Being Too Safe

Physician's Money Digest, October15 2004, Volume 11, Issue 19

Tip:

A safe deposit box is a fine place tokeep important documents and othervaluables, but some things don't belongthere. One of the most common errorsis to keep a will in the safe deposit box.Upon your death, the box will often besealed, leaving the executor of yourestate without the document thatproves they are the executor. The samegoes for powers of attorney or othertrust documents. A power-of-attorneydocument in your safety deposit boxalso creates a catch-22 situation. Theperson who acts under your power ofattorney will need your power-of-attorneydocument to open your safetydeposit box, but that document issealed in the box. Be sure to keepwills and power-of-attorney documentsin a fireproof safe at home or in yourlawyer's office.