No, we do not believe it is possible to add a POD beneficiary to a safety deposit box. The definition of “account” in the Illinois Trust and Payable on Death Accounts Act does not include safety deposit boxes. However, customers could elect to lease their boxes jointly, which might achieve the same goal as adding a POD beneficiary.

In the context of a safety deposit box, we believe it would be more appropriate to name a deputy (rather than an authorized signer), with the deputy’s authority established in the deposit box lease. We do not believe that an authorized signer relationship would be appropriate in the context of a safety deposit box lease, as authorized signers typically have the authority to transact on behalf of an accountholder for a deposit account.

We do believe it is possible for an agent under a power of attorney document to exercise control over the safety deposit box as a deputy. Your bank should verify that an individual has authority over the safety deposit box in the power of attorney document. In the Illinois Statutory Short Form Power of Attorney for Property, the “safe deposit box transactions” power would be found in line item (e), and your bank should confirm that this line has not been crossed out.

For more information about safety deposit box laws in Illinois, we recommend reviewing our Safety Deposit Box Topic Page and our related Q&As.

For resources related to our guidance, please see:

• Illinois Trust and Payable on Death Accounts Act, 205 ILCS 625/2(b) (“‘Account’ includes any account, deposit, certificate of deposit, withdrawable capital account or credit union share in any institution.”)

• Illinois Power of Attorney Act, 755 ILCS 45/3-3(d) (The Illinois Statutory Short Form Power of Attorney for Property may include the power to act with respect to “(e)  Safe deposit box transactions,” provided that this line has not been struck out.)

• Illinois Power of Attorney Act, 755 ILCS 45/3-4(e) (“Safe deposit box transactions. The agent is authorized to: open, continue and have access to all safe deposit boxes; sign, renew, release or terminate any safe deposit contract; drill or surrender any safe deposit box; and, in general, exercise all powers with respect to safe deposit matters which the principal could if present and under no disability.”)

• Safety Deposit Box Opening Act, 755 ILCS 15/1 (“For purposes of this Act, the term ‘interested person’ means any person who immediately prior to the death of the lessee had the right of access to the box as a deputy . . . .”)

• Safety Deposit Box Opening Act, 755 ILCS 15/1 (“ . . . The lessor shall authorize a representative of a decedent’s estate or a person designated in a small estate affidavit pursuant to Article XXV of the Probate Act of 1975, upon presentation of letters of office, other applicable court order, or small estate affidavit, to open the box and examine and remove the contents. . . .”)

• Safety Deposit Box Opening Act, 755 ILCS 15/1 (“Upon being furnished with satisfactory proof of death of a sole lessee or the last surviving co-lessee of a safe deposit box, the lessor shall open the box and examine the contents in the presence of a person who presents himself and furnishes an affidavit which states that. . . .”

• Example of Safety Deposit Box Lease, First Midwest Bank (“DEPUTIES. The Renter may appoint one or more person(s) to act as a deputy (‘Deputy’) to enter the Box, inspect, add or remove its contents. A Deputy may terminate the Lease but may not appoint another Deputy. The Renter must appoint the Deputy in writing on Bank’s approved form. If there is more than one (1) Renter, each Renter must jointly appoint any Deputy, but that appointment can be revoked by any individual Renter. The Bank will recognize the appointment of a Deputy until Bank receives written notice from a Renter that the appointment has been properly canceled or until Bank receives written notice of a Renter’s death or incompetency from that Renter’s court-appointed personal representative or duly authorized attorney-in-fact.”)