On 3/1/2011 6:47 PM, Bob R wrote:

Does anyone in the group have a safety deposit box at a local bank? Or
had one in the past?

I checked at a local bank here (Upstate N.Y.) if it matters. The one
thing I don't like about it, is you don't get any kind of receipt for
what you put in it. Also, the bank says only the person who has the box
has a key to it. The only way the bank could get into it is if the
rental fee is not kept current.

So, good or bad idea to get one? Any opinions and or comments will be
greatly appreciated.
....

Whether you should have one or not depends entirely on what you have to
put in it...that's part of your estate and other financial planning
exercises...

As to the other posters commenting regarding access after death and the
requirement for "the taxman" to inventory and access, that all depends
on State law (in your case, NY, obviously).

Typical laws with which I'm familiar have provision for one w/ a
testamentary letter to open it for the purposes of locating and/or
retrieving a will and access to the other contents (if any) are variable
from state to state w/ some very onerous; others "not so much".

OTOH, those that I am aware of (four states in which I have resided and
hence have specifically looked) have _NO_ restrictions on access to any
content for any reason by others who have pre-recorded access either as
co-lessors of the box or designated access on file w/ the institution.

You need to find out what law in NY actually says 'cuz what somebody
else says on their experience or hearsay is of no merit if it doesn't
reflect the specific laws of your state of residence and for your
specific case. The one thing is that the Fed's do _NOT_ get involved
(unless, perhaps, the deceased were already under investigation for tax
fraud or somesuch but that's conjecture, nothing that I've actually
researched).

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