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Posted by Harlan Lunsford on November 9, 2007, 6:56 am
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Herb Smith wrote:
> se...@panix.com (Seth) wrote:
>>>> The actual will is held by the lawyer. You only hold a copy.
>>> Not necessarily. My lawyer does not "store" Wills, I have
>>> the original in my safe deposit box and a copy in my home
>>> files.
>>>
>>> My named executor has full access to the safe deposit box.
>> The box might be sealed when the bank learns of your death
>> (the IRS wants to have a witness when it's opened in case
>> it's full of unreported cash). Have an original at home.
> When I said that the executor had "full access" to the box I
> meant that not only does she have a key, she also has
> "signature authority" from the bank and can access the box
> at any time.
>
> I was executor for my mother's estate and we had a similar
> arrangement. After her death I was able to open her box and
> inventory/ retrieve the contents with no interference from
> the bank. I think that concerns about the box being sealed
> (and unavailable) may be somewhat overblown or an urban
> legend.
It's really a matter of bank policy rather than any federal
or state regulation. Some banks are cautious.
ChEAr$,
Harlan Lunsford, EA n LA
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