Safe deposit boxes at banks have been with us for a long time since the dawn of the bank vault. They’re designed to offer their owners with a secure place to keep valuable items in bank vaults versus home safe where less sophisticated thieves, fires, and other elements could otherwise put the contents at risk of loss.
While they’re specifically designed to offer far more security compared to home safes, it is essential that you understand how they can be leveraged and the potential risks involved. The last thing you want is to lose your precious belongings after making the bold decision to use a safe deposit box Singapore service.
Even though they’re physically located in a bank, putting cash in your safe deposit box doesn’t mean they are FDIC insured. Only your bank accounts are covered. They contents of the safe deposit boxes may sometimes not be covered under your renter’s or homeowners insurance policies.
That leaves many wondering what it takes to get the most from a safe deposit box. For starters, you should avoid keeping original legal and probate documents in safe deposit box. In the event that you do keep them and you die, it will be difficult for your heirs to get their hands on them. This is more so if the whereabouts of the keys are unknown and if banks require a court decree of your probated estate before they’ll allow access.
It doesn’t end at that since you need to factor in which items you need access to regularly versus occasionally. Remember, it can be an inconvenience when you regularly have to visit the safe deposit box service provider’s premises to get these items.
Items like your passports, social security cards, birth certificates, marriage certificates or even death certificates can be legally stored in a safe deposit box. However, it doesn’t make sense to include them considering you may need the document on a short notice. Keep in mind you need to choose a convenient location and reputable safe deposit box for things to work in your favor.
In conclusion, safe deposit boxes serve a purpose. However, they seem to become less relevant in this digital world. If you so decide to use one in Singapore, it’s important to consider the requirements, risks, legalities, and the above best practices to avoid regrets in the long run.
