The Forgotten Safety Deposit Box
Lessons From Practice
The facts of this story have been altered to protect client confidentiality.
One estate appeared to be straightforward.
The deceased had prepared a Will.
The executor had gathered the bank statements, located the investment accounts, and identified the major assets.
Everything seemed to be in order.
As the administration progressed, however, one small question arose.
"Didn't Dad have a safety deposit box?"
No one was sure.
One family member vaguely remembered accompanying him to the bank years earlier.
Another thought the box had been closed decades ago.
The executor contacted the bank.
To everyone's surprise, the safety deposit box still existed.
Inside were several items the family had completely forgotten about.
Original share certificates.
Jewelry.
Military medals.
Old family photographs.
Most importantly, the original Will.
What initially appeared to be a simple estate suddenly required additional work—and could easily have become much more complicated.
The Assets We Forget
Many people think of their estate in terms of bank accounts and real estate.
But over a lifetime, we often accumulate assets that are easily overlooked.
These may include:
safety deposit boxes;
original share certificates;
family heirlooms;
military medals;
jewellery;
passports and important identification;
original deeds or legal documents;
collectible coins or stamps; and
irreplaceable family photographs.
Some have significant financial value.
Others are priceless because of the memories they preserve.
Why Organization Matters
An executor's job is challenging enough without having to solve a mystery.
The more organized your affairs are, the easier it becomes for your executor to identify your assets, carry out your wishes, and administer your estate efficiently.
Even something as simple as maintaining a list of your important assets and where they are located can save your family considerable time and expense.
Don't Forget the Original Will
One of the most important items that may be stored in a safety deposit box is the original Will.
While copies are useful, the original document is often required during the estate administration process.
Knowing where your original Will is stored - and ensuring that your executor can locate it - is an essential part of estate planning.
Estate Planning Is More Than Documents
Preparing a Will is only one part of an effective estate plan.
It is equally important to ensure that your executor knows:
where your original documents are stored;
which financial institutions you deal with;
whether you have a safety deposit box;
how to locate important records; and
who to contact if questions arise.
Good organization today can spare your family unnecessary stress tomorrow.
Final Thoughts
The lesson from this file was simple.
The family had done many things right.
What they lacked was information.
Sometimes the greatest challenge in administering an estate is not dealing with legal issues - it is simply finding everything that the deceased owned.
A little organization during your lifetime can make a tremendous difference for the people you leave behind.
If you would like assistance preparing your Will or organizing your estate plan, Tonelli Estate Law would be pleased to assist - BOOK A FREE CONSULT TODAY.
This article is for general informational purposes only and does not constitute legal advice.
