We do not believe it is possible to make a safety deposit box payable on death. Payable on death accounts are authorized by the Illinois Trust and Payable on Death Accounts Act. That law defines “account” to include “any account, deposit, certificate of deposit, withdrawable capital account or credit union share.” 205 ILCS 625/2(b). A lease to a safety deposit box would not fall into that definition; therefore, the box could not be made payable on death. However, the customer could elect to lease the box jointly, and nothing would prevent the customer from making any certificates of deposit held in the box payable on death.

Also, you could direct the customer’s attention to the Safety Deposit Box Opening Act, 755 ILCS 15/0.01 et seq., which provides the appropriate procedures by which an authorized representative of an estate could open the box. Such persons could be referenced for this purpose in the customer’s estate planning instruments, which could help expedite the process after the box owner’s death.