Show 1 What You Shouldn't Keep In Your Safe Deposit Box There are are least five valuable items that should never be kept in a safe deposit box reports James B. B Kennard CPA C.P.A. of the National Associated CPA Firms and Smith Kennard Olson a leading accountancy corporation in Salt Lake City Safe deposit boxes may be too safe for some valuables especially if youre you're married remarks Kennard When one holder of a joint safe deposit box dies the survivor does not have access to it once the bank learns about the death The box is sealed until opened by a court order that may take weeks even months in coming The object is to tomake tomake tomake make sure every possible item in an estate is considered by the taxing authorities Whether such valuable items as jewelry old coins or auto pink slips should be stored in safe deposit boxes ought to be discussed with a financial counselor Prolonged non-access non to such important items could cause inconvenience inconvenience inconvenience if not hardship to a surviving holder But Kennard cited five items which should be withheld from safe deposit boxes under almost every circumstance WILLS WILLS- WILLS When When dies the will is someone frequently seary for a livable income to the survivors If it is in a safe deposit box probate and disposition of the estate will be delayed until the box is opened by the court SAVINGS CASH P PASSBOOKS A surviving spouse often needs money until the estate is settled If large sums are sealed in a safe deposit box where they gain no interest by the way a short term source of day to day money is lost The same principle holds for savings passbooks INSURANCE POLICIES-If POLICIES policies are sealed in a safe deposit box survivors may lack vital information needed to process a claim DEEDS Inability DEEDS Inability to produce a plot deed could delay burial MARRIAGE This CERTIFICATES This document is important important important tant for making both life insurance and social security claims Kennard also advises that an inventory be kept of all safe deposit box holdings so that survivors will know the contents The National Associated CPA Firms is a professional federation federation federation fed fed- of Certified Public Accountants in major US U.S. cities who seek to retain their local autonomy and personal service while enjoying the geographical benefits of a large national firm |