Finding an old safe deposit box can feel like stumbling onto a forgotten treasure. Whether inherited, discovered during a house cleaning, or unearthed from a family's history, these boxes often hold more than just dusty documents; they hold memories, secrets, and sometimes, valuable items. But what do you do with this unexpected find? This guide will navigate you through the process of safely and effectively dealing with an old safe deposit box.
Assessing the Contents: A Cautious Approach
Before diving headfirst into the contents, remember safety and preservation are paramount. Wear gloves to protect yourself from potential contaminants or damage to delicate items. Take photos or videos of the box's exterior and its contents before opening it. This documentation can be invaluable if anything is damaged or goes missing.
Common Contents of Old Safe Deposit Boxes:
- Documents: Old wills, deeds, birth certificates, insurance policies, stock certificates, photographs, letters, and other important papers. These may be brittle and fragile, requiring careful handling.
- Jewelry and valuables: Gold, silver, precious stones, watches, and other items of monetary or sentimental value. Appraisal may be necessary to determine their worth.
- Currency: While old coins and bills might be collectible, be aware that some currency may be obsolete or worthless.
- Family heirlooms: Items passed down through generations, often holding significant sentimental value.
Identifying and Preserving Valuable Items
Once you've cataloged the contents, you'll need to assess their value and condition.
Document Preservation:
- Handle with care: Avoid touching documents directly; use archival-quality gloves.
- Storage: Store documents in acid-free folders and boxes in a cool, dry place away from direct sunlight.
- Restoration: If documents are severely damaged, consider professional restoration services.
Valuable Items:
- Appraisal: Consult a professional appraiser for jewelry, coins, or other valuable items. This will help determine their current worth and assist with insurance or sale.
- Cleaning and Repair: Depending on the condition of the items, cleaning and repair may be necessary. Seek professional help for delicate or valuable pieces.
Dealing with Legal and Financial Documents
Old legal documents may still have legal implications, even if outdated.
Wills and Trusts:
- Validity: Determine if the will or trust is still valid. State laws vary, and a lawyer can advise on the legal standing of these documents.
- Beneficiaries: Identify the beneficiaries and inform them of the discovered documents.
Financial Documents:
- Stock Certificates: These may need to be transferred to modern electronic records. Your bank or broker can advise on the proper procedure.
- Insurance Policies: Check if policies are still active or if they have lapsed.
Disposal and Ethical Considerations
After reviewing and assessing the contents, you may need to dispose of some items.
Confidential Documents:
- Secure Shredding: Shred sensitive documents containing personal information to protect against identity theft.
The Emotional Journey
Discovering an old safe deposit box is not just a logistical exercise; it's often a journey into family history and personal legacy. Take time to reflect on the memories and stories the contents reveal. Consider sharing your findings with family members who may have insights or connections to the items.
This process may take time, patience, and potentially professional assistance. However, by approaching it systematically and thoughtfully, you can successfully manage the contents of an old safe deposit box, preserving valuable items and honoring family history. Remember, if you are ever unsure about handling specific items, always consult a professional.
