Legal Question in Wills and Trusts in Illinois

Re: Safe Deposit Box

Joint ownership of a safe deposit box does not indicate that the contents are held with right of survivorship. The joint ownership of the box has no more bearing on the title than would a lease have on the title to furniture found in the leased premises. Multi-Clean Products, Inc. v. Kasper, 3 Ill.App.3d 12, 279 N.E.2d 111 (1st Dist. 1971). There is a widespread misunderstanding of this, and it can cause mischief.

Before 1983, when Illinois had an inheritance tax, safe deposit boxes belonging to a decedent were "sealed" until a state official could observe the opening of the box to inventory the contents.

Now, as is the case with your sister, the state has an interest only if there is federal estate tax, so access is not restricted. It would be up to your sister to list the contents of the box that belonged to your father, to give the list to you as executor, to give you the property that belonged to your father and now belongs to the estate, and for you as executor to account for that property as part of the estate.

Our comments are based on treating your question as a hypothetical. Accordingly, our comments could be substantially and materially different were we advised of all of the relevant facts and circumstances. Our comments are by necessity general in nature, and should not be relied upon in taking or forgoing action in your circumstances without retaining an attorney. In order to fully explore your legal matter, you should meet with us or another attorney and bring to any such meeting all relevant documents and correspondence, and any other relevant facts.

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