One of the most important reasons to invest in a safety deposit box is to ease the burden on loved ones when you pass away.
It’s a responsible move to keep all your valuable documents, family heirlooms and trusted possessions in a secure location. Upon your demise, the executor of your estate can resolve issues and close the estate when the necessary information and items are accessible and in one place.
What happens to your safety deposit box when you die? In South Carolina, state law mandates that the box is sealed once an institution is notified of the owner’s death. A spouse, parent, adult descendant or the executor may open and examine the contents of a box. In the case of a relative, there needs to be an affidavit signed verifying the person’s identity.
The law allows the person granted access only to gain access to:
- A will
- Cemetery plot deed
- Insurance policies
- Other estate-related documents
If a will is found, it can only be given to the executor named in the will. Insurance policies can be given to a policy beneficiary.
The person accessing the box must also get permission from the county probate court to create and file a detailed inventory of the box
The remaining contents may not be removed until the state issues a tax waiver.
While it may seem like a complex process, it follows important steps to ensure your wishes are followed.
Palmetto Citizens Federal Credit Union offers four different sizes of safety deposit boxes.
Whether it’s just a few documents or a large collection of papers and objects, our safety deposit services can fit your needs. Our boxes are rented on an annual basis and at affordable rates.
To learn more about our safety deposit boxes and other financial products, contact us today