Tuesday, October 9, 2012

Secret Deposit Box

When Jack visited his mother’s bank safe deposit box with her death certificate, the bank required one of its officers to accompany him to open the box.

He was told that the bank officer would look for her Will while he watched, so the Will could be filed with the court.  But he wasn’t allowed to look at or read the other papers in the box, even though it delayed his search for her property needing to be taken care of. 

And the bank insisted on filing the original Will itself with the court clerk but would give him a copy of it, since that will make the Will a public record anyway.

When he is later named executor of her Will in probate, he can take the court document showing him as executor to the bank to look at the rest of her safe deposit box documents.   

The simplest way his mother could have prevented this annoying delay would have been to list his name on the box.  If she’d had a living trust, she also could have used the trust’s name.  Then, no court order would be necessary to prove that Jack was allowed to see all contents of the box.  Instead, he would need only her death certificate and trust documents naming him successor trustee. 

Planning can prevent delays and problems for your family after your death.  Information about where your safe deposit box is located and taking care in naming people to access it can make a difference.  For advice regarding your own estate plan, call our office at 436-1996 for an appointment.  ©2012 Gruber Law Office, Ltd.


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