Where Do You Store Important Documents & Valuables?

[Rich]

The attorney who prepared my will and my wife's will (who happens to be my father-in-law) recently retired and gave us our original copies as well as other original documents (e.g., Living Will, Powers of Attorney) that were being stored in the firm's vault. Now I'm not sure what to do with them. The interweb suggests NOT keeping original copies of wills in a bank safe deposit box as it could be difficult for heirs to access the vault. So now I'm thinking of getting a small vault or, more likely, water proof and fire proof chest for my house, primarily for documents but I guess it could be used for jewelry too. If you have any suggestions regarding reputable brands, let me know. Anyway, as with all important questions in life, I turn to my friends on the DBR message boards for their always helpful advice and input.

[BD80]

The attorney who prepared my will and my wife's will (who happens to be my father-in-law) recently retired and gave us our original copies as well as other original documents (e.g., Living Will, Powers of Attorney) that were being stored in the firm's vault. Now I'm not sure what to do with them. The interweb suggests NOT keeping original copies of wills in a bank safe deposit box as it could be difficult for heirs to access the vault. So now I'm thinking of getting a small vault or, more likely, water proof and fire proof chest for my house, primarily for documents but I guess it could be used for jewelry too. If you have any suggestions regarding reputable brands, let me know. Anyway, as with all important questions in life, I turn to my friends on the DBR message boards for their always helpful advice and input.

The first thing that springs to mind is the scene in the youth hostel in Amsterdam from Eurotrip. But I don't think that would be particularly helpful.

[fisheyes]

I learned the hard way not to store important documents in the bank vault. Long story, but basically I tried to travel (pre 9-11) with copies of my kids birth certificates (ages 1 year and 3 years at the time). Guess what? You couldn't do that, even in 1995. The originals were in the vault and yes, it was a Saturday and I couldn't get in until Monday. So we couldn't leave until Tuesday. All turned out ok since we missed a freak hurricane!

Anyway, we now have a small fire resistant safe at home. It is large enough for our wills, important documents, and some jewelry. After doing some research, this is what we bought: http://www.amsecusa.com/fire-safes/ul-series/

You need to have it bolted to the floor. That's key. I suggest seeking out a reputable locksmith in your area who can help you out.

Good luck!

PS: don't forget to lock up all 5 of your Sports Illustrated Magazines ;)

[sue71, esq]

Rich, I read the title of the thread and would like to amend the title to add:

Where Do You Store Important Documents & Valuables, And What Is the Code to Your Safe/Vault? POST HERE!

Sorry. That is actually how I read it. ;)

[hurleyfor3]

The interweb suggests NOT keeping original copies of wills in a bank safe deposit box as it could be difficult for heirs to access the vault.

You can designate an heir or executor to obtain access to a safe-deposit box. My parents did it with me. We had to go to the bank together and I had to sign some stuff.

[YmoBeThere]

I have an inexpensive fireproof box that I picked up at the local big box hardware store. I keep the originals in it. I have my parents electronic copies on an encrypted memory stick. Not sure if that will stand up, but most of what I have are in accounts where a beneficiary has to be named.

My most valuable items run around on four legs or have internal combustion engines, so mainly concerned that those survive intact.

[hurleyfor3]

My most valuable items run around on four legs... so mainly concerned that those survive intact.

Although getting them into boxes seems not to be a problem.

[cspan37421]

Good to have a copy off-site with a very trusted friend or relative.

As for fireproof safes, well, I'm not sure how much I trust them. They tend to be rated for a certain temperature for a certain length of time, but you need to compare it to the average house fire temperature and time. I can't recall what I found out about that, but I do know I didn't bother buying one yet. You may find that it's quite expensive to acquire a fire-resistant safe that is truly worth having in terms of expected conditions given a fire.

As for theft, safes are magnets for thieves, too. I recall reading once of a fellow who claimed that they bought a safe of low to moderate cost as a decoy, and put junk in it. Meanwhile the true safe was, who knows - maybe built into a wall, behind a false fuse box, or something or other. Anyway, they did have a break-in, and the decoy was taken. [time is often of the essence in a robbery]. Besides, what is the point in having a will protected from a thief? It can't be valuable to them, can it? So why keep it in a safe, which would be presumed to contain valuables, and could be swiped as a unit rather than broken into on-site to determine whether the contents were worth having.

check this out about how easy it is to pry into even good safes:

https://youtu.be/P1iDz8Yt-ys

As Archimedes said about levers long enough ....

PS: I have heard the same as you - never put wills, living wills, etc., in a safe-deposit box. It can take too long to access them when needed; when you count weekends, holidays, and off-hours, there's less than a 25% chance you can get to them at the time you need to.

[-jk]

My (recently late) father had a box with CCB. Suntrust acquired CCB, and shut his branch down (I hear it'll be a really cool condo development really soon). His box is somewhere in Florida, as best we understand... <sigh>

-jk

[Rich]

Besides, what is the point in having a will protected from a thief? It can't be valuable to them, can it? So why keep it in a safe, which would be presumed to contain valuables, and could be swiped as a unit rather than broken into on-site to determine whether the contents were worth having.

I'm more concerned with fire, flood and other mother nature events than theft with respect to the will and other documents.

[captmojo]

In a shoebox, along with my most treasured fishing secrets, they rest peacefully, buried in the straw field behind the old schoolhouse. :D

[Turk]

I used to have a manila folder labeled "Safe Deposit Box".
Then I acquired more crap and the folder got too fat, so I used a Chuck Taylor shoebox with a post-it that said "Safe Deposit" box.
Then I decided it needed to be more portable, so now the docs are in a ziplock baggie taped to the bottom of the passenger seat in the Turkmobile. That way, if I have to evacuate the premises, all I need is my car keys, wallet, and laptop. Everyone else in the house can fend for themselves.

[weezie]

^^^ Brilliant yet extremely unnerving, all at the same time.

[Rich]

Thank you for your helpful...and not so helpful (but awfully amusing)...comments. I ordered this http://www.amazon.com/gp/product/B004IPR22C/ref=oh_aui_detailpage_o00_s01?ie=UTF8&psc=1 from Amazon and hope it will meet my needs.