Can a Safe Deposit Box be opened with a POD?
by Dave McGuinn, BOL Guru BIO AND CONTACT INFO
QUESTION: Can a Safe Deposit Box be opened with a POD?
ANSWER: Currently I travel 45 state presenting safe deposit legal seminars. The only state that I'm aware of that allows a POD to be appointed on a safe deposit lease is IOWA.
You legally can't make an estate document out of a box rental agreement. This piece of paper is merely a legal document that rents a small space in our vault to a consumer. Don't try to make it anything more that it is.
One institution got sued several years ago when they gave their deceased renter's box contents to a designated POD. A step child came out of nowhere and claimed the box contents had been promised to him.
The bank went to court, spent lots of money on legal fees and unfortunately the POD provision in their lease would not stand up as a defense.
Don't place your bank in this situation. If you have any POD safe deposit accounts now, try to correct this situation immediately. . before you go to court!
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