Estate planning clients often give much thought to avoiding
probate (see related article). Wynn at Law LLC helps jog your memory to make
certain you haven't 'forgotten' an asset that would trigger probate. A common
one forgotten, as an example, is the safe deposit box. Yes, banks still have
them in the vault. In fact, it's a common storage place for the Last Will and Testament. Why not? It's safer than a home safe, and someone always has a key. But what else is in
there?
Wisconsin allows an ‘interested party’ to access the safe
deposit box to retrieve the Will. On the death of a sole owner of a safe deposit box, a safe deposit box company (bank)
allows 'limited' access to the box by the spouse or next of kin of the deceased
lessee, a court clerk, or other interested person for the only purpose of
looking for a Will. The assets also in the box are not to be touched. While
that interested party is in the box, he or she is supervised to make sure that
doesn't happen. If the Will itself doesn't name anyone to the receive the safe
deposit box assets, probate may be necessary.
A strategy to consider is naming an adult child or family
member or friend as a joint owner of
the safe deposit box, with a key. This alleviates the problem of having a sole
owner of a box pass away. Then the Will can be retrieved and so can the assets
without going through probate. (Note: There could be tax considerations when
the joint owner takes possession, it only avoids probate because the joint
owner of the box is considered joint owner of the asset.)
By the way, if there is a sole owner, whomever is the
'interested party' is may have to furnish proof of death as it deems necessary
(e.g., the death certificate of the owner). That could delay things as well.
With a joint owner who is a keyholder, they have access anytime. This could be
a time-saver in the case of a loved one's passing. Just remember, that joint
owner will also have access to the safe deposit box contents while the loved
one is living, too.
*The content and
material in this original post is for informational purposes only and does not
constitute legal advice.
Photo by Arman Zhenikeyev, used with
permission.
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