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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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FYI - sort of a spinoff from yesterday - important paperwork
I noticed yesterday that a lot of people keep their important papers in a Safe Deposit Box vs. a safe at home (i keep mine in a box as well.)
Well I was just at my lawyers office today to finish our wills and healthcare proxy, etc... and he said NEVER to keep anything in a deposit box like that - you should have a safe because you never know when you are going to need it (and sure enough when you do the bank will probably be closed). Not to mention if one of you dies - the box is off limits for at least 5 months - until the IRS can come check it out.
Just an FYI 
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Posted 2/27/08 1:37 PM  |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: FYI - sort of a spinoff from yesterday - important paperwork
Wow. never thought of that.
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| Posted 2/27/08 1:49 PM |
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leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: FYI - sort of a spinoff from yesterday - important paperwork
That's exactly why we never did the safe deposit box thing.
Everything is in a firesafe box near the front door.
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| Posted 2/27/08 1:56 PM |
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LIMOMx2
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Member since 5/05 24989 total posts
Name:
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Re: FYI - sort of a spinoff from yesterday - important paperwork
I knew about the death thing. My parents said if god forbide either one of them dies not to mourn right away but go to the safe deposit box before they get word of the death.
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| Posted 2/27/08 1:57 PM |
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gpsyeyes
She's my world!!!
Member since 8/06 1184 total posts
Name:
Karen
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Re: FYI - sort of a spinoff from yesterday - important paperwork
Posted by 5ofClubs
I knew about the death thing. My parents said if god forbide either one of them dies not to mourn right away but go to the safe deposit box before they get word of the death.
That is why you shouldn't "publish" the death in the newspaper until you have gotten to the bank. Most banks review the death notices so they know when to freeze accounts, etc.
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| Posted 2/27/08 2:00 PM |
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nylisa
My Children
Member since 5/05 7905 total posts
Name:
MaMa
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Re: FYI - sort of a spinoff from yesterday - important paperwork
The safe deposit thing is not totally true. As long as one person on the account is a live then IRS can not touch anything. I know this because when my mom passed away I went to the bank to put stuff in the safe deposit box and since my name was on it too the bank told me that I did not need to worry about the IRS, etc.
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| Posted 2/27/08 2:00 PM |
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LIMOMx2
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Member since 5/05 24989 total posts
Name:
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Re: FYI - sort of a spinoff from yesterday - important paperwork
Posted by nylisa
The safe deposit thing is not totally true. As long as one person on the account is a live then IRS can not touch anything. I know this because when my mom passed away I went to the bank to put stuff in the safe deposit box and since my name was on it too the bank told me that I did not need to worry about the IRS, etc.
Ok. I am on their box too.
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| Posted 2/27/08 2:03 PM |
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nylisa
My Children
Member since 5/05 7905 total posts
Name:
MaMa
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Re: FYI - sort of a spinoff from yesterday - important paperwork
Posted by 5ofClubs
Posted by nylisa
The safe deposit thing is not totally true. As long as one person on the account is a live then IRS can not touch anything. I know this because when my mom passed away I went to the bank to put stuff in the safe deposit box and since my name was on it too the bank told me that I did not need to worry about the IRS, etc.
Ok. I am on their box too.
So than if something should happen to your parents you do not have to worry. Also, if they have any accounts without your name, as long as you go to the bank with the death certificate then can not block anything the accounts can be closed and anything in them can be turned over to you.
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| Posted 2/27/08 2:04 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: FYI - sort of a spinoff from yesterday - important paperwork
I keep photocopies of everything at home.
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| Posted 2/27/08 2:08 PM |
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MrsR
My love.
Member since 5/05 6247 total posts
Name:
Jennifer
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Re: FYI - sort of a spinoff from yesterday - important paperwork
It's true - but if something happens to both of you then the box cannot be accessed for months and if you have important papers in there your family wont be able to get it. (Like my daughters BC is in there)
Also - I believe that if you have only a WIll (vs. a revocable trust) the deaths are automatically made public.
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| Posted 2/27/08 2:08 PM |
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nylisa
My Children
Member since 5/05 7905 total posts
Name:
MaMa
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Re: FYI - sort of a spinoff from yesterday - important paperwork
Posted by MrsR
It's true - but if something happens to both of you then the box cannot be accessed for months and if you have important papers in there your family wont be able to get it. (Like my daughters BC is in there)
That is true
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| Posted 2/27/08 2:11 PM |
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2BEANS
wow time is going fast.
Member since 9/07 16106 total posts
Name:
Tina
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Re: FYI - sort of a spinoff from yesterday - important paperwork
sometimes a copy will be sufficient, so if the bank is closed, sometimes not always they will take that until you can get to the original when bank opens
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| Posted 2/27/08 2:12 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
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Re: FYI - sort of a spinoff from yesterday - important paperwork
Yup, we tell all of our Will clients this and they are always surprised.
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| Posted 2/27/08 8:29 PM |
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