Organize Your Safe Deposit Box

Safe deposit box: do you have one? If you do, do you know what’s in it?

When I had to get a copy of my daughter’s birth certificate recently, I found that I didn’t know what important documents we had at home, and what we kept in the safe deposit box.

This is one of those less-fun organizing projects (even for me), but one that is critical for every family.

• First, make sure you have one place at home for the important documents you may need quick access to, such as passports, birth certificates, and your original wills. Gather these documents and get them in one place that you will remember. One client calls this folder her “proof of identity” folder; it’s a name she can remember and she knows exactly what’s in there.
• Next, take an inventory of your safe deposit box. (If you don’t have one, get one at your bank!) Yes, this means making the time to get to the bank and get to your box. While reviewing the contents you can write down notes on paper or your smartphone, take a picture of what’s inside, or even type up a list. I made notes on paper and then typed up a document at home.
• Let others in your family know about your safe deposit box inventory and have it filed in a place they can find it.
• What should you store in your safe deposit box? Things that are valuable and you need to hold on to, but that you don’t need immediate access to. Here’s a good summary of what to keep in there, and what not to keep.

Now you can relax and you’ll be ready when you need to find your vital documents.