The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Putting estate plan in bank safe deposit box is wise

Estate planning is intimidating to many individuals simply because it is complex. People also naturally prefer not to discuss topics related to death. However, a well-thought-out estate plan in Maryland can prevent strife and quarreling among surviving loved ones as well as ensure that one's assets end up in the right hands in the event of one's death.

In addition to creating an estate plan with proper legal guidance, it is essential to select a secure place to keep the plan's documents. A safe deposit box is a wise place to keep important documents protected. Ideally, one should use a safe deposit box at a bank instead of a safe or strong box at home because even though a home safe is convenient, it is easily accessible to other people who may have no legitimate reason to examine the safe's contents.

Examples of documents that can be included in a bank's safe deposit box are a will, a trust or a power of attorney. A person with a living trust who wants the contents of the safe deposit box to be distributed based on the trust's terms would be wise to title the safe deposit box account to his or her trust. This allows the successor trustee to easily access as well as remove the safe deposit box's contents if the owner becomes disabled or dies.

Not putting together a comprehensive estate plan may mean that one's heirs will not receive the assets one desires for them to have. These assets range from real estate to cars, money and investments. An applied understanding of the law in Maryland may help a person proactively create an estate plan that takes into consideration the best interests of the entire family.

Source: lakeconews.com, "Estate Planning: The safe deposit box", Dennis Fordham, Sept. 11, 2015

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office