Safety Deposit Box questions

[philliesfan]

Don't forget the legal aspect of the safe deposit box. You may have access to the box but each time you sign in to enter the box, you are agreeing that all owners on the box are still living.

If the unfortunate happens and he passes, you will not legally be allowed to enter the box without a representative of the state. If you sign in the box at a date and time after he passes, you could be in trouble in some way.

Its contents must be inventoried by the executor and a representative of the state and the contents become part of the estate. Just something else to think about.

This is just my understanding from way back when I worked at a bank that had safe deposit boxes.

Robert

[silvor]

Originally Posted by philliesfan

Don't forget the legal aspect of the safe deposit box. You may have access to the box but each time you sign in to enter the box, you are agreeing that all owners on the box are still living.

If the unfortunate happens and he passes, you will not legally be allowed to enter the box without a representative of the state. If you sign in the box at a date and time after he passes, you could be in trouble in some way.

Its contents must be inventoried by the executor and a representative of the state and the contents become part of the estate. Just something else to think about.

This is just my understanding from way back when I worked at a bank that had safe deposit boxes.

Robert

I am the executor of the estate. Everything is in a standard revocable trust , so there will be no probate. Not sure if that helps or makes a difference.

[ALR-bishop]

Always best to check with the bank you use regarding what their policy or state law requires in the event of the death of the owner or co owner of the box, and procedures for access to the box by the co owner, co signers, executor or other family members after such a death. It can vary by state.

Also, if you go the home safe route, no matter how big and heavy it is, it is best to have it bolted to the floor as Jeff mentioned. I have seen first hand the damage done when thieves drag a large safe out of a home. Seems like the bigger it is the more valuable they think the stuff inside must be

[Leon]

Safes have ratings so it's always good to check those too, such as TL, Fire etc....
https://www.supplychimp.com/go/info/...Explained.html

Originally Posted by ALR-bishop

Always best to check with the bank you use regarding what their policy or state law requires in the event of the death of the owner or co owner of the box, and procedures for access to the box by the co owner, co signers, executor or other family members after such a death. It can vary by state.

Also, if you go the home safe route, no matter how big and heavy it is, it is best to have it bolted to the floor as Jeff mentioned. I have seen first hand the damage done when thieves drag a large safe out of a home. Seems like the bigger it is the more valuable they think the stuff inside must be

[silvor]

Originally Posted by Leon

Safes have ratings so it's always good to check those too, such as TL, Fire etc....
https://www.supplychimp.com/go/info/...Explained.html

Be careful with those ratings, I am told.

Say your safe was rated at 1400 degrees for 30 minutes. Some companies start the heat and the time at the same time. So the "ramp up" time is included in the 30 minutes. Others, (I THINK Liberty) starts the timer when then heat gets to that temp.

Now, things may have changed, as I got rid of my big safe 10 years ago (and thus my questions about the safe deposit box).

And remember, that safe and contents can be hot long after the fire stops. If I were to keep my card and documents at home, I would buy a big gun safe with the highest fire rating I can afford AND put another smaller safe inside the big safe.

[Leon]

Yes, and regardless of that TL rating being quite hot, I already figured out that heat would melt slabs even in a safe like this before that rating came into play. . Hence another reason to leave 'em at the bank with much more peace of mind (I guess almost nothing is perfect). I used to visit them every so often and they were fine with it. That and having most of them online was, and is, what I Like best. Everyone has their own ideas on this stuff as to what is best for themselves.

Originally Posted by silvor

Be careful with those ratings, I am told.

Say your safe was rated at 1400 degrees for 30 minutes. Some companies start the heat and the time at the same time. So the "ramp up" time is included in the 30 minutes. Others, (I THINK Liberty) starts the timer when then heat gets to that temp.

Now, things may have changed, as I got rid of my big safe 10 years ago (and thus my questions about the safe deposit box).

And remember, that safe and contents can be hot long after the fire stops. If I were to keep my card and documents at home, I would buy a big gun safe with the highest fire rating I can afford AND put another smaller safe inside the big safe.

[dictoresno]

I keep all my stuff in a water tight and lockable Pelican case for some extra protection and its easier to move them around in.