Avoid probate on your safe deposit box. What is a deputy of a safe deposit box

Natalie: Hi, Mr. Olsen. I have a question. We recently lost my dad and he left a safety deposit box with myself and my sibling as deputy, but there is not a joint on that account. Will that automatically go to a probate?

Attorney Tom Olsen: When you say account, do you mean the safe deposit box?

Natalie: Yes, I'm sorry. Not account. The actual safety deposit box-- the contents.

Tom: All right, Natalie, so let me tell you what may be the bad news for you. Here at the Olson Law Group, we're all about helping people to avoid probate. When we are doing estate planning with people helping to avoid probate, we do an action plan for them. Holley, one of our action plans for clients regarding safe deposit box is--

Attorney Holley Knapik: To either add your children or get rid of the box.

Tom: That's right. Because so many times over the years, somebody like Natalie has called us and said, “Tom, my mom died. Everything avoided probate, but she died with a safe deposit box in her name only.” Guess what? It's going to require probate, a few thousand dollars to get into that box, and that can be very disappointing if it's empty or if it's got some old paperwork in it.

Holley: Absolutely. Absolutely.

Tom: Natalie, you guys are going to have to make the judgment call. I'm not kidding you, a few thousand dollars, I don't care what attorney you talk to, that's the minimum amount they're going to charge you for probate and to get into that box. Man, that's really disappointing if it's empty or just got mom and dad put their old deed to the house in it.

Natalie: Being a deputy doesn't really do anything?

Tom: I've never heard that term deputy. Maybe you're talking about executor or a personal representative. Maybe that's what you're referring to.

Natalie: My brother is executor to the will, but the bank told us that I am a deputy for the safety deposit box and one of my siblings.

Tom: Is that in another state, Natalie or is that in Florida?

Natalie: No, it's Florida at the credit union.

Tom: Oh, Natalie, I have never heard that term deputy of a safe deposit box. If that gets you in the box without doing probate then I say more power to you. Keep on going.

Natalie: Okay, we'll go for that. All right, well thank you so much.

Tom: Thank you for calling. We appreciate it. Holley, I want to make this very clear to our listeners out there again about safe deposit boxes. Tell the listeners again what we're saying.

Holley: If you own a safe deposit box and you're the only named person for the safe deposit box, upon your passing, your children or relative will need to go through probate to gain access to that box. You can do one of two things. Ensure that you own it with someone else, your children, a friend that someone else is named on the safe deposit box. If it's just simply holding your pieces of paper, get rid of the box.

Tom: Great advice, Holley. Hey folks, my name is Tom Olsen. The name with the show is Olsen on Law--

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