3 Essential Facts You Didn't Know About Your Safe Deposit Box
It’s a question you probably don’t ask yourself - but you should. The assets you keep in a safe deposit box could be taken away from you... and much easier than you might think. However, you can prevent this from happening if you are informed.where you or your loved one’s assets are located, and if you know your state statutes on unclaimed property.
1) Each state has different laws on this subject, so I’ll use my home state (Colorado) to illustrate. According to Colorado law, you have 5 years to visit your safe deposit box and/or make payments. If you don't visit the safe deposit box or pay your box rental within five years, the bank MUST make one final attempt to contact you.
2) The contents of your safe deposit box will then be sent to the Colorado Treasurer’s Unclaimed Property Department. Upon receipt of the contents, they will make an attempt to reach you by phone, mail, newspaper or ticker-tape on your television.
3) The state may have the right to auction off the contents of your "safe" deposit box on eBay. It's true! If they haven't been able to successfully locate you, it's open season on your contents. This is so important that I’ll say it again: After a certain amount of time, the contents of your bank “safe” deposit box can be auctioned off on eBay. And there’s nothing you can do about it once that time has elapsed.
The facts we've identified here are only a portion of what you need to know to assure that none of your assets fall into the hands of the State Unclaimed Property Department..
It’s a basic step you may want to ignore or brush off. You may be thinking, “I know where all my assets are at – what’s the big deal?” Take the case of a gentleman in Colorado who was stricken with Alzheimer’s disease. It robbed him of his memory and mental faculties, and was unable to tell his loved ones where his assets were located before he passed away. His wife and children suffered a lot of unnecessary stress and uncertainty because of this.
Or – God forbid – you could get injured and end up in a coma, or suddenly pass away, and the same thing would happen.
Take steps today to protect yourself and your assets. Have Marcia Keppy speak to your group where you will learn all the steps involved to help you keep what belongs to you.
It's a simple process that anyone can do, but you have to know the state guidelines and the proper steps to take immediately.
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