• Skip to main content
  • Skip to primary sidebar

Ask Liz Weston

Get smart with your money

  • About
  • Liz’s Books
  • Speaking
  • Disclosure
  • Contact

Q&A: Safe deposit box shortcomings

December 27, 2021 By Liz Weston

Dear Liz: You recently advised against keeping one’s will in the bank safe deposit box. That was on the grounds that upon death, the bank could seal the box. My daughter is named on my box (she is also named as executrix) — that is, the bank ran her through several hoops, and the result is she can gain access to the box as she wishes. Does your advice hold in this case?

Answer: Find out what the bank’s policy is. If the bank confirms your daughter will have access in the event of your death, ask that the assurance be put in writing.

One problem with keeping anything in a safe deposit box is that the contents can be escheated — turned over to the state — if the bank decides the box has been abandoned. That usually won’t happen if you’re paying the bill for the box on time and making sure the bank has up-to-date contact information, but physically checking the box’s contents once a year or so is a good practice.

Related Posts

  • Q&A: How deposit insurance limits work

    Dear Liz: My parents, who are in their 80s, just moved and are about to…

  • Is Your Tax Refund Safe?

    Your tax refund may take a few days longer to land in your bank account…

  • How to stay safe from financial scams

    One of the biggest mistakes you can make when it comes to protecting yourself from…

  • High, safe returns don't exist

    Dear Liz: I'm getting about $500,000 from the sale of my business this year and…

Filed Under: Banking, Q&A Tagged With: q&a, safety deposit boxes

Primary Sidebar

Search

Copyright © 2025 · Ask Liz Weston 2.0 On Genesis Framework · WordPress · Log in