Question about safe deposit box at bank

[Anonymous]

Do you have to declare to the bank what's inside of the safe deposit box?

Could I place an envelope of money in the box, instead of keeping it in an account at the bank, without disclosing the contents of the box to the bank?

[Anonymous]

You don't have to tell them what is in the box...

Although I think there are common sense rules prohibiting explosives, etc.

But, I put my will, $5,000 in cash, and some jewelry into ou box. Bank doesn't know the contents.

[Anonymous]

NP here. Does anyone know if you have to be a member of the bank to get a box?

[Anonymous]

Anonymous wrote:NP here. Does anyone know if you have to be a member of the bank to get a box?

It varies by the bank. For our bank, it's free to have a safe deposit box b/c we have a few accounts with them. Otherwise, I think it's like $35/year.

[Anonymous]

Anonymous wrote:You don't have to tell them what is in the box...

Although I think there are common sense rules prohibiting explosives, etc.

But, I put my will, $5,000 in cash, and some jewelry into ou box. Bank doesn't know the contents.

Op here. Thanks for the info! This is exactly why I asked...Ive never really thought about a will before. I dont really have any family and I recently had a baby. I want to create a will and put my mom and my baby on it and also leave some cash in the envelope to cover short term expenses in the event of my passing. Since Im not using a lawyer how do will my infant and mom know that I have a box there for them if I pass. Who should I share this information with so that my mom and baby can be contacted if necessary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You don't have to tell them what is in the box...

Although I think there are common sense rules prohibiting explosives, etc.

But, I put my will, $5,000 in cash, and some jewelry into ou box. Bank doesn't know the contents.

Op here. Thanks for the info! This is exactly why I asked...Ive never really thought about a will before. I dont really have any family and I recently had a baby. I want to create a will and put my mom and my baby on it and also leave some cash in the envelope to cover short term expenses in the event of my passing. Since Im not using a lawyer how do will my infant and mom know that I have a box there for them if I pass. Who should I share this information with so that my mom and baby can be contacted if necessary?

Why not just tell your mom that you have a safe deposit box at X Bank with the will, car title, house title, extra money, etc. You can either give her a key to it or she can gain access if you die (and she has your death certificate). I think you can also list your mom's name on the paperwork when you fill out the paperwork with the bank for the safe deposit box.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You don't have to tell them what is in the box...

Although I think there are common sense rules prohibiting explosives, etc.

But, I put my will, $5,000 in cash, and some jewelry into ou box. Bank doesn't know the contents.

Op here. Thanks for the info! This is exactly why I asked...Ive never really thought about a will before. I dont really have any family and I recently had a baby. I want to create a will and put my mom and my baby on it and also leave some cash in the envelope to cover short term expenses in the event of my passing. Since Im not using a lawyer how do will my infant and mom know that I have a box there for them if I pass. Who should I share this information with so that my mom and baby can be contacted if necessary?

You need to tell the family the box is there. They can't access to it without your death certificate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You don't have to tell them what is in the box...

Although I think there are common sense rules prohibiting explosives, etc.

But, I put my will, $5,000 in cash, and some jewelry into ou box. Bank doesn't know the contents.

Op here. Thanks for the info! This is exactly why I asked...Ive never really thought about a will before. I dont really have any family and I recently had a baby. I want to create a will and put my mom and my baby on it and also leave some cash in the envelope to cover short term expenses in the event of my passing. Since Im not using a lawyer how do will my infant and mom know that I have a box there for them if I pass. Who should I share this information with so that my mom and baby can be contacted if necessary?

Why not just tell your mom that you have a safe deposit box at X Bank with the will, car title, house title, extra money, etc. You can either give her a key to it or she can gain access if you die (and she has your death certificate). I think you can also list your mom's name on the paperwork when you fill out the paperwork with the bank for the safe deposit box.

Op here. Thanks for the suggestion. I think this is a great idea. I will get all of this set up and let my mom know. She lives 4,000 miles away so it's not like she can just walk into the bank here...but I'm sure that she will be able to figure out how to get to the bank and gain access to the box, if neccessary.

[Anonymous]

You don't have to but the bank must report that you have a safety deposit box to the IRS. This is a relatively new rule so beware.

[Anonymous]

OP, write your mom a Letter of Instruction. Google it to find examples. It will take all the guesswork of "where is the safe deposit box, where is the key, etc."

[Anonymous]

Anonymous wrote:OP, write your mom a Letter of Instruction. Google it to find examples. It will take all the guesswork of "where is the safe deposit box, where is the key, etc."

Op here. Thanks for the tip. I appreciate it.

[Anonymous]

Anonymous wrote:You don't have to but the bank must report that you have a safety deposit box to the IRS. This is a relatively new rule so beware.

What purpose does this serve? The bank reporting the box to the IRS... Is it so that the IRS can come after what's in the box after you die?

[Anonymous]

What do you all think is a good amount of cash to have in a safety deposit box? My saving habits SUCK and I'm looking for a way to have not-so-easy access to cash I'm trying to save.

[Anonymous]

Anonymous wrote:What do you all think is a good amount of cash to have in a safety deposit box? My saving habits SUCK and I'm looking for a way to have not-so-easy access to cash I'm trying to save.

Maybe 10K? Not too much. Not too little.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You don't have to but the bank must report that you have a safety deposit box to the IRS. This is a relatively new rule so beware.

What purpose does this serve? The bank reporting the box to the IRS... Is it so that the IRS can come after what's in the box after you die?

Or beforehand if they suspect that you are up to something or underreporting (or you're just an unlucky randomized audit).