Store your coins in a Safety Deposit box? Maybe

Discussion in 'Coin Chat' started by cplradar, Oct 21, 2021.

  1. cplradar

    cplradar Talmud Chuchum

    that aint saying much FWIW. I passed the SATs a while ago.
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  3. harrync

    harrync Well-Known Member

    Maybe they changed the wiki article since the last time you looked, but I just checked and it does not say the box contents become the property of the bank in the case of bankruptcy. It does say that if you abandon the box [that is, don't pay your rent] they can seize the property. And of course the contents can be seized under court order - after all, a court can order the seizure of your car, your house, even your kids.
  4. mynamespat

    mynamespat Well-Known Member

  5. Treashunt

    Treashunt The Other Frank

    Please translate to English.
  6. @Treashunt, I believe he meant: protect yourself rather than “protect useful.”
  7. charley

    charley Well-Known Member

    That was good. The Church Lady was one of my favorites.
    mynamespat and harrync like this.
  8. Revello

    Revello Supporter! Supporter

    Yeh, one of the dumbest things to do is store your will in a safe deposit box. Safe deposit box gets frozen when you pass, pending probate, but can't probate without the will.
    cplradar, masterswimmer and calcol like this.
  9. charley

    charley Well-Known Member

    I left mine in the box, properly labeled Last Will and Testament, and placed in an envelope addressed to her.
    It is a blank piece of paper.
  10. skm

    skm Member

    I had a large safety deposit box which I paid $250 per year. By removing all the boxes, I was able to go to a mid-size box for $125. Unfortunately, it took me a few years to reduce my box size.
  11. charley

    charley Well-Known Member

    The one-liners I could form from that Post.....

    OK, I can't resist:

    What did the large box do with the money you paid?
    Were the removed boxes children of the large box?
    What was the mid-size box doing with the money you paid?
    Is it fair for the mid-size box to undercut the large box?
    Is it ever fortunate when you reduce your box size?
    Does it usually take a few years to reduce the size of a box?
    Do you use scissors?
  12. Searcher64

    Searcher64 Member

    I have had the boxes in the past. Not today. So I have invested what I had in a trust so my kids will get it. Over time you can give your kids "X" amount every year and they can invest it for whatever. Our assets are in a trust, except a very few to pay our bills. Paid all our funeral expresses so they do not have to deal with the decisions of it. Money is nice to have, but what you do with it is more important. I do not buy much numismatics today because of how the Mint and big investors have destroyed the hobby. In our club, we have a few young collectors to come to our club's meetings.
    capthank likes this.
  13. John Skelton

    John Skelton Morgan man!

    The boxes do get frozen, but you can get to them before that happens. As long as you're the joint owner, you get to the box before notification goes out that the original owner has passed. I did that when my dad passed, and then again when my aunt died. You just have to be prepared.

    And I imagine it's easier to do when you have a better idea that your relative is near death. But! You have to have joint ownership of the box. Thing do get complicated if you have no relatives you can trust. Then I'd talk to the lawyer who did my estate papers.
    calcol likes this.
  14. Jim Dale

    Jim Dale Well-Known Member

    I have a "kind of" funny example of a SDB. My ex, married her high school boyfriend. He got a "brain tumor" and died with a house mortgaged up to the hilt, two car payments, and payments on furniture she bought. She had worked as a secretary every once in a while, but was deeply in debt. I'm not sure the details, but her husband had a Safe Deposit Box. When it was opened, she found his will and a small insurance policy. Evidently, the SDB had been opened quite a while ago, because my ex didn't know anything about it until the bank called her. There was an insurance policy in it, with her mother the beneficiary. There was also a will that had been made before they got married, and nothing else. For all intents, she was broke. I should say that I felt sorry for her, but I didn't and don't. My mother use to say, "What goes around, comes around." I was tickled about the SDB. I had one for my precious metals, but closed it. By some things that I had read, a SDB isn't always the safest places to put/hide your precious things. I have been trying to find and insurance company that will write an insurance policy on precious metals, with no luck so far. If there are any, please get me their names.
    serafino likes this.
  15. Jedinited

    Jedinited Jayhawk Numismatist

    If you fail to title the box jointly with another person, or otherwise authorize their access, the heirs can still get in the box, along with a bank employee, for the purpose of removing the will.
    serafino and John Skelton like this.
  16. skm

    skm Member

    I guess I had that one coming lol. Always re read your post before submitting lol
  17. TheFinn

    TheFinn Well-Known Member

    Carpe Diem.
  18. Treashunt

    Treashunt The Other Frank

    I don't know, ask the government
  19. Treashunt

    Treashunt The Other Frank

    could be, I couldn't be bothered to try to translate it
  20. cplradar

    cplradar Talmud Chuchum

    At the time of Crusades, but in the Western world, crime is considered to be an act against the state so when you go to court, it is the People of the Commonwealth of Massachusetts versus Joe Criminal, etc etc etc.

    do everything possible is an open ended invitation for vigilantism and a complete breakdown of societal norms. And then it still fails to protect you. We tried that over centuries and it fails.

    Without getting into religion, this is a moral and instructional learning from as early as the bible... see Sodom and Gemora and the story of Lot.
    Valentinian likes this.
  21. mynamespat

    mynamespat Well-Known Member

    Are we doing bible talk? How about this one: "You shall not bear false witness against your neighbor"?
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