Tags
Claiming Assets, Death Certificate, decedent, Executor, Inventory of Assets, Property, Safe Deposit Box
Opening the safe deposit box of an estate is conventional for an executor. Typically, people rent a safe deposit box to store valuable property. So, when a person dies, it’s normal to find a safe deposit box as part of their estate. As a result, the executor must open the safe deposit box to claim the property of the decedent.
Opening the Safe Deposit Box of a Decedent
Typically, the process of opening the safe deposit box of a decedent is not a difficult task for the executor. There may be some contingencies to deal with, but overall, the process is straightforward. Here are the details for opening a safe deposit box of an estate:
- The executor must visit the bank in person to learn the details of the safe deposit box. The bank will refuse to give out information other than in person regarding a safe deposit box. Moreover, the executor must bring their approval letter, a copy of the death certificate, and identification before a bank official gives out information about the safe deposit box in question.
- The executor must determine the owners of the safe deposit box. If the decedent was the only owner, the executor can open the box with only a bank official as a witness. However, if a subsequent living owner exists on the contract, the new owner must be present on the day of the scheduled opening. Typically, if there is a living owner, the safe deposit box is their property. So, the new owner has to make the arrangements to open the safe deposit box.
- The executor or living owner must have the key to the safe deposit box. If the key is lost, the bank will charge a fee to have a locksmith drill open the box. At this point, scheduling to open the safe deposit box occurs. On the day of the scheduled opening, a bank official, the new owner (if one exists), and the executor must be present.
- After the opening of the safe deposit box, the executor must examine the contents. The executor examines the contents to make sure there is property belonging to the decedent.
- After examining the contents, the executor must remove the property belonging to the decedent. In addition, the executor must provide an inventory of the property found in the safe deposit box.
Handling Property Found in the Safe Deposit Box
After removing the decedent’s property from the safe deposit box, the executor should update the Inventory of Assets. By adding the property of the safe deposit box to the Inventory of Assets, the executor will have all the assets listed on one inventory. This will make life easier for the executor when putting together the final accounting at the end of the estate administration.
Is this article helpful? Did I miss any facts about opening a safe deposit box? Enter your questions, comments, or general feedback in the comment section below.
Hello, I am the executor of my father’s will. He has a safe deposit box that both of our names are on and both have keys to. When he passes, do I need to resort the items as part of the estate, or because I’m on the box, the items are just mine, too? There are no other heirs to his estate.
Hi Catherine,
You will need to report the contents of the safe deposit box for the following reasons:
1) If the estate has to go through probate.
2) If your state has an estate tax and you have to provide a value for the entire estate.
Remember, the fact that you are part owner of the safe deposit box only gives you access to the box. If you are listed as a beneficiary on the assets or a co-owner of the assets that are in the box, then the assets go directly to you. Otherwise, the assets may have to go through probate for you to receive the property.
I hope this helps,
Robert
This can’t be that odd but I can’t find anything on my query. Back in March my mother passed some what unexpectedly. She created a trust over twenty years ago after my father passed. Being the only child my mother wanted to safe guard assets and so that I could avoid probate when the time came. Here is the problem. The only copy of the trust is in a safety deposit box that both my mother and I have our names on so that won’t be an issue. The problem is that I’m in Pennsylvania and the safe deposit box is in Hawaii. I simply can NOT fly back to Hawaii for many reasons just to open the box. Can I have a proxy, say a family member or my lawyer go retrieve the items on my behalf. We can even set up two way face time video connection so I will be there virtually. With covid causing lots of problems where people couldn’t go back to Hawaii due to travel restrictions but still needed to deal with a situation like this remotely. Can I just prepare an affidavit or some legal documents that state that I authorize? I need to access the box to get the trust. But I cannot travel back in person to do this.
Hi Faust,
Thank you for your question. Unfortunately, this is a question I can not answer directly. Based on the situation you describe, this is a conversation you need to have with the institution that houses the safe deposit box.
Since that safe deposit box is your property, the institution will most likely work with you, but you will probably need to prove your identity and give power of attorney to the institution so they can handle your assets legally. So, expect some bureaucratic process to gain access to your safety deposit box remotely.
