Bank safety deposit boxes are “aimed at affluent and business market segments”, says Johan van Schalkwyk, the head of sales and service at Absa Bank.
It’s recommended you store items of value that are irreplaceable. People often store their last will and testament, birth and marriage certificates, insurance policies, property deeds, irreplaceable family photos, valuable art, gold coins, rare coins, jewellery, stock and bond certificates.
Storing these items in a safety deposit box is all good and well, if you are still alive. But when you die, there are legal aspects that come into play. All delaying access to the safety deposit box containing these important documents.
For this reason, it’s not a good idea to store your last will and testament in a bank safety deposit box. As access may be legally restricted, resulting in delays until the requirements to access the safety deposit box, have been met. All banks and Trust companies have their own regulations but it is likely that, at a minimum, a court order will be required to access a safe-deposit box, when the safe deposit box holder dies
An executor or executrix, that you designated to handle your estate after you die, would have legal access to your safe-deposit box. If the executor information is stored in your safe deposit box, the whole process is delayed even further.
Also, many wrongly believe a power of attorney grants access to the box after you die. However, a power of attorney loses authority to act on your behalf upon your death.
Yes, but it’s not a good idea to have the only copy of these documents stored at home, even in a safe. The threat of theft, tampering, fire or water damage are real.
Enter LifeBook – an online “safety deposit box” for all life’s important documents. Stored in one safe place. Accessible to you and your chosen contacts from anywhere, at anytime.
Once you have signed up for your LifeBook online “safety deposit box”, you will be granted access to your account.
The setup wizard, will guide you through each of the steps, ensuring you’ve stored all the important documents and information, that will be required to wrap up your estate according to your wishes.
During the setup process, you’ll be asked to provide the contact details for up to three trustees. These are the people you choose, who will be allowed read-only access to your LifeBook safety deposit box. LifeBook gives you the option of hiding your Will from your trustees until your passing.
We recommend you include, a close family member and a person who understands the legal requirements of wrapping up an estate. Your nominated executor, accountant or lawyer would be a good choice.
A handy “percentage complete” indicator will show your progress, as you upload copies of you documents. This will highlight areas, where you may need to seek professional advise, to ensure you have all your bases covered.
Experience the peace of mind, that having this essential aspect of your life sorted, will bring – sign up for your LifeBook online “safety deposit box” today.