When Safe Deposit Boxes Aren't Even Safe
|
Q. I read an interesting article about safe deposit boxes in the New York Times recently. It is focused on a man who had a valuable watch collection stored in a safe deposit box managed by Wells Fargo, possibly worth millions, who was hoping to auction it off to fund his retirement. Wells Fargo evicted him by accident and "lost" some of his prized possessions in the process of storing it off-site. His
items were not recovered and he was entitled to no compensation from the bank to cover for the items they lost. This and similar situations that the author of the article describes are certainly concerning for those of us who use safe deposit boxes to store valuables.
In your experience, besides safety deposit boxes, how do people typically store original copies of their estate planning documents, incapacity planning documents, and valuables that they want to leave to their loved ones? Thanks for your help!
|
What if a Bank Refuses to Accept a Power of Attorney?
|
My friend’s brother had a stroke and is now incapacitated. As his agent under his Power of Attorney, my friend needs to take over his finances. She recently went to his bank and was told that the bank will not accept his Power of Attorney because it was set up 14 years ago and is “too old.” Can a bank really reject a Power of Attorney for this reason? Are there other reasons this can happen? I am
curious, because I want to make sure that this doesn’t happen to me.
Order Books by Evan Farr, 4-Time Best-Selling Author
|
Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
|
Receive Special Reports of Your Choice
|
We offer free special reports for all of the topics below. To instantly subscribe to any of these reports, just click on the cover!
|
|
|