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.
Order Safe Deposit Box With Key
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How to fill out Petition For Appointment Of Temporary Administrator In Order To Gain Access To Safe Deposit Box?
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FAQ
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.
Banks do have a key that can open your safety deposit box, but your key also needs to be present. In other words, you or your bank can't open the box without both keys unless you drill into the lock. The key the bank has is also known as a guard key.
Safe Deposit Boxes are kept in a secure vault and are usually limited in quantity. If there are any available, you can rent them on an annual basis. A Safe Deposit Box takes two keys to open ? your key, plus a key kept by the institution.
A person can place just about anything that will fit in a safe deposit box in one. Holders of these boxes are granted complete privacy by the financial institutions where they're located. Someone could store cash, jewelry and other valuables, savings bonds, deeds to property and information about an inheritance there.
Key Duplication Most of the time, safe deposit keys are prohibited from duplication because it can significantly increase the risk of the box being opened by unauthorized people who have a key copy. Normally, there is a ?Do Not Duplicate? sign on the keys so that most locksmiths won't duplicate them.