Legal Question in Wills and Trusts in New York
safe deposit box will rightful owner
My father put alot of money , etc. in safe deposit box in one of my sister's name in case he passes away so we don't have to wait to receive the money. He says he has it in his will that the belongings and money in the box are his. Is this proof enough that what is in that box is his even though it is in someone else's name? By the way, he has that same daughter listed as the executrix.
Thank you!
Pamela
4 Answers from Attorneys
Re: safe deposit box will rightful owner
Because he has put the valuables in the sister's exclusive control, that is enough to pass ownership even without a will or other legal instrument.
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Re: safe deposit box will rightful owner
While the Will may sepcify a box, it does not specify the contents, which your sister could claim as hers, unless the access if totally restricted and limited to your father. Your sister could claim the money was hers or could even claim the money was a gift. I suggest putting at least another name on the box and restricting access to the 2 named box owners together. Better yet, is to place the funds in an account with 2 of the children's names on it and restrict access to the 2 named children, acting jointly. Best is to probably have your father create a living trust with the children named as beneficiaries and at least 2 children named as trustees. A bank account can be opened in the name of the trust and this would confer fiduciary responsibility on the trustees to see the funds are properly distributed upon the death of your father, a provision that can be put in the trust document. I am sure the contents were not put there to avoid any income or estate tax liability, but merely to provide access to funds, which the trust arrangement can do. I really suggest you confer with an attorney, proficient in trust and estate tax matters, like myself, to see this is properly handled.
Re: safe deposit box will rightful owner
While the Will is evidence that the contents of the box belong to your father, there is nothing stopping your sister from taking assets out of the box any time prior to your dad's death. So if your sister was intent on getting more than her fair share, it would be relatively easy for her to do so. Encourage your dad to talk to a lawyer about other ways to handle this situation.
Re: safe deposit box will rightful owner
This procedure is frought with danger and is not a good idea.
Not only could your sister claim the money as hers, but in the event of a divorce, her husband good also claim it. I doubt that is what your father intended.
Suggest you confer with an experienced attorney to learn more effective estate planning techniques.
FYI - I practice in NYC and Long Island.
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