Safety Deposit Box questions

[frankbmd]

Originally Posted by pokerplyr80

I guess prices can vary widely. Wells Fargo and bank of america in OC are pretty reasonable. Are you in Manhattan or somewhere equally expensive to live?

He’s either in Massachusetts or in a cathedral.

[pokerplyr80]

Originally Posted by frankbmd

He’s either in Massachusetts or in a cathedral.

Lol guess I missed the obvious. Maybe pricing is higher on the east coast.

[insidethewrapper]

$ 500 for a Safe Deposit Box/ Year ????

If so, buy a Safe, if investing in cards. If you want to enjoy the cards, like a collector , display in a man cave.

[philliesfan]

Don't forget the legal aspect of the safe deposit box. You may have access to the box but each time you sign in to enter the box, you are agreeing that all owners on the box are still living.

If the unfortunate happens and he passes, you will not legally be allowed to enter the box without a representative of the state. If you sign in the box at a date and time after he passes, you could be in trouble in some way.

Its contents must be inventoried by the executor and a representative of the state and the contents become part of the estate. Just something else to think about.

This is just my understanding from way back when I worked at a bank that had safe deposit boxes.

Robert

[silvor]

Originally Posted by philliesfan

Don't forget the legal aspect of the safe deposit box. You may have access to the box but each time you sign in to enter the box, you are agreeing that all owners on the box are still living.

If the unfortunate happens and he passes, you will not legally be allowed to enter the box without a representative of the state. If you sign in the box at a date and time after he passes, you could be in trouble in some way.

Its contents must be inventoried by the executor and a representative of the state and the contents become part of the estate. Just something else to think about.

This is just my understanding from way back when I worked at a bank that had safe deposit boxes.

Robert

I am the executor of the estate. Everything is in a standard revocable trust , so there will be no probate. Not sure if that helps or makes a difference.

[ALR-bishop]

Always best to check with the bank you use regarding what their policy or state law requires in the event of the death of the owner or co owner of the box, and procedures for access to the box by the co owner, co signers, executor or other family members after such a death. It can vary by state.

Also, if you go the home safe route, no matter how big and heavy it is, it is best to have it bolted to the floor as Jeff mentioned. I have seen first hand the damage done when thieves drag a large safe out of a home. Seems like the bigger it is the more valuable they think the stuff inside must be

[Leon]

Safes have ratings so it's always good to check those too, such as TL, Fire etc....
https://www.supplychimp.com/go/info/...Explained.html

Originally Posted by ALR-bishop

Always best to check with the bank you use regarding what their policy or state law requires in the event of the death of the owner or co owner of the box, and procedures for access to the box by the co owner, co signers, executor or other family members after such a death. It can vary by state.

Also, if you go the home safe route, no matter how big and heavy it is, it is best to have it bolted to the floor as Jeff mentioned. I have seen first hand the damage done when thieves drag a large safe out of a home. Seems like the bigger it is the more valuable they think the stuff inside must be

[dictoresno]

I keep all my stuff in a water tight and lockable Pelican case for some extra protection and its easier to move them around in.

[chlankf]

Originally Posted by insidethewrapper

$ 500 for a Safe Deposit Box/ Year ????

If so, buy a Safe, if investing in cards. If you want to enjoy the cards, like a collector , display in a man cave.

Exactly what I did this summer. Bought a large cash safe from Yonkers when they were clearing because of bankruptcy. It was a $5k safe and I picked it up for $700. It's huge, 4'x6'. Had it in my living room until I hired piano movers to get it in my den. I love it, definitely a conversation piece and I have better access to my collection.


Craig