This order goes along with a petition for an order to open a safe deposit box of a decedent. 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.
Deposit Box Refuse With Insurance
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How to fill out Order Authorizing Petitioner To Open Safe Deposit Box Of Decedent?
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FAQ
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.
A safe deposit box is not a deposit account. It is storage space provided by the bank, so the contents, including cash, checks or other valuables, are not insured by FDIC deposit insurance if damaged or stolen. Also, financial institutions generally do not insure the contents of safe deposit boxes.
What if the bank has failed? If the bank recently failed, the FDIC or the bank that assumed the failed bank's business may have the account or safe deposit box contents. After a period of time, the FDIC or the bank must transfer unclaimed property to the state.
Pros and Cons Unlike bank accounts, the contents are not ensured. Safes can only be accessed during the bank's business hours. Contents can still be lost due to fire, flood, or other disasters.
Cons. Limited access: You can only access your safe deposit box during the institution's business hours. Fees: There's a yearly fee associated with maintaining a box. Other options, such as home safes, have only a one-time cost.