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There are instances you find yourself in possession of some valuable portable assets that will require a safe offshore deposit facility.
These assets are valuable documents such as passports, bearer shares, citizenship records, bill of sales, pension records, trust documents, rare stamps, etc. Besides document format, you can also store your valuable information in a floppy disk, hard disk drive, flash drive, or any device used in storing data.
Safe deposit box has been gaining wave due to its effectiveness in settling disputes arising from the estate’s sharing. That is the more reason why experts recommend the use of safe boxes in estate planning.
Bank deposit versus independent, safe deposit company?
Apart from collecting deposits, opening accounts, and granting loans and advances, banks perform other duties. Banks also serve as a platform where you can keep your valuable portable assets.
However, before you settle down for any bank, you must make an in-depth inquiry. Reason being that these assets are too valuable to dump just anywhere.
Also, you must understand some of the conditions most banks offering this type of service is that you must register an account with them.
Safe-deposit Company
It is not that safe deposit companies are not efficient. But the issue is that most of these companies are highly exposed to theft and burglary. In some instances, they ended up folding up or closing their operations, putting you in a tight corner to retrieve your assets.
On the other hand, some people opt for a safe deposit company because of their policy’s simplicity. Some may only request your plastic card without any need to sign-in.
The disadvantage of safety deposit box companies is that they can dispose, open, or auction any valuables you have with them if you fail to pay your charges over a long period.
Top countries for offshore safe deposit
Primary conditions for determining a country with safe offshore deposits are no extreme border control and robust legislation that protects property rights. Counties like Luxemburg, Switzerland, and Austria have continued to top the ranking list for countries of the first choice for offshore safe deposit.
If you are in a country where you don’t have a problem, there is no point in going overseas. You can stick to your bank as well. But you must ensure you have somebody on the inside that you can trust, in case you are indisposed. That person will access your valuables to avoid a situation where your assets will be abandoned.
Key things you must note
- Ensure you have the key in a sealed envelope that you can drop with the bank safekeeping department
- You can also embrace the high-tech keyless system. It will ensure that only your fingerprint can access the box
- An emergency may come up, and you may not have the key. To avoid getting cut up in policy entanglement. Ensure you go for a policy that will grant you access to the safe box without using an Identity card. Your appearance in person should serve as an alternative to opening the safe box with or without the keys.
Key Takeaways
- Avoid putting your safe box key in the form of pendants. It is a secret, and it must remain a secret.
- Some factors are beyond human control, irrespective of how smart and intelligent you are. You should have instructions in place. Have someone you can trust. It could be your banker or a close associate you know you can trust with high-level information.
Don’t die with your secret
Most banks will request that you open an account with them for safekeeping charges. Make it a standing order that should a situation arise that they do not hear from you for 2-3 years, and they should contact maybe your wife, son, or your attorney. Doing this will ensure that your assets are not sold off to balance the book for safekeeping charges.
Conclusion
Keeping your valuable such as jewelry, valuable documents, and cash in an offshore safe deposit is not a bad idea. The bank and safe deposit company have advantages; consider their features before settling for your choice.
Also, not all overseas countries are safe for this type of engagement. Before you pick any country, consider their property rights laws to avoid a situation where the government will impound you cash.