For those who have never seen one in person, a safe deposit box is a long, narrow metal box that’s stored in a locked room at a bank or credit union. A typical box has two keyholes, so the only way to unlock it is to insert both keys at once. You keep one key, and the bank has the other.
Your safe deposit box allows you to store and protect irreplaceable items, while providing you with convenient access. Store digital files, digital photos and movies, heirlooms, jewelry, birth and marriage certificates and other valuables (Download our safe deposit inventory guide 1). A safe deposit box, also referred to as a safety deposit box, is a small secured space in a larger vault inside of a bank or credit union branch. Think of these as a smaller version of a safe, which you can rent to store valuables and important documents.
A variety of factors determine who is entitled to inherit the contents of a deceased person’s safe deposit box. These factors may include: a. the name or names on the safe deposit box lease, b. whether property in the safe deposit box has a registered title, c. the provisions of the box holder’s will or living trust, and d. applicable state laws.Determining who has the right to inherit the contents of the decedent’s safe deposit box is a complex issue. State laws vary significantly regarding how title to a safe deposit box may be held and who has the right to the contents upon the death of a box lessee, especially in the case of joint holders or co-owners.
|
If two or more lessees are named on the safe deposit box lease agreement, determining who has the right to inherit the contents of the box becomes more complicated. In some states, any property owned by a co-lessee that he places in the box will pass to his probate estate and not his surviving co-lessee. In other states, the surviving co-lessee owns the contents of the box regardless of the provisions of decedent’s will. In some states, it depends on whether the surviving lessee is a spouse or non-spouse. Whether the individuals leased the box as joint tenants also plays a role in determining ownership of the contents.The language of the safe deposit box lease agreement and any other paperwork the co-lessees signed regarding the right to the contents, as well as applicable state laws, will determine how the contents of the box will be distributed after the death of one of the lessees. In addition, it is important to distinguish between a joint holder of a safe deposit box and someone who is merely listed as authorized to access the box. If you are unsure how the contents of the decedent’s safe deposit box should be distributed, consult a probate lawyer.
|
If you open a deceased person’s safe deposit box and find the decedent’s original will, state law may require you to file the will with the probate court of the county in which decedent was domiciled. If you discover the decedent’s original will in the safe deposit box, contact a probate lawyer immediately to ensure you comply with the law. If you are responsible for winding up the affairs of a deceased person, use a guide for executors from the list on our Books About Probate page.Note: Laws regarding estates, probate, and safe deposit boxes vary from state to state. There are exceptions to the general overview provided on this page. Consult a probate lawyer for specific information about how to access, inventory or distribute the contents of a deceased person’s safe deposit box.
|
| If Safe Deposit Box Leased Solely in Decedent's Name |
If the safe deposit box was titled solely in the deceased person’s name and no other individuals were named on the box as co-holders, all property in the box that does not have a registered title will typically be part of the decedent’s probate estate and pass according to decedent’s will or, in the absence of a will, according to state intestate succession laws. Any property in the box which has a registered title will usually pass according to how the property is titled. See title to property.
|
Certain types of property stored in a safe deposit box may have a registered title, such as stocks and other registered securities. Other types of property stored in a safe deposit box are unregistered, such as cash, jewelry, bearer bonds, gold or silver bars, coins, and artwork.
|
If the safe deposit box is titled in the name of decedent’s living trust and all contents of the box were properly transferred to the living trust prior to his or her death, the contents of the box pass to named beneficiaries of the trust according to its terms. However, issues may arise if certain property in the safe deposit box was not titled in the name of the living trust or was not properly transferred to it. If trust property is commingled with non-trust property in the box, such non-trust property will usually pass to the decedent’s probate estate.
|
For information about what to store in your safe deposit box, how to title your safe deposit box in the name of your living trust, and answers to related estate planning questions, see our Safe Deposit Box page.
|
Estate Planning and Trust AdministrationTHIS WEBSITE USES COOKIES. BY CONTINUING TO USE THIS SITE, YOU ARE PROVIDING US WITH YOUR CONSENT TO OUR USE OF COOKIES. PLEASE SEE OUR PRIVACY POLICY FOR DETAILS. I ACCEPTCopyright © 2009 - 2021 Pennyborn.com. ALL RIGHTS RESERVED. Pages, articles, paragraphs, forms, letters, images, photos, and other content on this site may not be copied, excerpted, reprinted, republished, broadcast, rewritten or redistributed. The marks PENNYBORN and Pennyborn.com are trademarks and may not be used without our prior written consent. It is a violation of state and federal law to use a trademark without permission.
INFORMATION ON THIS SITE, INCLUDING ARTICLES, ESTATE PLANNING FORMS, AND THE ESTATE PLANNING BLOG, DOES NOT CONSTITUTE LEGAL, FINANCIAL OR TAX ADVICE. Pennyborn.com is not a law firm and is not a substitute for a lawyer. Your use of this site does not create an attorney-client relationship. Information on this site is for educational purposes only and may not be accurate, complete or up to date. Your use of this website constitutes acceptance of our Terms of Use. For information about Pennyborn.com and how to advertise on this website Contact Us. |
|
Newsletter Signup
Latest Blog Post
Information on the Scottish Government's Tenant Hardship Loan Fund A fund which offers interest-free loans to tenants who are struggling with rent arrears has opened for applications.
The Scottish Government's Tenant Hardship Loan Fund is designed to help people who have had their finances or employment...
Please note that we do not accept payment by credit card. We are happy to accept payment by debit card.
SAFEDEPOSITS SCOTLAND POSITION REGARDING DEVELOPING COVID-19 SITUATION
Normal service continues
Scheme temporarily moves to home working arrangement following Government advice
The health and safety of staff, customers and the wider community is of paramount importance to SafeDeposits Scotland, and in light of statements issued by both UK and Scottish Governments on Monday 16th March, the decision has been taken to temporarily close our Glasgow office and move to a home working operation with immediate effect.
As a responsible organisation we have robust business continuity procedures in place. We are confident in these preparations and are committed to providing a business as usual service to all of our users. At present the scheme seeks to reassure all customers that telephone calls will be answered and emails will be responded to. Deposits will remain protected and any new deposits will be lodged within the legislated timeframe. Updates to service and other regular content will be posted on our social media platforms.
The temporary operational changes do mean that a small handful of service elements will be affected - these are outlined below and for each case an alternative solution is provided:
- Customers should not visit the SafeDeposits Scotland office until further notice as the office will not be open. SafeDeposits advisors can be reached via telephone on 03333 213 136 or via email on info@safedepositsscotland.com
- Landlords and letting agents paying in new deposits are encouraged to do so either online via the SafeDeposits Scotland portal or via the telephone. This is because access to cheques may be hindered, either due to the office being inaccessible to staff or as a result of any interruption to regular Royal Mail service.
- In instances of deposit repayments all parties are also encouraged to provide UK bank account details to allow for BACS payments to be made to them, as issuance of cheques cannot be guaranteed during this period.
- Any parties submitting evidence as part of a dispute process are encouraged to submit this via the online portal available. As outlined above, access to posted items of evidence may be limited in the current circumstances.
We thank all parties for their continued co-operation with the tenancy deposit process.
Smart Deposit
| Royal Institution of Chartered Surveyors (RICS) | Scottish Association of Landlords (SAL) | Council of Letting Agents (CLA) | The Dispute Service (TDS) | Association of Residential Lettings Agents (ARLA) | National Association of Estate Agents (NAEA) |
Bank Of America Safe Deposit Box
Safe Deposit Box