A recent Ohio State Bar Association Digest post discussed how a bank required probate paperwork for the estate/trust representative to enter the safe deposit box to obtain the Will and securities in the safe deposit box, even though the securities were titled in the name of the trust of the person who died and owned the safe deposit box.
Following are a few ways for a safe deposit box to avoid probate:
If you are married and trust your spouse, add your spouse’s name to the safe deposit box.
If you are single and have an only child who you trust and who is the sole beneficiary of your estate, add your child’s name to the safe deposit box. We do not recommend adding the name of one child when you have other children.
If you have a trust, title your safe deposit box in the name of your trust.
If none of the above options work for you, ask your banker what else you can do.
Remember: Adding the name of an agent under a power of attorney is different than adding a joint owner because the power of attorney expires when you die.