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Something to be aware of regarding safe deposit boxes: possession of the key does not automatically grant access to the box. The bank I use maintains a list of

Something to be aware of regarding safe deposit boxes: possession of the key does not automatically grant access to the box. The bank I use maintains a list of people I allow to access my box along with their physical signature. When I needed to access my box, I had to sign in with a pen, on paper and show my ID. They compared that signature with the one I gave when I first obtained the box. I was granted access if they matched. If someone else came in with the key but their name wasn't on the bank's list or the signature didn't match, they wouldn't allow access to the box. So make sure people you want to be able to access the box are on that list (which means they will have to go to the bank to provide a signature ahead of time.)

dangoor 4y ago
To add to this: if someone is not on that access list but is instead listed in a will, my understanding is that the will has to go through probate before access to the box is granted. It's quite likely that people would want/need access to passwords before that.
- rietta 4y ago
  It depends on the scenario. Which is why planning eventualities is so important. If I suddenly die, then my wife has knowledge and signatures on file necessary to keep going. Also a three ring binder book to look up since that is not the time to be making decisions. If both my wife and I die together, and our minor kids are the ones remaining than immediate password access is a good deal less important compared to the keeps being fed and housed and things being worked out. Of course the will will come into impact, guardianship, life insurance, social security survivors benefits, when they will live, where they will go to school. Winding down this business I have and other matters would be secondary. I am not saying we do this right. I certain have to "sharpen the pencil right" but the point is this should not be an afterthought.

dangoor 4y ago

To add to this: if someone is not on that access list but is instead listed in a will, my understanding is that the will has to go through probate before access to the box is granted. It's quite likely that people would want/need access to passwords before that.

rietta 4y ago
It depends on the scenario. Which is why planning eventualities is so important. If I suddenly die, then my wife has knowledge and signatures on file necessary to keep going. Also a three ring binder book to look up since that is not the time to be making decisions. If both my wife and I die together, and our minor kids are the ones remaining than immediate password access is a good deal less important compared to the keeps being fed and housed and things being worked out. Of course the will will come into impact, guardianship, life insurance, social security survivors benefits, when they will live, where they will go to school. Winding down this business I have and other matters would be secondary. I am not saying we do this right. I certain have to "sharpen the pencil right" but the point is this should not be an afterthought.