A lot of people have concerns over what happens to the contents of their safety deposit boxes after they die. As they should. There are some steps that you can take to avoid the hassle of your beneficiaries having to deal with the bank in order to access those assets.
When you initially open the safety deposit box you can appoint someone who can access the box upon your death. Most likely, they will need to accompany you to the bank, or at the very least their signature may require notarization. However, this person might be able to access the box while you are still alive, so make sure it is someone that you trust above all others.
Another option is that if you having a living trust, you can title the box into your name or names as the trustees. Therefore, upon your death the box automatically transfers to the successor trustee. This also avoids the contents from having to be probated as they will be funded into the trust.
There may be other procedures that banks offer, so it is wise to ask around to see which banks offer which options that are the best and easier way to allow your beneficiaries access. The last thing you want is a forgotten deposit box that ends up in a state escheat account!
For more information on creating and funding your revocable trust please contact a professional Los Angeles estate litigation Attorney.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.