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13-07-2011, 14:54
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#1
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Registered User
Join Date: Mar 2010
Posts: 236
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If We Die 'Out there' . . .
Not planning to lose the boat and drown, but what if--? Started making provisions for our son to gain access to all our accounts & etc and hit a real snag about the safe deposit box. We want him to have one of the keys and be listed as an authorized person to open the box. The bank refuses because he has to appear in person to fill out the paperwork. The problem is he is currently deployed to Afghanistan from his base in Germany. No way he can appear to sign the paperwork. It looks like if we want to succeed with this we will have to delay our departure until he returns to Germany, buy him a ticket to our home and go down to the bank and take care of business. When I asked why, I was told it was the USA Patriot Act. I politely told them he was in harms way just so they could have the freedom to sit on their butts and make trouble. Short of pulling everything out of the bank and stuffing it under the mattress, I don't know what to do.
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13-07-2011, 15:13
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#2
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Moderator... short for Cat Wrangler

Join Date: Jul 2009
Location: San Francisco
Boat: Cal 28 Flush Deck
Posts: 5,559
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Re: If we die "Out There..."
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?
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Sara
ain't what ya do, it's the way that ya do it...
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13-07-2011, 15:16
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#3
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Registered User

Join Date: May 2011
Location: Miami Florida
Boat: Ellis Flybridge 28
Posts: 3,644
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Re: If we die "Out There..."
That's pretty bad, but I bet an attorney who does estate planning could figure it out for you.
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Retired from Hopkins-Carter Marine Supplies
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13-07-2011, 15:18
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#4
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Registered User
Join Date: Jan 2010
Location: 3rd wave passed the sea wall
Boat: private yacht always moving
Posts: 1,388
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Re: If we die "Out There..."
you should be able to get a legal document drawn up like a will that will allow him access to your accounts. the bank hsbc has branches ALL over the world,,,that might help out,,,,I fail to see how a bank can stop him from getting access to your accounts with a legal document from an attorney. i was able to do this with BofA and my father just by an attorney drawing up a letter saying that I was out of the country and that he was to have FULL access to my accounts while i was away. Might have to call the branch manager not the bank manager to get things done the way you want them
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13-07-2011, 15:21
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#5
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Registered User
Join Date: Mar 2010
Location: Ventura, CA
Boat: 48 Californian
Posts: 195
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Re: If we die "Out There..."
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.
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13-07-2011, 15:22
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#6
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Registered User
Join Date: Aug 2007
Posts: 958
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Re: If we die "Out There..."
Sorry to hear your experience, but that is why we changed our way of life and how we do things.. I refuse to participate in such nonsense any longer, and pay for the privilege as well.. NO thanks.. Good luck though..
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13-07-2011, 15:29
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#7
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Moderator

Join Date: Mar 2009
Location: Denmark (Winter), Helsinki (Summer); Cruising the Baltic Sea this year!
Boat: Cutter-Rigged Moody 54
Posts: 25,846
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Re: If we die "Out There..."
Leave a power of attorney with your attorney. Leave clear written instructions with your attorney about under what circumstances your son gets access to your safe deposit boxes.
If you only want him to have access in case you're legally dead, then it's relatively simple -- question of your will. But if you want him to have access sooner -- just leave instructions that if you're out of touch for more than seven consecutive calendar days, your son can open the box -- or whatever it is you want.
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14-07-2011, 07:27
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#8
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Registered User
Join Date: May 2009
Location: Panama
Boat: Steel trawler 63' Eileen Farrell
Posts: 961
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Re: If We Die 'Out there' . . .
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.
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14-07-2011, 07:55
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#9
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Registered User
Join Date: Mar 2006
Location: Tampa Bay area, USA
Boat: Beneteau First 42
Posts: 3,900
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Re: If We Die 'Out there' . . .
Have your attorney or accountant authorized to access your Safe Deposit Box and issue instructions to him/her that in the event you go missing, your son can call upon them to gain access. He can then move the contents to a box of his own.
FWIW...
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"It is not so much for its beauty that the Sea makes a claim upon men's hearts, as for that subtle something, that quality of air, that emanation from the waves, that so wonderfully renews a weary spirit."
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14-07-2011, 07:57
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#10
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Registered User
Join Date: Nov 2010
Location: Silver Springs Fl.
Boat: Morgan Classic 41
Posts: 218
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Re: If We Die 'Out there' . . .
Post #5. He may have to (probably will in fact) pay to have the lock drilled out (less than $200.) but this has been tested out as it is how one of my parents left things. I was able to access the box without issue once I had proffered the right documents.
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14-07-2011, 08:00
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#11
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Registered User
Join Date: Aug 2008
Location: St. Martin
Boat: St. Francis 43 Brisa
Posts: 333
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Re: If We Die 'Out there' . . .
Power of Attorney gives him access to everything under your name... send him the paperwork to sign. Done.
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14-07-2011, 08:08
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#12
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Registered User
Join Date: Mar 2006
Location: Tampa Bay area, USA
Boat: Beneteau First 42
Posts: 3,900
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Re: If We Die 'Out there' . . .
Quote:
Originally Posted by sailingaway221
Power of Attorney gives him access to everything under your name... send him the paperwork to sign. Done.
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The effect of a POA ends with the death/presumed death of the party. On cannot act in the name, place and stead of a decedent.
__________________
"It is not so much for its beauty that the Sea makes a claim upon men's hearts, as for that subtle something, that quality of air, that emanation from the waves, that so wonderfully renews a weary spirit."
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14-07-2011, 08:14
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#13
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Registered User
Join Date: Aug 2008
Location: St. Martin
Boat: St. Francis 43 Brisa
Posts: 333
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Re: If We Die 'Out there' . . .
At wich time the will takes over .... and he will gain access to it anyways eventually.......
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14-07-2011, 08:25
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#14
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Registered User
Join Date: Feb 2009
Location: Jacksonville, FL
Boat: Newport 28 MKII
Posts: 359
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Re: If We Die 'Out there' . . .
Check with an attorney, I was the executor of my Mom's estate a few years ago and if I remember correctly, in Florida, the power of atty ceased to work at time of death. I had to go thru probate to get a Letter of Administration from the court to allow me to proceed cleaning up the estate and that took a few months. I was not a joint account holder on her bank accounts, so I spent about $30k with the funeral and normal HH expenses, etc., out of pocket before being able to get reimbursed by the estate after getting the Letter of Administration. In hindsight, using a trusted attorney was the best move I made in settling the estate.
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14-07-2011, 08:25
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#15
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Registered User
Join Date: Feb 2011
Location: Picton, ON
Boat: Grampian 26
Posts: 227
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Re: If We Die 'Out there' . . .
Tell your bank , if they have to have his signature in front of that person, that they can fly to where your son is deployed and collect it.
Or they can fax / send the documents to his base where he can sign in the presence of CO or other officer for correctness. If that's not good enough then tell your bank your going to close it with them and find another bank that can work with you.
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