It is possible to set joint ownership for depository safesin banks. The person you select should be someone you consider trustworthy like your spouse, child, or direct relative. Setting joint ownership will provide them with unrestricted access to the contents of your depository safe so you should make your choice with extreme prudence.
It should be noted that some states might still require the issuance of a court order before they grant access to your depository safe by your co-owner in the face of your death. Possession of a key or access to a security code will still not be sufficient in granting them access. This fact should be considered if you ever choose to store your last will and testament insidedepository safes. Immediate access to you will is necessary in the event of your demise so it is best that you store only a copy inside the safe and entrust the original to your attorney.
If you are the sole owner of a depository safe, a power of attorney is still insufficient in granting access to your safe.In actuality, a power of attorney effectively loses authority after your death.
The bank will also not be able to recognize the validity and effective period of the power of attorney. Likewise, they will be unable to ascertain whether you were fully competent when the agreement was signed since no bank representative was required at the event.
In order to ensure immediate access to your assets in the event of your death, you can choose to appoint a legal trustee. The trustee will be given the authority to oversee your assets including the contents of your depository safes.
In certain case where you are suspected of harboring any illegal items in your depository safes, local law enforcement authorities can gain access to its contents. Possession and storage of illegal items such as deadly firearms, drugs, and stolen cash can justify the acquisition of a court order. The court order will grant them the authority to forcibly open your depository safe and confiscate the illegal contents.
Although they will not be able to obtain access to your depository safe, the IRS as well as private institutions can effectively freeze your assets in the face of disputes over debt. Your local deposits including your bank account and your depository safes will be put on hold until the problems are settled.
Depository safescan also possibly be declared as abandoned if the renter neglects to pay the rental fee over a certain length of time. The common reason for neglecting payment could be due to the surviving heirs’ lack of knowledge regarding the depository safe at the face of the renter’s sudden death.
If multiple attempts by state authorities to reach and locate you remain unsuccessful, then they can choose to seize the contents of your depository safe. The contents will normally be delivered to the state’s designated office for unclaimed property for safekeeping.
Thankfully, legal heirs who discover the existence of the valuables will still be granted the right to retrieve the items even after a long period or even in cases where they have been sold. They only need to contact the designated office in order to find out the papers or procedures necessary for claiming.
In the unfortunate event that the bank that houses your depository safe ends up bankrupt and needs to close, you will thankfully still be granted access to your valuables. An arrangement will usually be immediately set by the overseeing authorities to facilitate the turnover of bank assets. After the assigned institutions take over, you will be able to normally conduct your transactions. If no buyers come forward to take over your bank, you still need not fret since you will then be offered the option to simply remove the contents of your depository safe and simply have them transferred to another location.
All of our depository safes are B-rated, come with a drill resistant hard plate and "shark tooth" anti-fish baffle.