Fewer people have safe deposit boxes than they did decades ago. Online document storage and home safes have made them less of a necessity. However, if you’re preparing to put your estate plan in place and you continue to store valuables in a safe deposit box, you’ll want to ensure that the right people know about it and can access it after you’re gone.
A good place to start is by taking a look in the box to see what’s there. If there’s anything you want to keep there (like jewelry, collectibles or documents), make a list and include that somewhere in your estate plan. Note that you won’t want to put your estate plan, life insurance policy or any documents that will be needed immediately after your death in the box in case there are issues with accessibility that are unforeseen.
If there are items stored within it that you want to leave to one or more loved ones, you’ll want to designate that in your will. (Sticking Post-it notes on them with the names of the designated beneficiaries carries no legal weight.) Make sure the location of the safe deposit box and other details about it (like the account number) as well as the location of your key(s) are noted in your estate plan.
Make sure the box can be accessed after your death
The best way to help ensure that the box can be easily accessed after you’re gone is to add the name of someone (like your executor) to your safe deposit account. Talk with someone at your financial institution about how to do that. This can prevent your executor from having to get a court order to access the box. Just having a key won’t allow them access.
If there’s no one you want to add to the safe deposit box account, then your executor will likely need to present a copy of your death certificate and your estate plan to show that they have authorization to get into the box when the time comes. They’ll also need your key. Financial institution staff can’t open people’s safe deposit boxes on their own. The box would likely have to be opened by a locksmith if there’s no customer key, which involves time and money.
If you want to continue to keep your safe deposit box, it’s smart to make things as easy as possible for your executor and other loved ones. Someone at your financial institution should be able to help you, but it’s also important to talk with your estate planning professional about this concern.