If We Die 'Out there' . . .

[F51]

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.

[sarafina]

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?

[HopCar]

That's pretty bad, but I bet an attorney who does estate planning could figure it out for you.

[captainKJ]

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

[Vyndance]

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.

[shadow]

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..

[Dockhead]

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.

[lorenzo b]

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.

[svHyLyte]

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...

[mjwarner]

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.

[sailingaway221]

Power of Attorney gives him access to everything under your name... send him the paperwork to sign. Done.

[svHyLyte]

Originally Posted by sailingaway221

Power of Attorney gives him access to everything under your name... send him the paperwork to sign. Done.

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.

[sailingaway221]

At wich time the will takes over .... and he will gain access to it anyways eventually.......

[Steve W]

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.

[knottygurl]

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.