summary
You can rent these boxes to store valuables like important legal documents, jewelry and family photos. However, you may want to avoid storing items you might need immediate access to, such as a passport.
Legal identification and vital records
Jewelry: Expensive or heirloom jewelry that you don't wear often can be safely stored in a safe deposit box.
Another option is to keep the documents in fire- and water-resistant bags inside the safe. The bags themselves offer fire and water protection but not as much as a safe. Still, when combined, they provide another layer of defense. They're also easy to grab for a quick exit before a disaster hits.
There's no one single type, but most safe deposit keys have a routing number on them. If you can't find the exact model, that's okay. Take your best guesses to the appropriate bank, and they should be able to help you identify what the right safe deposit key looks like.
What to Keep in Your Safe-Deposit Box
Fireproof Safe or Lockbox: Storing your will in a fireproof safe, lockbox, or filing cabinet at home is a popular option. These secure containers can help protect your will from damage due to fire, water, or other unforeseen circumstances.
You'll also want to leave out any items that are uninsured or perishable in nature.
A safe deposit box can only be accessed by authorized individuals who are identified by bank staff and have their key. Anyone authorized to access the box must sign an access card documenting the date and time the box is retrieved.
You do not have to disclose what you keep in the box, as this is completely confidential to yourself and any other people who share ownership of the safe deposit box. However, by signing the terms and conditions, it is agreed that the contents will not violate these regulations.
Illegal, Dangerous, or Liquid Items.
Firearms, explosive, illegal drugs, and hazardous materials are among the things prohibited from being kept in a safe deposit box. The same goes for less dramatic items: if you have a collection of rare whiskey, keep it at home.
If a person has guns in the home, it is important to always practice safe and secure firearm storage when not in use. Safe and secure are complementary components: safe means unloaded and secure means locked up in a secure place such as a gun safe or lock box.
Safe deposit boxes are typically sealed after the death of the owner until the probate process has begun or been completed. This is why important documents, such as wills, trusts, deeds, powers of attorney, insurance policies, and medical directives, should never be placed in safe deposit boxes.