Everyone should have a safe deposit box these days. People often aren’t sure exactly what to keep in the safe deposit box. In this article I’m going to discuss all the basic things you should keep and give you some pointers and tips that you need to know.
If you only have a few valuables to store, though, it may be safer and cheaper to keep them in your Safe deposit box for sale. But if you need more storage space, a safe is probably the best bet.
Wall safes can also be a good choice and (depending on the size) can be covered with a large picture or other type of decor. They can be manufactured to be extremely secure and may use advanced technology such as fingerprint scanning to ensure that only select people can open the safe.
Your assets are also known as your “estate.” The Federal Government assesses an Estate Tax on estates. Most estates will not be taxed as they will be under the minimum asset value for the tax. In 2007 and 2008, only the portion of an estate over $2 million is subject to federal estate tax. The threshold rises to $3.5 million in 2009 before the tax disappears in 2010. But estate planning is not just for tax treatment. Your estate planning is essential for protecting you and your loved ones.
Generally the best solution is to rent a safety deposit box in a reliable major, first class bank – not just a box company. Many banks will require that you also have an account with them and that withdrawals to pay the box rent be authorized in advance.
Almost all banks offer safety deposit boxes. If yours is located in a country where you have no problems, it doesn’t matter much which one you use. But you should have at least one person you trust who knows about the box and is able to access it. If you have an accident it is important that your box not be forgotten or abandoned.
I hope that this article has shown you the pros and cons of both the safe and safety deposit box. The upfront cost of the safe may deter you from buying one, however its features and longevity may be worth the cost for a long term storage solution, while the bank’s safety deposit box maybe better for a more temporary storage solution. Please keep in mind that neither solution is a foolproof. Both offer the risk of theft. So keep in mind both require constant checking and vigilance. Think out both routes before making a final call.