Safe Deposit Boxes: Why They're No Longer Recommended

At Sammartino & Sultan Law Group, we've had numerous discussions with clients about safe deposit boxes, and our stance remains the same. Here's our current perspective on why we no longer recommend bank safe deposit boxes for most clients:

The Changing Banking Landscape

As banks have grown larger and more complex, accessing safe deposit boxes after a death has become increasingly challenging. This is especially problematic when important assets or documents are held in a trust.

Access Difficulties

Many banks now require extensive documentation to release the contents of a safe deposit box, even in cases where:

The box was jointly held with a surviving spouse
You can prove ownership of the items inside

Banks may allow access to the box to retrieve the following documentation:

Wills
Life insurance policies
Deeds to cemetery plots

But, in order to be given such access, banks often demand:

A Court Order allowing the family member LIMITED access to only INVENTORY the box – but not to remove anything, or
Letters Testamentary to appoint someone to access the box

The Probate Predicament

By requiring such documentation from the court, banks are essentially forcing you to open a probate estate and appoint a Personal Representative. This can be an unnecessary and expensive process, potentially costing thousands of dollars.

Our Recent Experiences

While we've generally been successful in helping surviving spouses access safe deposit boxes, we've encountered some close calls. Imagine having to delay a loved one’s burial because their burial arrangements are locked in a box that require court authority to obtain access? Who needs that unnecessary stress while grieving a loved one.

The Risks of Unofficial Access

Some individuals, when faced with these challenges, attempt to access the box after a co-tenant's death without notifying the bank. This approach carries its own risks and should be approached cautiously, if at all.

Our Recommendations

Avoid bank safe deposit boxes unless absolutely necessary for items like valuable jewelry or precious metals.
If you must use a safe deposit box, title it in the name of your trust(s).
For married couples, consider putting the box in the name of both trusts.
Keep a detailed inventory of the box's contents.
Consider alternatives like home safes or secure digital storage for important documents.

At Sammartino & Sultan Law Group, we're committed to helping you navigate these complex issues. We can assist you in developing a comprehensive estate plan that protects your assets without relying on potentially problematic safe deposit boxes.

About the Author

Leslie has been practicing law since 2009 and is the host of the estate planning podcast 'Legacy Purse'. She has a long history of representing family members struggling to inherit property and/or wealth from deceased family members through the Probate Courts. Knowing how time-consuming and expensive the probate process is, Leslie takes great pride in helping her clients learn how to plan and protect their families during their lives so they can avoid the probate court process and save their loved ones that additional grief (and expense).