Whether your will should be in a safe deposit box at a bank or elsewhere, such as with your attorney, depends on what your state law says about who has access to your safe deposit box when you die. The recent trend in many states is to make it relatively easy for family members or the executor to remove the will and certain other documents (such as life insurance policies and burial instructions) from a deceased person's safe deposit box. In those states, it might be a good idea to leave your will in the safe deposit box. However, in some states, it may require a court order to remove the will, which can take time and money.
Inventory Form For Safe Deposit Box
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How to fill out Petition For Order To Open Safe Deposit Box Of Decedent?
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FAQ
Safe deposit boxes are a good place to keep hard-to-replace documents such as contracts and business papers, military discharge papers, and physical stock and bond certificates, along with small collectibles and family heirlooms.
However, McGuinn warns, banks do not provide insurance for the contents of your safe deposit box, so you may want to add a scheduled personal property endorsement to your homeowners or renters insurance to make sure you're covered.
You're better off keeping the following items out of your safe deposit box: Passports. Only copies of living wills, advanced medical directives, and durable powers of attorney. Valuables you have not insured. Cash. Anything illegal.
However, McGuinn warns, banks do not provide insurance for the contents of your safe deposit box, so you may want to add a scheduled personal property endorsement to your homeowners or renters insurance to make sure you're covered.
Can the IRS get into my box? IRS representatives cannot arbitrarily gain access to your box. However, they can serve a Notice of Levy or Seizure requiring us to freeze your box. The IRS requests that you open the box in the presence of their representatives.