Bharat SainiLast Updated on April 22, 2014 by Bharat Saini
We all have some extremely precious belongings. Some value their academic certificates while others attach more importance to their family jewels. Owing to the danger of theft and robbery, it’s always a bad idea to keep your precious belongings in your home. Instead of hiding them in a small corner in your house, you should think about putting them in a private safety deposit box. In case if you have something that you want to hide from the world then we would suggest you to go one step ahead and store them in an offshore safety deposit box.
You can literally store anything in a private safety deposit box ranging from bearer bonds, estate papers, jewelry, ancient coins, collectibles, citizenship records, bills of sales and passports. A private safety deposit box is also very convenient when you want to pass on your belongings to your heir without any hassle and formalities. All that your heir needs in order to inherit your belongings is a key to the safety deposit box. Some people think that this can be a security risk; well there is nothing to worry about. Private safety deposit box companies make arrangements for the delivery of the key after you have passed from this world. This way your heir will gain access to the safety deposit box only after your death and not before it.
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Should you decide in favor of a bank or in favor of a private safety deposit box company:
The answer to this question lies in the level of security and the nature of your belongings. While most of the first class banks will have no objection in accepting your belongings, some of them might object if you want to stash away cash in their safety deposit boxes. In contrast to this private safety deposit box companies don’t ask too many questions unless you are storing something hazardous in their safety deposit boxes. Private safety deposit box companies offer a higher level of security and privacy to their clients but they also charge bigger premiums for such services. Furthermore there may be some formalities and paper work that you need to fill up before you can avail a safety deposit box in a major bank. In contrast to this, private safety deposit box companies won’t require you to do much paperwork as long as you can pay them regularly.
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Can be safety deposit box be kept a secret:
Absolutely yes, your belongings and your dealings with the private safety deposit box company are kept in full secrecy. These companies are well protected by the law and even law enforcement agencies like FBI have a limited jurisdiction on them. The best way to keep your private safety deposit box a secret is to arrange for automatic payments so that whenever your lease expires the company can automatically renew it without sending you a notice. In fact most of the private safety deposit box companies make this a mandatory requirement at the time of signing the contract.
This article is written by Sam Neil. Sam works at St. James which provides high security storage and safe deposit boxes.
