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I compiled a "survivors manual" in a loose leaf binder with all different kinds of information that would be needed if I were to expire. Where the actual document may be in another file, it tells where that file is. Wife and kids know what and where it is.
same here - along w/ my military documents for burial/cremation and trust documents.....I do have a few documents in my safety deposit box that I need to be able to have my beneficiaries access (titles to house, cars) - bank says I need to bring them in for signatures..
same here - along w/ my military documents for burial/cremation and trust documents.....I do have a few documents in my safety deposit box that I need to be able to have my beneficiaries access (titles to house, cars) - bank says I need to bring them in for signatures..
Yes, you should definitely add them to the account as owners. If you keep both keys (where they would be able to find them easily if the need arose) the contents should be able to be kept private, unless of course as an account owner, they went behind your back and had the box drilled, which is unlikely.
Otherwise they can only access the box with an owner present and as a "guest."
I know a lot about safe deposit boxes due to my background as a bank manager. They are very private, odd things and there's no telling what's in them. Remember that the bank doesn't insure the contents of a safe deposit box because the bank shouldn't even know what's in it - there are generally only two entry keys, both of which are given to the owner. It does take two different keys to get in, and the bank has one, but the owner has the other(s) so the bank can't get into the SDB without the owner present as well, unless the box has been abandoned for years and/or if there is a court order to get into the box.
I have a SDB myself but there are only papers in it, no cash or other valuables, and the papers would only be valuable to my heirs or me (original will, marriage license, birth certificates, that sort of thing). I could tell horror stories about SDB abuses all day long. I always really hated dealing with them because they usually involve drama.
Also, I have a pet peeve that I may as well address here, and in case anyone thinks I'm being unnecessarily critical, let me hasten to say that I have immediate family members who still don't have this straight:
It's not "safety deposit box." It's "SAFE deposit box." It's a very common mistake, but a mistake nonetheless.
It's fine to store one in there, as long as anyone needing it KNOWS it's in there and can access it if necessary. Personally, I have a copy of my will at home in a notebook, with instructions about where the original is as well as who the attorney is who drafted it - I believe he also has an original on file in his office. Anyway, anyone needing the will would also need access to the SDB because other estate info is in there -and anyone who doesn't need those doesn't need the will either.
I also have the location of the key to the SDB in the same notebook. And if my husband were either dead or incapacitated, I would add my executor to the box as an owner so she could have easy access to necessary documents.
I would NEVER recommend anyone being the sole owner of a SDB if your will or other important estate documentation is in there, because no needs additional drama at that time and though laws vary somewhat by state, access to a SDB is very limited and very few items can actually be removed from the box, and there is very strict protocol for a bank officer to follow in these situations.
Also one of my triggers. Along with Warshington D.C.
All our info has been placed in a large manila envelope and sent to a nephew half a country away. He is our executor. Some important things are in two fireproof safes here. Can't get a SDB yet - been trying for 3 years - I think the bank lies when they say they will call when one becomes available. No children so it will be easy. Nephew gets it all.
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