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How to keep the house-deed related documents safe and secure?
Posted on: 16/Feb/2018 6:46:32 PM
There are no hard and fast rules or systems on issues such as how to keep the house-ownership deed and related documents safe and secure or what maximum value of items can be kept in bank lockers. Most of the people tend to keep the gold and diamond jewellery items in bank lockers mainly in order to keep them safe. There are other important matter/items which can be kept in bank lockers.
For example, there are certain benefits when your ‘will’ (testament) is kept in the bank locker. Especially, if the will-making individual desires that no-one else should see it, it is best to keep it in the bank locker.
However, in the event of unforeseen death or a serious decapitating accident, this may create problems. Sometimes, a high court order may be needed to break the locker open. This may delay things.
In case the person making the will had desired that certain activities must be initiated and complete in the 1st few days after his/her death, there may arise some problems or delay in executing the same.
It is quite ok to keep these documents safe and secure in a locker kept in the house itself and keeping this informed to the most trust-worthy relative or friend (no need to divulge the details of the will – it is enough to just tell the location of the will).
In case you are keeping some valuable items in a locker, please make a list of the items and keep that also in the same locker.
Is it ok to keep hard cash in the locker? Maybe, as there is no law against it. However, do not overlook the fact that in case the same money is kept in the bank, it will accrue some substantial interest as well.
In case you are a person not undertaking frequent trips abroad, it is ok to keep your passport also in the locker. Think of the ordeal that in case it is misplaced or lost, it will not be so easy to get a new passport.
At the same time, it is not so wise to keep certain items like your personal diary, etc., in the locker with a view none-else should read it. There are possibilities later that the locker may be broken open and the diary read by others.
Think of the possibility in case the documents – especially house-ownership deed-related documents are kept somewhere and they be eaten by termite which may lead to problems – so, it is better to keep these documents in the locker.
It is advisable that even your birth-proof certificate, marriage registration certificate, etc., are kept in the bank locker.
God forbid – your house may not be subject to any fire accident or earthquake – but just think in case it happens, There was an incident when the house owned collapsed completed during the earthquake in Gujarat. This led to a situation when he had no documents to claim his bank deposits or insurance coverage. He had kept all this data in a notebook kept in an almirah in the house which collapsed.
This mistake should be totally avoided. It is best advised that all the important personal property data should be entered into the computer for easy retrieval after password. Also, it is better to print this list and keep the list in the bank locker.
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