Avoid probate on a safe deposit box

Attorney Tom Olsen: I want to spend a few minutes talking about safe deposit boxes because a lot of people have them and a lot of people don't really realize that if you pass away with a safe deposit box in your name only, it will require a probate process to get into that box. Whether you're probating a safe deposit box or a $200,000 bank account, either way, it's a long, expensive process.

Attorney Alexis Richards: It is a long, expensive process. One thing too that people are concerned about with safety deposit boxes are, is there a will in there?

Tom: Yes. The times that we have had to probate a safe deposit box and the kids have spent a lot of money and time on opening that safe deposit box, which you can't open it without a court order, and if they open it up and it's empty or some old paperwork in it, boy, it's been a waste of time and money.

Alexis: Waste of time and money and it's just an unknown box. You just don't know.

Tom: When we're doing estate planning for people, we're all about helping people to avoid probate at the Olsen Law Group in Orlando. One of the things we cover with them is a safe deposit box and we tell them, either get rid of it or co-own it with one or more of your kids so they can get into it if you happen to pass away.

Alexis: Yes, because it would just be so expensive and a lot to probate just a safety deposit box not knowing what could be in it.

Tom: A lot of people say, "Tom, I just got one because my bank gives me a free safe deposit box with an account." That's okay, but remember, if that box is empty and your kids have spent a few thousand bucks to get into it, that's very disappointing. Once again, either get rid of it or add your kids' names to it. Now, the deed to your home, you don't need to keep it in your safe deposit box. You could lose your original deed. We could get a copy of it off the internet. Our copy is just as good as your original.

Alexis: Exactly.

Tom: If you've got some gold coins and valuable jewelry, I can understand that. Alexis, these days I think the trend really is that people are getting a safe at home. That's more popular these days.

Alexis: Yes. That is very, very popular.

[00:02:06] [END OF AUDIO]