![]() Items inside an FSB may be placed in zip-locked bags for extra waterproof protection.Īlthough some clients find FSBs to be a cost-effective alternative to a bank safe deposit box, FSBs are not foolproof. Many fire safe boxes are also waterproof, but it is advisable to ascertain this based on the specific model purchased. Boxes rated at 125 are more protective and are recommended for CDs, thumb drives, and more fragile media. The 350 rated boxes will keep the inside maximum temperature below 350%uFFFD and UL recommends these for paper documents. Underwriters Laboratories (UL) rates two types of boxes based on the maximum temperature the box will reach when exposed to fire. A fire safety box (FSB) can be conveniently accessed night or day for ease of reference to documents. Home Fire Safety Boxes. Fire safety boxes maintained at home can present an attractive alternative to safe deposit boxes in limited circumstances. ![]() Travel to the bank is not always convenient and the boxes are only accessible during banking hours. Banks and their safe deposit boxes are not immune to the hazards of natural disasters such as hurricanes or floods which similarly threaten documents stored at home. Thus, members of the Kaufman & Canoles Private Client Services Group often advise that, in addition to husband and wife, trusted children or family members be given access to the safe deposit box and notified as to the location of the safe deposit box key(s).įurther, despite being viewed as the gold standard for document storage, safe deposit boxes have drawbacks. The box is then inaccessible until the executor has qualified and the probate process is invoked. Although safe deposit boxes are not “frozen” upon death under Virginia law, banks have authority only to allow family members or a probable executor the right to access the box to retrieve a will. Unfortunately, many clients take great care to complete the trust documents, asset structuring and beneficiary designations necessary to avoid probate and then place original documents and other valuables in a safe deposit box which will require probate proceedings to access. Much time, energy and legal work are devoted these days to probate avoidance. Many clients assume that bank safe deposit boxes are the logical or even required repository for wills, original trust agreements and other important documentation. Our lawyers commonly advise clients to use safe deposit boxes with some specific guidance. Despite the long popularity of safe deposit boxes, alternatives are becoming increasingly prevalent. ![]() Holt, Estate, Trust & Wealth TransferĮstate Planning Documents and Safe Deposit Boxes Employee Benefits, ESOPs & Executive Compensation Lawīy Gregory R.Government Contracts & Defense Industries.White-Collar Defense and Investigations.Real Estate Claims & Title Insurance Solutions.Mergers, Acquisitions & Strategic Alliances.Bankruptcy, Creditors’ Rights & Business Restructuring. ![]()
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