I am sorry I couldn’t give you a direct answer, but I hope my suggestion puts you on the right path.
Good luck.
Robert
My brother and I, and an executor share the handling of our estate. Upon my father’s passing, I learned that my brother who had moved into the family home and had become my father’s caregiver, convinced my father who was under pain medication, that the safe deposit box should be emptied and closed – he did this months before my father passed away and did not inform the executor or I of any of this. Nor did he document what was in that safe deposit box.
This would seem to me to be a breach of confidence of the trust – if nothing else. Did he violate any laws? Is there any way to hold him accountable?
Hi Steve,
Thank you for your question. The answer, to me, seems straight forward. If the safe deposit box was in your father’s name, and only his name, he would be the only person able to withdraw and close the box. So, in simple terms, no laws were violated. However, I am not a lawyer and I don’t know if anyone else was listed as owners for that safe deposit box. Based on what you told me, I wouldn’t pursue any legal action.
Things to consider:
1) Was the contents of the safe deposit box needed to pay for outside care such as aides and visiting nurses?
2) Were there other owners on that box that needed to be informed about the closing of the box?
3) The official executor needs to secure all property to create an Inventory of Assets. If your brother refuses to list any remaining assets from that box, then you may have grounds for legal action.
4) Only an executor with a letter from a court appointing he/she as an executor will be able to handle these concerns because the first question asked by any third party is, “Are you the Executor? If so, show me your authorization letter.” I ran into that all the time.
Basically, have the executor sit down with your brother and discuss what was left from the safe deposit box so he/she can list the property. As for the estate, the safe deposit box was closed by your father while he was alive, so there isn’t a safe deposit box to list in closing the estate, just the remaining contents of the box, if any.
If you feel your brother did anything nefarious like embezzle the contents and can prove it, then let the executor know. The decision to pursue legal action will always fall on the official executor and could be costly for the estate.
I hope this helps.
Robert
PA – my mother has passed – only personal prop is the bank assets – nothing else – I am aware I will need an estate account (due to amount of assets at bank) as well as an EIN # – she has 2 credit cards that will need paid from the Estate account (once established) – nothing else is due – while this bank has been polite enough, I feel they are pushing me to get an attorney for things that I could likely handle on my own – I do have a consult set up as I am aware of the need for Inheritance Tax filings etc – but with respect to access to the safe deposit box – I am told I will need the Death cert; a short certificate; and a “letter from the Commonwealth” – while I am aware the bank cannot give me legal advise but aren’t they required to tell me what this letter is called etc instead of just telling me to contact an attorney. Thanks. C. Anderson.
Hi Christina,
If an estate needs to go through probate, having an attorney to guide you is the way to go. Estates are legal entities and have laws related to them even for bank accounts. You can probate an estate yourself, but you have to know what you are doing and help from the probate court is not always available, they’re busy. So, an attorney skilled in probate can handle the application of probate and get you the information the bank requires. The bank gave you solid advice.
I hope this helps,
Robert
Hello. So I die, I am the only holder of my safe deposit box. My daughter is the executor of my estate. I have stated in my will i grant her access and possession of the entire contents of the box. Does the bank employee need to ‘know’ or look at or even write down what those contents are? There are no other heirs. Aa reply would be most helpful. Thank-you Debra lawrence
Hello Debra,
Sorry for the delay as I am currently entrenched in my own estate settlement. As for your question, I would list your daughter as a secondary owner of your safe deposit box. If your estate plan avoids probate, your daughter will never have to go through the expense of setting up probate and will never be appointed executor. The way you have it set up now, she would be forced to probate the will at great expense just to access the safe deposit box. However, if you list her as an owner of the box, she will be able access the box without any problem once you pass.
As for the bank question: no, the bank doesn’t need to know the contents of the box, but they do need to know the owners and who can access the box. Basically, I would call the bank and ask them what you would need to do to list your daughter as a beneficiary, or another owner of the safe deposit box. If you don’t want to do that, consider taking out the contents in the safe deposit box and close the box at a later date. Either way is better than forcing your daughter into probate just to open a safe deposit box.
I hope this helps.
Robert