It’s without a doubt we are living in a digital world and almost anything that matters is stored virtually in the cloud. Therefore, some of the things you can and should keep in a safe deposit might include baseball cards or jewelry inherited from a relative. Plus, a safe deposit box Londoncan offer critical protection for important documents.
However, a safe deposit is sometimes not a wise choice for many things. Of course, there are items that you might end up regrettinglocking away in your bank when maybe you need them during holidays or perhaps weekend. So, here are a few things you’ll regret keeping in a safe deposit box.
Durable Power of Attorney
For sure, you don’t even have to die to get into trouble keeping documents in a safe deposit box only to leave your family in trouble after maybe you die. Let’s say you’ve been good about getting life’s important legal paperwork signed, sealed and even delivered. Actually, one of those documents is a durable power of attorney which gives authority to a third party to act on your behalf should you become incapacitated.
However, if POA is locked in a safe deposit box that no one but you can access it, then the person you’re counting on to protect you at your time of need could obviously find it hard. So, it’s wise if you keep the original POA together with the original copy of your will and also provide copies to those who might need it one day.
Original Copy of your Will
Keeping the copies of your own will, your spouse’s will and other wills that you’re named as an executor locked in a safe deposit box is indeed a smart idea. However, you should not store the original version of your will there especially if you’re the sole owner of the safe deposit box. This is so because after your death, the bank will have to seal the safe deposit box until an executor can prove he or she has the legal right to access it.
As a result, this could lead to long and potentially costly delays before your will is executed for your heirs to receive their inheritances. Alternatively, it’s wise to keep the original copy of your will with your attorney or somewhere else where your executor can access it without involving legal hoops.