The advantages of creating a power of attorney for a safe deposit box

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The difference between individual and collective authorisation

A safe deposit box at Swiss Gold Safe in Switzerland or Liechtenstein offers many advantages for the secure, bank-independent storage of precious metals, documents, jewellery, watches and similar assets. Clients unable to attend personally to store and retrieve items can always be represented by someone they trust. This requires a power of attorney document which can provide individual or collective authorisation. This article provides information about the special features of different authorisations and the situations in which they may be appropriate.

A power of attorney for a safe deposit box is a document created and signed by the owner of the safe deposit box – i.e. the contractual partner. This authorisation allows named individuals to manage the safe deposit box contents – for example to add or remove items. Authorised persons can act on behalf of the contractual partner and are permitted to independently book appointments with the provider to visit the safe deposit box. According to whether the authorisation involves a single representative or several trusted persons, different terms of use and levels of security apply to safe deposit access. For example, the terms of a collective authorisation require at least one further authorised person to be present when a safe deposit box is opened. This joint power of attorney format thus creates an enhanced level of security – just one of many reasons why a private safe deposit box is a practical alternative to a bank safe deposit box. Such nuanced considerations are also a timely reminder that choosing your ideal safe deposit box provider depends on many factors.

Power of attorney: More flexibility for a safe deposit box owner

Nowadays, assets are often deposited in a private safe deposit box over a longer period of time, perhaps earmarked to serve as a safety net, or to offer financial protection to a spouse, or to children and grandchildren. In such circumstances it may not always be possible for an owner to manage their safe deposit box personally. And if the primary contractual partner is ever unable to access the contents, they may then wish to allow other trusted people to access a safe deposit box on their behalf. To arrange this, the safe deposit box owner must first deposit a written and signed power of attorney.

The power of attorney gives trusted persons independent access to a designated, bank-independent safe deposit box in Switzerland or a bank-independent safe deposit box in Liechtenstein.

A safe deposit box authorisation document provides more than just the names, dates of birth and postal addresses of the authorised persons, it also ensures every visitor can be accurately identified. This is made possible by a thorough check of personal details against authenticated copies of identification documents. This procedure is thus designed to prevent unauthorised persons from gaining access to a safe deposit box.

Individual and collective powers of attorney: Essential differences

Safe deposit box owners who wish to arrange a power of attorney can choose between an individual authorisation, or a collective power of attorney. An individual authorisation empowers one specific individual registered by name to act as the sole representative. This means that, in addition to the existing contractual partner, this person alone – i.e. without any other person present – has power of attorney to conduct safe deposit box activities and can arrange access appointments.

Under a collective power of attorney, a person can only access the safe deposit box contents and book access appointments when accompanied by another authorised person. As with an individual authorisation, everyone entitled to collective representation is recorded by name with their details stored alongside those of the original client. Those persons with a collective authorisation can thus only conduct safe deposit box management tasks jointly – i.e. at least in pairs.

Increased security via a safe deposit box collective authorisation

With any collective authorisation, the client (contractual partner) can ensure no authorised person ever gains access to the safe deposit box alone. A joint authorisation stipulates that at least two people must always be present when the safe deposit box is opened. This procedure increases the security of your deposited assets. Remember that, as the operator, Swiss Gold Safe has neither the obligation nor the material authorisation to check the contents of your safe deposit box. This remains the sole responsibility of the contracting partner or their authorised representative.

In this context, it is also important to point out that the protocol for joint safe deposit box opening can also be fulfilled when one person with collective authorisation, and another with individual authorisation, are both present.

How can a power of attorney be arranged?

Safe deposit box owners can only authorise trusted persons on their behalf by using the separate authorisation form available from Swiss Gold Safe. To do this, the contractual partner must send the fully completed form, signed by hand on the original document (in other words a “wet signature”), to Swiss Gold Safe. The form must contain the full names, home addresses and contact details of the respective persons. In order for the power of attorney to be valid, authenticated copies of ID cards and an original signature (i.e. a “wet signature”) obtained from the persons to be authorised will also be required.

Alternatively, a power of attorney can also be completed and handed over directly on site at Swiss Gold Safe in Switzerland or Liechtenstein, provided the authorised person(s) are also present and can identify themselves with a photo ID.

What documents are required to issue a power of attorney?

Depending on whether an individual power of attorney, or a collective authorisation, is sent by post or handed over in person, further documents will be required in addition to the form itself. For postal applications, a certified copy of the respective ID for the person(s) to be granted safe deposit box access via the power of attorney will suffice.

In many countries, a certified copy of an ID document can now be made at any post office, bank or local authority. In addition, notaries or law firms will also generally offer this service. To action this, the official ID is copied, and that copy is then stamped and signed by the issuing authority as a true copy of the original, which then confirms the authenticity of the document copy.

For an on-site power of attorney at Swiss Gold Safe, the trusted person(s) must identify themselves with a valid passport or ID card. A copy of the ID document is then made by Swiss Gold Safe and deposited together with the authorisation form.

How can a power of attorney be revoked?

A safe deposit box owner can revoke the power of attorney they have granted at any time. This withdrawal of authorisation rights must also be made in writing – in fact, the authorisation form also contains a separate section for this purpose which must be duly signed by the client. As soon as the signed revocation is received, any previously authorised persons will no longer have access to the safe deposit box. The safe deposit box owner can also revoke the authorisation by means of a simple, informal letter or email.

Access only available via a safe deposit box key or code!

Regardless of whether access is required by the contracting party or an authorised person, an original safe deposit box key or a safe deposit access code is required to open the safe deposit box. Clients generally receive all available keys (two) when a safe deposit contract is arranged. Swiss Gold Safe does not keep any third-party or replacement keys: This is an essential element of the company’s security and privacy protocols for safe deposit boxes.

So, because Swiss Gold Safe does not maintain any client key deposit for security reasons, authorised persons must either bring a key with them, or deposit a key elsewhere. An arrangement with an external service provider, local lawyer or notary is a suitable option for this purpose. Find out more about external key deposits for safe deposit boxes.

A summary of safe deposit box authorisations

Clients with a bank-independent safe deposit box at Swiss Gold Safe in Switzerland or Liechtenstein can appoint trusted persons to manage the safe deposit box on their behalf.
This requires written authorisation via a Swiss Gold Safe form, which is then held by the safe deposit box provider.
According to whether one or more people should have access to safe deposit box contents, clients can choose between an individual- or collective authorisation.
A collective authorisation provides for a safe deposit box to be opened in the presence of at least two authorised persons. This increases security for the contractual partner.
Safe deposit box authorisations can be created using the Swiss Gold Safe authorisation form. This can either be sent by post or completed in person on site.
For postal applications, a certified ID copy is required for each authorised person. When an authorisation is issued on site, those representatives present in person can submit their ID documents for copying.
A contractual partner can revoke their authorisation at any time. This can be done directly via the authorisation form, as well as by post or email.
Safe deposit box owners and authorised representatives generally require an original safe deposit box key or entry code to gain access to the contents.