Things You Should Not Keep in Safety Deposit Box as a Kenyan

Image result for will

The only copy of your will.
No one but you, or a co-signer if you have one, can get into your safe-deposit box. Normally that’s a good thing. But if you die or become incapacitated, it can suddenly become a problem. In some Countries, safe-deposit boxes are sealed when the owner dies. Banks can also make the process of gaining access to a loved one’s box difficult out of concern for their liability. Your heirs might need a court order to open the box. This can result in delays in settling your estate and even cause some of your last wishes to be ignored.

Image result for valuables

Valuables you haven’t inventoried.
A safe-deposit box is a smart place to store small valuables, such as heirloom jewelry and rare coins. But keep a list of what’s in there, ideally with photos and written appraisals for especially valuable items. Unlike bank and credit union accounts, safe-deposit boxes are not federally insured, so you could be out of luck if your box is tampered with or destroyed in a fire or flood — rare but not unheard-of events. Your homeowner’s insurance policy may provide some coverage for the contents your safe-deposit box, but it’s likely to be modest, so ask your insurance agent about adding a personal article floater or endorsement to supplement it.

Image result for cash kenyan

Your money will be far safer in a federally insured bank or credit union account. It might even earn some interest. If you want access to emergencycash24/7, better to hide it somewhere at home.

Leave a Reply

Your email address will not be published. Required fields are marked *