Perhaps you have grown with your mom or grandma telling you to always keep your valuables safe and intact. Thus, you have always thought of getting or renting safe deposit boxes where you can keep your precious possessions. However, there are some items that are worth keeping, and there are some that are not. What are the best items to keep in your safe deposit box, and which ones need to be placed somewhere else?
When you start your website, the amount of space you need will most likely be pretty low, less than 1GB, so do not pay for a lot of space that you are not going to use. You can always buy more space as your needs grow. If you pay for 5GB per year, and throughout the course of that year, you never use more than 1GB, then the balance 4GB is money wasted.
CD rates are typically higher and higher rates mean more interest earned for you. Even if you open a CD for only three months at 0.60% you’re still earning triple what you would in an average savings account.
Copies of your insurance policies and wills: Take note of the word “copies.” There is a very good reason why the real ones should be kept elsewhere or, in fact, handled by someone else such as your lawyer. When you die, there’s no one else who will be able to open your watch safe boxes or have access to them unless you have left some instructions on what to do to a loved one or to your representative. The original copies will then be needed for processing. The copies, meanwhile, will just be for your own protection just in case you need to present proofs in some situations, and the original ones are not with you.
You probably will not get the first domain name of your choice, and will need to try a few times before landing on one that is still available. This is a very important exercise, so take all the time you need.
Those are the basic documents you should keep… a lot of people also keep copies of credit cards (both front and back photocopied) and passport photocopies for yourself and all your family members. Another good idea is to keep pictures of all the major asset you own, including your house and your boats and RVs, and things of this nature. Keeping pictures of these things is important if you ever need to make an insurance claim of any kind.
Each may also come in various sizes, have options for locks or keypads, etc. Of course, safes which have the most features might also cost more but may be well worth it for the extra security. So think carefully about your priorities.
Keep a copy of your will and any trust agreements in your safe deposit box but not the originals. These should be on file at your attorney’s office because if you die your attorney will need your will. Safe deposit boxes are often sealed upon death until the IRS can get in there and see what’s what. So if your will is in there it may complicate things considerably since you may not be able to get it out till the IRS gets done (and who knows how long that will take!).