Legal Question in Real Estate Law in Virginia
safe deposit box
My brothers and I are the executors of our parent's estate. There was a safe deposit box and on the agreement it had the names Mr.or Mrs.or Earl(a brother).In May of 1991 our father died so the three of us went to the bank and got his will from the box. In May of 1991 our mother died so got her will from the box. Also in the box were silver dollars and a fur appraisal. Later, I needed to put some truck titles in the box but when I went to the bank to do so they said all three had to be present in order for me to enter the box. Didn't give it a second thought until I noticed there was no bill coming for the box rental. I do the accounting for the estate and have a receipt showing where the estate had paid for the rental. Thinking the box belonged to the estate I went to the bank with the box no. and the bank informed me that it was now in the name of my brother and his wife. Did he have a legal right to do this and what are the chances of the estate reclaiming the contents of the box. I have been told that he may have owned the box but not nesessarily the contents. Thank you.
1 Answer from Attorneys
Re: safe deposit box
It would appear that ownership and distribution of the contents of the safe deposit box should've been determined by the provisions of your parents' will(s). If your parents died in 1991, it's unclear from your description of the facts why at least one of their estates is still open after the passage of more than 12 years. (Estates in the Commonwealth normally close after around 16 months or so after opening. The first report regarding distributions is due the Commissioner of Accounts at this 16 month juncture.)
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