At some point in your life, no matter how old or young you are, you have either overheard someone talking about or asked someone where they keep important legal documents.
“Oh, I keep all of my important documents in the drawer in my nightstand.”“I didn’t know I should keep them somewhere safe.”“I put them somewhere…but can’t remember where I put them…”
Important legal documents such as the deed to your home, your Last Will and Testament, title to your vehicle, etc. must be thoughtfully placed in a secure location for easy access and for the overall safe- keeping of these original documents. Sure, you can request duplicates of some of these, but for the ones that you can’t, there are a few things to consider before you decide WHERE to keep these important papers.
Home Sweet Home
While keeping these documents at home seems the most logical place, you have to ensure that the vessel that keeps these documents safe can withstand the test of an unexpected accident or force majeure. Though a lockbox may weigh significantly less than a fireproof safe, it will most likely not have a sufficient fireproof or waterproof rating to protect its contents. According to Bunker Gear Specialists, a manufacturer of personal protective equipment fire fighters wear, commonly known as turnout gear, while combating a fire, the average house fire can reach up to 1,500 degrees Fahrenheit (815 degrees Celsius). Should you experience a fire in your home, that fire will most likely be fought with water so a safe that is both fireproof up to or exceeding 1,500 ° F and has a waterproof or water-resistant rating is key. Some of the top fire safe manufacturers such as Sentry, Honeywell, and First Alert have products that can withstand water submersion for up to 72 hours! Make sure when purchasing a safe, that you check the UL (Underwriter Laboratories) and ETL (Electrical Testing Laboratories) product ratings and pay close attention to both the fireproof, water protection and security capabilities to find the best fit your needs. And keep in mind before you purchase a safe – the larger the safe, the heavier the safe!
Taking it to the bank!
There have been several occasions where someone has frantically contacted the office and asked what they should do if they can’t get to their loved one’s documents because they are in a safe deposit box at the bank and they aren’t on the list of people who are permitted to have access.
According to New York SCP § 2003, a petition filed with the Surrogate’s Court in the county in which the decedent was domiciled at the time of death would permit the petitioner to gain access to a safe deposit box. If permission to access is granted, the petitioner, under the supervision of an employee of the financial institution, would be able to inventory the contents if it is believed that the box contains a ‘will of the decedent, a deed to a burial plot in which the decedent is to be interred or a policy of insurance issued in the name of the decedent and payable to a designated beneficiary’. If you are not a co-owner of the safe deposit box, it will likely take a copy of the decedent’s death certificate, a petition to the court, and a fee paid to the bank to be able to see what is in the safe deposit box. And remember the restrictions that come along with having your documents at a financial institution – the hours are limited for access (with some banks even limiting the access times to only certain days and times!) and they usually have shorter hours or are closed on the weekends and are closed on federal holidays.
Above all, keep those important documents somewhere that you can not only remember but somewhere that they can be accessed in a pinch. Though not an easy conversation to have, discuss where important documents are located with your family and those who may be appointed as a beneficiary or executor of your estate – those are the people who will need to know where they are!
Just whatever you do…please don’t hide your important documents under your mattress!
