The agent will have access during the owner’s lifetime, which is particularly useful if the owner becomes incapacitated. If the special power of attorney approach is taken, then use the bank’s own form some banks may not recognize powers of attorney other than their own. One should ask the bank in question whether the surviving cosignatory will be allowed to remove items from the bank safe. The access provided to a surviving cosignatory on joint accounts varies from bank to bank. If the joint access account approach is used, make sure that the bank will allow access after the death of one signatory to the surviving signatory. People who do not have trust, and anyone who does not want the safe deposit box contents to be distributed as part of their trust, should consider using a cosignatory joint access account or a special power of attorney with authority to open and access the bank safe. This way the successor trustee may access and remove the contents of the bank safe deposit box in the event of the owner’s disability or death without any difficulties or delays. How should one take title to a bank safe account? Generally speaking, anyone who has a living trust, and wants the safe’s contents to be distributed according to the terms of the trust, should title the bank safe account to their trust. Your advance health care directive, however, should never be kept in bank safe deposit. What items belong in a safe deposit box? Your will and trust, with all its amendments, and your stock certificates all belong in a safe. That said, however, bank safes can only be accessed during normal business hours and by those persons who the bank recognizes as having the right to access the box. While a home safe deposit box is very convenient that same convenience often makes it more accessible to other persons, whom you may not want examining into the contents of the safe. Is it better to have a safe deposit box at home or at your bank? Generally speaking it is better to have a safe deposit box at a bank. But will these important documents and valuables be accessible to the right person when the time arises? Let’s discuss this and other questions that concern safe deposit boxes. The Safe Deposit Box – Safe deposit boxes protect important documents (including one’s trust, will, and power of attorney) and small valuables against loss due to theft or destruction.

Bank safe deposit box vs home safe