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.
Occasionally the judgment debtor or a third-party, will claim some or all of what is in the Safe deposit box does not belong to the debtor. In that case the non-debtor co-owner would have to come forward and file a third-party claim of exemption with the Sheriff, indicating the source of the funds or assets. If you suspect shenanigans, you may be able to subpoena records related to the ownership of the contents of the Safe deposit box for sale.
There are two assets that seem to constantly act like safe-havens. Gold and Treasuries were the only ones to rise during bear markets and the last two recessions.
Divorce decree and marriage license: Your marital status matters, since there are some benefits that are only given to married couples, such as your right to your spouse’s estate. Should you go through a divorce proceeding, you also need to present a marriage license. Though these documents will be the last things burglars will be hungry for, you may still want to place them in safe deposit boxes to ensure that no one will make a claim using your papers or just so you would not be able to misplace them. The same goes with the birth certificates of your children.
It is advisable to stay away from gold jewelery. Jewelery, unlike gold bullion, loses value. The longer you have it and the more you wear it, the less it is worth. It may look pretty but you will lose money.
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.
Fireproof home safes, depending on the size and type you want carry a vast range of price tags. Smaller, more portable ones can be found for under $100.00 and your larger, more secure safes can be into the thousands.