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#2138102 - 07/14/17 02:25 PM Safe Deposit Box Under Trust
Jo Offline
Member
Joined: May 2009
Posts: 75
I know that a Trust can rent a Safe Deposit Box, however; we currently have a customer who has a Family Trust under his name and his wife has a Family Trust under her name. They want to have a Safe Box under both Trust names, i.e.

The John Doe Family Trust
The Jane Doe Family Trust

Is this possible?

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#2138119 - 07/14/17 03:08 PM Re: Safe Deposit Box Under Trust Jo
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
Possible or not, I would not allow it. Trusts are not allowed to comingle assets.
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#2138895 - 07/20/17 02:01 PM Re: Safe Deposit Box Under Trust rlcarey
Jo Offline
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Joined: May 2009
Posts: 75
Customer thinks the reason for not doing this, i.e. cannot commingle assets, is "inadequate". So in order for me to expand on this answer, I want to make sure I'm clear, so would you please let me know if my understanding is correct? Are the contents of the Safe Deposit Box the "assets" and is that why the two different Trusts should not be listed as joint owners of the box?

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#2138910 - 07/20/17 03:19 PM Re: Safe Deposit Box Under Trust Jo
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
There would not be a problem if the two trusts simply used the box to store important papers (the trust documents, CDs, deeds, etc)., for which ownership is clear (and which aren't actually assets at all). That would not intermingle assets. But if items of intrinsic value or cash were stored, intermingling would certainly be possible. And that creates a problem, since the bank has no way to know what's in the box.

And there is always the fact that the bank decides to whom it rents the boxes.
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John S. Burnett
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