Clark recently said on one of his podcasts that he didn’t recommend using bank deposit boxes, but didn’t elaborate as to why. I recently acquired a safety deposit box at my credit union to file some estate documents that I felt would be more secure in a safety deposit box and would be easier for my sons to locate. I put both of my sons on the access list for this box and showed them where the key is kept at my house. I’m wondering if anyone here would have any clues to why Clark would dislike safety deposit boxes.
Pretty sure its called a “safe deposit boxes”.
Your strategy is fine since you have given the proper people access to the box. All of our estate planning documents are also in electronic form and I have sent copies to the executor, trustee, medical POA, and limited POA people.
I think you’re right with a ‘safe deposit box’. We have most of our estate planning documents on paper with a copy of our wills at the courthouse and the other documents spread between a fire resistant box at home and the safe deposit box in addition to giving copies of the POA’s to our one son that is the executor. Thanks for the response.
I think Clark did a story once about a bank location that had changed hands and the new owners opened all the boxes and disposed/threw out a lot of stuff. Hard to believe but this world’s a strange place now!
I’m confident my credit union would not do that. If that’s Clark’s only concern, I’m good with the safe deposit box.
There are a number of things you should know about these boxes.
There is no FDIC insurance on the contents.
The contents may be turned over to the state if payment is not received.
Probably not waterproof.
Can easily be broken into.
The following video shows that a bank employee with access only to the banks key could break into the box in about 20 seconds without any damage to the lock at all.
(Lockpicking Lawyer Youtube) https://www.youtube.com/watch?v=WF9lvzYVlt0
The old Mission Impossible episodes made it look very tedious and take a long time.