Question about safe deposit box at bank

[Anonymous]

True story.

I would NOT store anything of value in a safe deposit box. My folks (local), just went through an odyssey at Wells Fargo (formally Wachovia) where their SDB was drilled open, and the contents shipped to a couple in another state by mistake. My parents held only important documents in the box, and are well-off and good customers. Couple X contacted my parents, and after much back and forth they sorted out that the couple X had inherited their uncle's possessions, including the contents of his SDB (which hadn't been paid for in several months - uh, because he was deceased - so the bank had the right to drill open and distribute the contents to the executor of the estate). My parents went to Wells Fargo with their key and asked to open their box. The bank was *shocked* to find that their box has been drilled, and they had no records of where the contents were. Long story short, my parents finally gave Wells Fargo contact info on the couple X, and the couple returned to contents to my parents, who promptly closed the box, and all their accounts. They now have a fire safe in the house for these documents.

They consulted with an attorney friend, who read over the fine print which basically absolves Wells Fargo of any loss or damage to the contents of the SDB, and advises not to "store valuables". Whaaaa?

My DH and I have subsequently closed ours, and purchased a fire safe for our documents. I'm not sure what you do if you are trying to stash large amounts of cash or firearms - maybe the mattress?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

OP, you need to set up a trust so that all of your assets are in your child's name, not your mom's name.

Op here. Thank you so much. This is great advice. Im going to do some research on how to start a trust now.

OP, glad you're going to do this. I was going to suggest the same. Setting up a trust will cost you money (fees to the lawyer who will set it up), but it will be worth it in your situation.

[Anonymous]

OP
I sense an urgency. Are you okay?

[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?

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

When my mom died, we were able to get into her safe deposit box quickly because my brother's name was also on it. That saved a lot of time. Also I've been told not to put the original of your will in a safe deposit box because it will take time to access it legally if no one else's name is on the box.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

OP, you need to set up a trust so that all of your assets are in your child's name, not your mom's name.

Op here. Thank you so much. This is great advice. Im going to do some research on how to start a trust now.

OP, glad you're going to do this. I was going to suggest the same. Setting up a trust will cost you money (fees to the lawyer who will set it up), but it will be worth it in your situation.

Yes, OP, based on everything you've said about your mother's situation and your concern for your son, you need to consult with a lawyer and protect your son's interests.