IBA Compliance Connection

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After a safe deposit box customer died, one of the customer’s children came in with keys to the box. However, no executor or administrator has been appointed for the customer. How should we go about closing out the box?

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If someone can present a small estate affidavit to your institution, that individual may open the safe deposit box and remove its contents. A financial institution is required to permit a person designated in a small estate affidavit to “open the box and examine and remove the contents.”

For resources related to our guidance, please see:

  • 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 . . . small estate affidavit, to open the box and examine and remove the contents.”)