On 3/1/2011 7:47 PM, Bob R wrote:

Does anyone in the group have a safety deposit box at a local bank? Or
had one in the past?

I checked at a local bank here (Upstate N.Y.) if it matters. The one
thing I don't like about it, is you don't get any kind of receipt for
what you put in it. Also, the bank says only the person who has the box
has a key to it. The only way the bank could get into it is if the
rental fee is not kept current.

So, good or bad idea to get one? Any opinions and or comments will be
greatly appreciated.

Thank you.

Bob


Well...how secure is home and how valuable are the stored material? I
had a safety deposit box for several years, until the cost went to about
$100/year. I had documents that represented criminal acts by certain
others who were violent family members and my only proof of certain
events. It occurred to me that folks feel a lot safer by storing deeds
and other irreplaceable items in SDB's that were not as safe as one
would believe...living in coastal area of Florida, I asked at the bank
if there was a h'cane and flood, would the boxes be water-tight. They
said no. So adding ziplock bags or other suitable waterproof container
would be needed. If my homeowners policy and photos of all belongings
are in the SDB and a h'cane hits, all is lost? Some folks add a second
"owner" in case of their demise...I helped a family friend with
Alzheimer's gather all of her financial records when her condition
became too severe for her to live alone. She was highly intelligent and
adapted to Alzheimer's in remarkable ways...she always kept the day's
newspaper on the dining room table so that she would know the date.
Missing for a long time were about $40K in savings bonds and her family
feared that she had given away large sums of money...we checked two or
three banks over several days and one evening she had a sudden flash of
memory...she went to her closet, grabbed a shoe box out of a pile of
"stuff"...voila, there were her bonds.

One should let their family know of the SDB and what (appropriately)
they need to know of it's contents. It makes one analize how
trustworthy their family members are )

After retiring to Florida, my mom would give each of us kids the "death
tour" whenever we visited...always kept her papers and valuables in
order and gave each of us a copy of her will as well. My brother was
added as owner of her relatively small savings account. When she passed
away, the attorney for her estate charged, I think, $6K. When her
estate was settled, there was about $1,300 left to pay him. I asked him
whether, since her affairs were in good order and required little
attorney time, would he forgive the remainder of his tab. He did so.