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By Marvin L. Powell, Financial Professional MONY Life Insurance Company, New York, NY (MONY)
Where do you keep your will, property deed, life insurance policies, living wills and burial instructions in a safe deposit box in the bank, in your lawyerıs office, or in a strong box at home? How you answer that seemingly trivial question can impact the financial control you can exert in the event of your death or disability.
Letıs look at the pros and cons of where to store your valuable documents.
Access to these documents might be a concern: A safe deposit box typically is sealed by a bank upon the death of a customer (a court order may be needed to open it). Safety and peace of mind could be a concern with a home strong box; and documents left with a lawyer may not be as secure. MONY Life Insurance Company suggests considering a combination of the three.
Each storage site has benefits and drawbacks; people must overcome the drawbacks and take advantage of the benefits. For example, home strong boxes can be expensive initially, but when the cost is compared to renting a safe deposit box for long periods of time, the convenience and safety it provides may make it worth the expense.
Safe Deposit Box
In a safe deposit box, keep copies of all insurance policies, wills, deeds, and burial instructions, each of which should be marked ³Copy.² Any irreplaceable paperwork such as military discharge papers, bonds and any assets that require privacy can generally also be kept in a safe deposit box.
Home
In a home strong box, keep the originals of life insurance policies, wills, deeds, and burial instructions. Also keep in the strong box an inventory of papers and other assets kept in the bank safe deposit box. You may also want to include a list of assets that are insured under your homeownerıs insurance policy.
Lawyerıs Office
Keep with your lawyer a copy of your will, a living will (if any), and burial instructions.
Before making any of these decisions, MONY suggests that you discuss the matter with your attorney. The handling of one estate may differ from another, and the laws governing a bankıs liability in the event of loss vary from state to state.
MONY Life Insurance Company provides life insurance nationwide and annuities in New York. Life Insurance and annuities are issued outside of New York by MONY Life Insurance Company of America. MONY does not provide legal or tax advice and recommends that legal and tax issues be reviewed with counsel or your tax advisor.
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