If you have a safe deposit box at a local financial institution, it’s crucial not to forget about it as you create your estate plan. That’s particularly true if it contains valuable jewelry, a coin collection or other items you plan to leave to loved ones or other beneficiaries.
If you haven’t visited the box for a while and aren’t completely sure what’s in it, it’s wise to do that. It may contain outdated documents and other things you no longer want or need. Make a list of everything you choose to keep in it. Note that you should not keep your estate plan, life insurance policy or anything that will be needed immediately if you become incapacitated or when you die.
What information to include
If you are leaving any valuables in the box to loved ones, that needs to be codified in your will or living trust. Just attaching a note with someone’s name on it to the items carries no legal weight.
It’s wise to include a section in your estate plan on your box that lists where it’s located (for example, the bank branch information), the account number (and a statement or other documentation) and a copy of your inventory. Indicate where your keys (there are typically two) for it are. Also, make sure your executor knows about the box.
Accessing the box after you’re gone
Your executor will likely need to present a copy of your death certificate and your estate plan to access the box when the time comes. It’s still a good precaution for them to notify the financial institution of the death.
Your executor (or successor trustee if your box is part of your living trust) will also need a key. Otherwise, a locksmith will have to be called in – at the estate’s expense. For customers’ protection, financial institution staff are unable to access safe deposit boxes without their key (sometimes called the “guard key”) and the customer’s key.
Every financial institution handles things a little differently, so it’s wise to talk with a knowledgeable employee (preferably a manager) where your safe deposit box is located. They may have some helpful information you can include in your estate plan documentation. Having experienced estate planning guidance will also help you prevent your safe deposit box from becoming an unnecessary complication for your family.
