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#2155430 - 11/29/17 10:16 PM Safe Box After Death
Kompliance Offline
Junior Member
Joined: Aug 2012
Posts: 44
Pennsylvania
After doing some research in NY state tax law pertaining to safe deposit box contents after the owners death, I am very confused on what to do for our new New York branches.

20 CRR-NY 360.2 reads, "In all cases, a representative of the estate shall complete an application for the release of a safe deposit box, on a form provided by the department, and mail or deliver the completed form to the department." This can be found here >
https://govt.westlaw.com/nycrr/Document/I50eaa611cd1711dda432a117e6e0f345?view

However, when I looked for the "application for the release of a safe deposit box" the only safe box form that was on NY the Dept of Taxation and Finance's website was this one https://www.tax.ny.gov/pdf/current_forms/et/et92.pdf
This reads on the first line of the Instructions, "Note: Estates of individuals dying on or after February 1, 2000 are not required to obtain a release of the safe deposit box from the Tax Department."

So which is it?! One of these two have to be wrong, because they contradict each other. Are any other New York banker's willing to share their procedures for when a safe deposit box owner dies? Or can you point me in the direction of better & clearer guidance?

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#2156383 - 12/07/17 12:41 PM Re: Safe Box After Death Kompliance
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,001
Utopia
I'm in NY when I was in the branch, we would require letters of testamentary and a certified death certificate. Once we had those documents the executor of the estate was allowed access. NY did away with the tax waiver years ago. Never had any issues with audits following this practice.
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#2156491 - 12/07/17 07:01 PM Re: Safe Box After Death Kompliance
edAudit Online
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,694
You are here
https://govt.westlaw.com/nycrr/Document/I50eaa611cd1711dda432a117e6e0f345?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

if you can cut and paste
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