To safe deposit, or not to safe deposit??

[Thrifty Ray]

I have maintained a safe deposit box for 6 years at $35 per year. It has been a convenient place to store some valuables and important documents...But I am wondering if it is still a wise investment now that I am home full time. I have a safe place here...although it is not fire-proof.

Thoughts?

[Ima saver]

WE have a small safe bolted to the floor. I keep all my papers in it. It is fire proof to some degree.

[mrvirgo]

I gave up my safe deposit box two years ago. Frankly, it was inconvenient to go to the bank branch whenever I needed something. I got a small fire-proof box from Office Depot which was under $30.00. I am sure this was the right choice for me as I too am home full time.

[Ima saver]

I have one of those fireproof boxes too and they are great.

[Thrifty Ray]

Thanks guys...id have never thought of that...i will visit office depot this weekend...

[contrary1]

I haven't had to do the safe deposit box thing, although I've got the key and can sign to get into my moms box.

I have been "blessed" with a 4 drawer file cabinet that is fireproof and locking. I am running out of friends when it comes time to move and this time, it got put in the front corner of the garage!!! No one will move it further than they absolutely have to.

Since I got it given to me, no money spent on keeping my things safe & secure.

[cercis]

Whatever you do, DON'T put your will in your safe deposit box. The bank is required to deny access to everyone, even if they are a part owner of the box, once you die. If your will is there, your beneficiaries will have to jump through a bunch of hoops to get it out.

[Thrifty Ray]

Cerci- this must be dictated by state...In Oregon, we allow a search of the SDB for a will so long as there is a death certificate. We make an inventory of the contents (which are not allowed to leave the box until the court order is presented), and the will (if it is there) is copied.

[cercis]

Good to know. Texas requires a court order. Which may not be that hard to get, it mainly involves getting a hearing in front of a judge. There may also be some service by publication requirements. Thank goodness this hasn't happened yet. Probating a copy because the original is lost? Yes (and what a pain that can be).

[Fern]

As I understand, home safess are not actually fire-proof for an indefinite period of time. Most of them have ratings which tell you how long they could withstand temps up to xx degrees. I think the average home fire would last longer than the box would.

however, i hear what you're saying about the $ spent for the safe deposit box at bank. I recently took my paperwork out and closed by safe deposit box as well, the idea being that i would buy a home safe myself. However, after researching them and seeing how it's only the veyr expensive ones (several hundred dollars) that are really any good, i ended up doing nothing to date and my will and deed etc are in a file cabinet. oh well.

[Ima saver]

I like my home safe because I can lock it and leave sums of money in it. I am more afraid of being robbed than a house fire. I was robbed once, In Florida. Then we got two dobermans. Much better than an alarm system. ( I can make it to the fence in 3 seconds, can you?)

[Thrifty Ray]

I could if those dobermans where chasing me...

[sweeps]

Fern is correct, safes have ratings based on how much heat and fire they can take. Here is a good article about what kind of safe you should buy.

Also keep in mind that safes do not protect against flood. Put your valuables in ziploc bags, or better yet, sealed tupperware containers before putting them in the safe.

[Thrifty Ray]

Thank you so much fern and sweepsplayer! My decision has to be made by Thursday, so I appreciate all of these helpful tips...Ironically, I haven't visited the contents in two years...so Im fuzzy on whats even in there. Once I get it home and weed through everything, I plan to decide what kind of $$ I want to dole out for safekeeping. Again, thanks for the tidbits and advice!