Many people who own safe deposit boxes as joint owners, for instance a husband and wife, mistakenly believe that the surviving owner has free access to the contents of the box after the death of the first owner. Unlike joint bank accounts, there is no right of survivorship feature with safe deposit boxes.

Who owns contents of a joint safe deposit box after death?

Upon the death of either of us, the survivor is and shall for every purpose be the sole renter of said box, with the exclusive right of access thereto and possession of the contents thereof. We hereby, jointly and severally, agree to save you, your successors [33 Cal.

Can there be a beneficiary on a safe deposit box?

Some safe deposit box holders allow designation of a successor upon death. The affidavit can be used whether or not the person who died had a Will. The safe deposit box must be listed only in the name of the person who died.

Can a joint owner close a safe deposit box?

For example: If rlcarey and I have a joint safe deposit box, he can certainly close the box without penalty if he produces both keys. Thereafter, you are welcome to rent him a different box.

What happens to a safe deposit box when the holder dies?

States that do not have safe deposit box laws generally rely on the bank’s safe deposit box rental contracts to cover the specifics of what happens to the box and its contents when the box holder dies. Simply having a power of attorney will not be enough to designate and earn access to a safe deposit box.

Can a roommate inherit a safe deposit box?

This is not true. Joint rental of a safe deposit box is not like a joint bank account. It resembles the rental of an apartment by roommates. When one roommate dies, the other does not automatically inherit all of the property in the apartment, unless this is specifically provided for in his will.

Can a family member access a safe deposit box?

To avoid any issues with access to the safe deposit box when a person passes, make sure the person has information about where the safe deposit box is located, how to access it, and who can access it in a will. Without this information, making sure the items in the box get to where they should be may present a hassle for the family members.