Your Joint Signer Can't Always Get Into
Your Safe Deposit Box!
By E. Shel Yetman
Who can get in your safe deposit box if you die? Who even needs a safe
deposit box? What goes in it? Who can get at it? I get all sorts of questions
about safe deposit boxes so I thought I would give you a brief summary of
the who’s, what’s and why’s associated with them.
As a general rule, only those documents and valuables that are irreplaceable
or difficult to replace need to be kept in safe deposit box. Items that can be
replaced with minimal inconvenience (such as passports) or those
frequently needed for reference (such as cancelled 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.
Who can access my safe deposit box?
When filling out the rental forms for a 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.
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 Count
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 days or, more frequently, up
to a month before the process is completed (so don’t keep anything needed
for burial in a safe deposit box!). After the tax inventory, the County
Auditor issues an authorization stating who may remove contents from the
box.
What should I keep in my safe deposit 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 death, such as original wills, trust documents or insurance policies
(copies should be kept in safe deposit boxes) should not be kept in the box.
The original copy of a will or trust can be kept in a fireproof box in your
home or with your attorney who prepared it. Keep in mind that the attorney
who prepared the will is not necessarily the one who will probate the estate
and with it comes to a revocable trust, most people have created their trust
to avoid the probate process all together. The executor will select the
attorney to probate the will unless the document directs otherwise. If the
original documents are kept with the attorney, it is a good idea to keep a
copy of them in the safe deposit box and another copy at home where it is
readily accessible for review.
I would also like to point out, many box holders keep valuable articles, such
as coin or stamp collections that belong to their children or spouse. I will
caution you here as these items should not be in their personal safe deposit
box, since there is a presumption that the content of the box, belong to the
box holder. If you do keep any of these items in your box, it is important to
keep with them any papers denoting the owner of and the origin of
ownership or purchase.
What should I do now?
I have created a Safe Deposit Box Checklist for your Estate Organizer
Kit. I hope you will find it useful. To get your complimentary copy, simply
click the link above and we will get it right out to you.
If you need help deciphering any of this information, just give me a call and
I be more than happy to help you work through them.
You can reach my office at 724-260-5491.
Wrapping it all up?
Well I hope this brief synopsis helps you to better understand the
importance of a safe deposit box and the traps it can sometimes cause.
Sometimes this type of information actually creates more questions than it
answers. For example, did you know before you read this that joint box
signers are not supposed to be able to get into the safe deposit box until the
County Auditor opens it? I didn’t know until I did some research.
The Yetman Agency
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