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Old 14-07-2011, 08:30   #16
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Re: If We Die 'Out there' . . .

If you write out a will leaving all your assets to some charitable organization you absolutely despise, you will never die.
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Old 14-07-2011, 08:48   #17
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Re: If We Die 'Out there' . . .

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Safe deposit boxes are the first thing the IRS seize when they smell a rat.
If you have to keep it in a safe deposit box, you don't need it.
Just saying.
"Midnight Gardening" is the safest. IE a locked sealed watertight container planted 3 ft under a favorite shrub, or rock. location passed verbally only to those with a need to know.
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Old 14-07-2011, 09:54   #18
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Re: If We Die 'Out there' . . .

You cannot fight "the system", it will not work. You can however, work around it and accomplish your goals. You can draw up a new Will that makes your son the Executor with legal rights to access and open any and all accounts, safety deposit boxes, etc.
- - Or the suggestion to open a new box in the name of a trust as was suggested in Post #5 would work.
- - Or an Attorney can set up a Trust fund that gives the Attorney the right to access your accounts and boxes upon your death.
- - It is not difficult to set these things up, it just takes some time and pre-planning. Research "powers of attorney" and "limited power of attorney" and also set up "living wills" and "medical directives" prior to leaving. When all the "paperwork" is done and properly prepared then it is almost certain nothing will happen and you will return intact.
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Old 14-07-2011, 16:11   #19
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Re: If We Die 'Out there' . . .

Your son being in a combat zone may have already given you power of attorney. If not -- ask him to do so. (It is a good idea in case something happens to him.) With his poa you can open a sdb in all of your names.
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Old 14-07-2011, 16:24   #20
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Re: If we die "Out There..."

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Do you have a trust? Rent the box in the name of the trust. List it as an asset of the trust and name your son as the successor.
Yup..Revocable Trust
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Old 14-07-2011, 16:39   #21
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Re: If We Die 'Out there' . . .

Skip the safety deposit box. If there is something valuable that you feel you just can't leave hidden somewhere secure give it to your attorney, trusted family member, or a CPA to keep in his/her safe. My father in law was an attorney for many years and he told me odd tales of keeping various things for people this way. Myself, I had the safety deposit box while I was out cruising and now realize it was probably a waste of time and money, and just added hassle.
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Old 14-07-2011, 16:49   #22
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Re: If We Die 'Out there' . . .

sell the valuables, spend the money and dont worry about dying yet-----
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Old 14-07-2011, 16:57   #23
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Re: If We Die 'Out there' . . .

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sell the valuables, spend the money and dont worry about dying yet-----
well said....
I am always amazed by the forum topics; if u have the where with all to own a cruising boat and can put together the info needed to sail to foreign lands, how is it you cannot find a way to protect your assets???
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Old 14-07-2011, 17:02   #24
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Re: If We Die 'Out there' . . .

stuff is only stuff and yer kids arent gonna appreciate it anyway--is easier to just sell it and spend the money so the kids dont get foolhardy and cease to function.....they need motivation for working all their lives, just as you did..
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Old 14-07-2011, 17:04   #25
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Re: If We Die 'Out there' . . .

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stuff is only stuff and yer kids arent gonna appreciate it anyway--is easier to just sell it and spend the money so the kids dont get foolhardy and cease to function.....they need motivation for working all their lives, just as you did..
Work whats work??:d evil:
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Old 14-07-2011, 17:07   #26
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Re: If We Die 'Out there' . . .

As someone said above, if you are deceased then your wills govern. If your son is the executor under the will he will have access. The POA terminates at death as mentioned. So, make him the executor if you haven't already (you do have wills right?) and your problem is solved. He won't need to have a key to the safe deposit box.
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Old 14-07-2011, 17:08   #27
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Re: If We Die 'Out there' . . .

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Work whats work??:d evil:
lol--i kinda dont remember--LOL
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Old 14-07-2011, 17:11   #28
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Re: If we die "Out There..."

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Pick an international bank, one that has branches near his base in Germany, and get your box with them. When he comes back from deployment have him go to the germany branch and fill out the paperwork there?
The most simple solution is quite often the best
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Old 17-07-2011, 18:17   #29
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Re: If We Die 'Out there' . . .

I plan to die "out there." I have a will and an executor on land. Let the executor deal with it.

I'm not going to die in an old folks home, assisted living facility, hospital or hospice. The only thing they can provide that I might want is morphine, and I can get that elsewhere.
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Old 17-07-2011, 18:56   #30
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Re: If We Die 'Out there' . . .

i plan on dying out there-in my own time--and i wont give my stuff o my kid--is too complicated to try to get stuff to him--- it will go to whomever i am partnering on board with. that saves the difficulty of trying to splain to the officials in wtf country that stuff must go to wherever to be given to whomever and yada yada yada--lol keep the drama to a minimum--i aint gonna be leaving anything of value --and the boat will need to be gotten to somewhere, so paperwork is easier the way i have it figgered.
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