If you’re preparing to put your estate plan in place, it’s important to make sure you address all your assets in one way or another. Don’t forget any assets you have stored away in a safe deposit box at a financial institution.
Safe deposit boxes aren’t as frequently used as they used to be now that important documents are more likely to be digital. However, some people keep jewelry, coins and other valuable items in a safe deposit box rather than an in-home safe. You may even have a box you’ve forgotten about over the years if it comes free with your bank account.
The first step to dealing with your safe deposit box is seeing what’s in there if you’re not sure (or even if you think you are). There may be nothing but outdated documents you can shred or items you’d rather have at home.
If there are valuables in there that you want someone to inherit, like jewelry, it’s important to include those items in your will or living trust. Make sure you indicate somewhere in your estate plan where they’re located.
Helping make the box accessible after you’re gone
It’s crucial to ensure that your executor can access your safe deposit box after you’re gone. (However, it’s best not to put a copy of your will or other items that would be needed right away in the box.) It’s smart to include information about the box, like the location, account and box number and the location of the keys) with your estate plan documents – particularly if you’re the only person on the safe deposit box account.
Every financial institution has somewhat different policies and procedures, so if you’re keeping your safe deposit box, it’s smart to talk with a manager or other knowledgeable employee to find out what they’ll require for your executor to access and close out your safe deposit box. Likely, they’ll need a copy of the death certificate and proof that they’re the executor of your estate (along with a key) to access it.
By having sound legal guidance, you can better address your safe deposit box and its contents in your estate plan. This can save your loved ones unnecessary time, stress and expense after you’re gone.