A safe deposit box is one of the most secure places to store valuable documents and items — but its security can work against your estate if your executor can't access it. Planning carefully for who can open your box, and when, is an important part of estate organization.
What to Store in a Safe Deposit Box
A safe deposit box is ideal for items that are:
- Difficult or impossible to replace
- Needed only occasionally
- Valuable enough to justify the added security
Good candidates include:
- Original deeds to real estate
- Vehicle titles
- Stock certificates (if in physical form)
- Jewelry, coins, or other small valuables
- Military discharge papers (DD-214)
- Copies of important personal documents (passport, birth certificate, Social Security card)
- A copy of your will (but see the caution below)
What NOT to Store in a Safe Deposit Box
Your Original Will
This is a significant consideration: if your original will is locked in a safe deposit box after your death, it may be very difficult for your executor to access before the box is legally opened. Banks typically require a court order to open a box in a deceased person's name only, and the process varies by state. Most estate planning attorneys recommend keeping the original will with your attorney or in a fireproof home safe — and keeping a copy (clearly marked as a copy) in the safe deposit box.
Items You May Need in an Emergency
If you need something immediately — like a passport for emergency travel, or an insurance card — a safe deposit box is not the right place. Keep items with time-sensitive access at home or in a home safe.
Cash
Cash in a safe deposit box is not FDIC insured and provides no interest. A bank account is a better home for cash.
Granting Access to Your Executor
The most important estate planning step related to a safe deposit box is ensuring your executor can access it after your death. Options include:
- Adding your executor as a co-signer: Most banks allow you to add a trusted person as a co-lessee or deputy who can access the box independently. This is the simplest solution.
- Using a trust: If the box is in the name of your living trust, the successor trustee can access it immediately upon your death without court proceedings.
- Leaving the key and instructions: Even if your executor isn't a co-signer, knowing the location of the key and the institution is the starting point for the legal access process.
Documenting the Safe Deposit Box
Include the following in your assets inventory:
- The name and address of the financial institution
- The box number
- The location of the key(s)
- Who is authorized as a co-signer or deputy
- A general list of what's inside
For the complete picture, see our complete guide to organizing your finances for your heirs.