UnSafety Deposit Boxes

Gary North

April 16, 2011

States now open safety deposit boxes to get tax revenues. The mainstream media occasionally report on this, but not often enough. Here is an example:

http://abcnews.go.com/print?id=4832471

Then there is this problem: a spouse dies. He has a safety deposit box. In it are the will and other papers. He dies. The box is sealed. The surviving spouse cannot gain access.

What would I do? (You should of course ask your lawyer.) I would set up a corporation between me and my spouse. The corporation can be for any purpose. If a corporation owns the box, it is not sealed at the death of one of the spouses. It survives as a legal entity.

You can set up a corporation at the Company Corporation for a few hundred dollars: http://www.incorporate.com. You can use Delaware or Nevada. It costs an annual fee to the company and the state, but for some people, it may be worth this.

Anyway, don't assume that your safety deposit box is safe.