As a general rule, only those documents and valuables that are irreplaceable or difficult to replace need to be kept in a safe deposit box. Items that can be replaced with minimal inconvenience, such as passports, or those frequently needed for reference (canceled checks), can be kept in a safe place at home. However, it is a good idea to keep copies of items in a safe deposit box.

When filling out the rental forms for a safe deposit box, you should be aware that if the renter dies, there are specific rules governing access to the box and its contents. Many people assume that if they should die, a joint box holder or authorized deputy can immediately remove necessary documents from the box. However, this may not be the case.

In many states, the safe deposit box is sealed upon the death of the renter. If there is a surviving tenant or deputy, he or she would not have access to the contents of the box until the Inheritance Tax Department or the County Auditor makes an inventory of the box and removes the will for probate.

The deceased person's attorney usually makes the arrangements for the tax inventory. It generally takes a minimum of two to three days or, more frequently, up to a month before the process is completed. After the tax inventory, the County Auditor issues an authorization stating who may remove contents from the box.

Banks normally do not recommend what a tenant should or should not keep in a safe deposit box. However, anything that would be needed immediately following a death, such as wills or insurance policies, should NOT be kept in the safe deposit box. This especially applies to special instructions to the family that would indicate preferences as to funeral or burial instructions. While it may be wise to place a copy in the safe deposit box, the original should be in a more accessible location.

The original copy of a will can be kept in a fireproof safe with the attorney who prepared it. Keep in mind that the attorney who prepared the will is not necessarily the one who will probate the estate. The executor will select the attorney to probate the will unless the document directs otherwise. If the original will is kept with the attorney, it is a good idea to keep a copy of the will in the safe deposit box and another copy of the will at home where it is readily accessible for review. Naturally this also applies to codicils (amendments) to the will.

Many box holders keep valuable articles, such as coin or stamp collections, that belong to their children or spouse. This should not be in their personal safe deposit box, since there is a presumption that these belong to the box holder. If such items are kept in a box, it is important to keep with them any papers denoting the owner and the origin of ownership or purchase.

A Power of Attorney Agreement should NOT be placed in a safe deposit box. The absence or disability of the maker would leave the instrument inaccessible at the critical time when it may be needed.

It is an excellent idea to execute at least two copies of a Power of Attorney. Deliver one to the person holding the power and keep the other(s) in a safe place.

Likewise, documents that comply with state regulations as "Living Wills" and constitute instructions with regard to life support and resuscitation efforts should not be placed in a person’s safe deposit box where it may be inaccessible when needed most.