7 Things You Should Never Store in a Safe Deposit Box—And Smarter Ways to Keep Them Safe

By

Aaron Kassraie,

While so much focus these days is placed on protecting digital records and online identities, it's easy to overlook the need to keep precious physical belongings secure. That's where a bank

safe deposit box can come in handy.

“If you have anything that is hard to replace or has sentimental value or you want to pass on to your kids, that’s probably the best reason for getting a safe deposit box,” says Dave

McGuinn, founder and president of Safe Deposit Specialist, a financial consulting firm. “You’ve got one central location, and your family knows where your stuff is.”

While safe deposit boxes add a layer of protection, they also come with access limitations, especially during emergencies or when the bank is closed. Because of this, only items that are

expensive or difficult, if not impossible, to replace should be stored in them, such as heirloom jewelry, original copies of adoption papers, and important family photos. So it’s important

to know which items don’t belong in a safe deposit box—and where to store them instead.

A safe deposit box might seem logical for your will, but if you’re the sole box owner, your executor could face legal obstacles accessing it after your death, according to the American

Bankers Association (ABA). Banks usually need a court order to open a safe deposit box after the owner passes away, which can slow down the legal process of settling their estate.

Alternative: For safekeeping, store your will in a fireproof home safe and share the location and combination with someone you trust. You can also include this information in a letter of

instruction and give copies to your executor. If a law firm drafted your will, keep the original there.

recordsBirth certificatesBusiness/legal contractsCitizenship/naturalization papersCollectiblesDeath certificatesFamily photosInsured JewelryMarriage/divorce recordsProperty recordsVehicle

titles 2. Powers of attorney

A financial or health care power of attorney is only helpful if someone can access it when needed. If it’s locked in a safe deposit box, your appointed representative may be unable to

retrieve it, defeating its purpose.

Alternative: Give a copy to your attorney or trusted family members. Store an original in a secure but accessible location at home. If you’ve appointed someone as your financial power of

attorney, that person may be able to access the box while you're alive, said Naomi Becker Collier, an attorney specializing in trust and estate planning. However, a power of attorney is no

longer valid once you die.