Do you reap the benefits of the documents you make? Can you find them when you need them? Do your family members know where to find them if something happens to you? Will they be able to access them?
Many people have no repository for their important documents and belongings. This includes even legal documentation such as wills. When you go to all the trouble of creating important legal documents you (or your family members) need to be able to locate them and use them when necessary. You want them somewhere safe where they won’t be damaged or lost.
When deciding where to put your important papers and belongings you should consider a safe deposit box. Many people maintain safe deposits at their local bank and pay a small annual fee. Others have fireproof safes at home. Either way, it is important to have one.
If deciding to rent a safe deposit box, you must contact your local institutions and request a box. These boxes comes in many different sizes; thus, it is important to choose one that is able to fit all items inside. From there you must decide who will have access to this box. The box can be rented in one person’s name or can be joint. A child or close friend or relative can be added as an additional signature if you desire. Only people you have been authorized to enter the bank, who have signed the bank’s signature card, and who have the key can enter the safe deposit box during your lifetime. Virginia Law controls who can access a Virginia safe deposit box after your death and what they can do with the contents.