In the case of renting a bank safe deposit box by one or more co-owners, upon the death of one of them, the remaining co-owners lose their right to use the box until the inheritance procedures are completed. The same applies when authorized representatives (attorneys-in-fact) are involved.
However, depending on the legal and factual circumstances of each case and the necessary legal analysis, it is possible through appropriate legal actions and choices to avoid some or all stages of the inheritance succession and to follow alternative solutions to circumvent the above.
Leases of bank safe deposit boxes are governed by the general provisions on lease agreements of the Civil Code (Articles 574 et seq.) and presuppose that an anonymous banking company grants, against compensation, the use of a safe deposit box to a natural or legal person for the deposit of valuable movable items such as jewelry, securities, etc.
In such contracts, the leasing bank neither knows nor can control the contents of the safe deposit box, which is inviolable both by the bank and by any third party (Article 53 of the Code of Banking Ethics).
A common clause in these contracts is that the use of the box may be exercised by the lessee personally or by a special representative appointed by him/her. In the latter case, the use is carried out under the lessee’s absolute and full responsibility, who waives any objection based on forgery, falsification, abuse, loss, or misuse of the authorization letter considered valid for any use made under it, even if forgery, falsification, or misuse occurred.
If there is an authorized representative (attorney-in-fact), who may also deposit and withdraw items from the box, written authorization from the lessee to the attorney-in-fact is required for use of the box, while subleasing or granting the use of the box to others is prohibited.
It is also customary to include a clause that the bank bears no responsibility towards the lessee or his/her universal or special successors in case of forgery of the lessee’s signature or use of the box key by an unauthorized third party or by a representative whose powers have been revoked but the bank has not been informed in writing.
According to standard banking practice, the bank verifies the identity of the person holding one key to the box before granting access and requires the signing of a relevant card by the entitled person or, in the case of a representative, proof of written power of attorney from the lessee, without bearing any responsibility for the authenticity of the lessee’s signature. Furthermore, the bank takes all necessary measures to ensure the security of the vault where the box is kept but bears no responsibility for the contents, their possible destruction, or loss.
Death of the Lessee of the Box:
Even if additional lessees (co-lessees) have been designated in the lease contract, granting them separate access and control over the entire contents of the box, the death of any one of these individuals suspends all co-lessees’ rights to use the box until the heirs of the deceased lessee have been legally authorized and the box has been opened according to the legal provisions, since the contents constitute part of the inheritance estate.
If there are no co-lessees but the lessee has appointed an authorized representative (attorney-in-fact), the bank must be informed of the lessee’s death and the process of heir legalization and opening of the box must follow. According to civil law (Article 223), the death of the represented party automatically terminates the power of attorney, thus invalidating the representative’s authorization to use the box.
Procedure After the Death of the Lessee – Retrieval of the Safe Deposit Box Contents by the Heirs:
After the lessee’s death, if there is no will, the legal heirs must proceed with heir legalization at the bank and arrange for the opening of the box. This opening must be conducted in the presence of all heirs, a notary public, an expert appraiser of their choice, and a tax authority appraiser-representative. These parties jointly perform an inventory, recording, counting, and valuation of the movable property found inside the box.
During the inventory procedure, the last time the box was opened is recorded to check whether it was accessed after the owner’s death, after which the contents are resealed.
If there is a will, the same procedure applies for heir legalization, opening, and inventory, followed by resealing the box and subsequent probate publication.
In both cases, the contents of the safe deposit box, including any cash, are valued by the tax authority and added to the inheritance estate of the legal or testamentary heirs.
However, heirs may only take possession of the contents after paying the applicable inheritance tax on the box contents as well as on other estate assets (movable or immovable), if any, and after settling any outstanding rental fees for the box. Depending on the value of the items inside the box, banks may also require the issuance of a certificate of inheritance, a judicial decision certifying the inheritance share of each heir and listing all inherited assets.
Nevertheless, it remains possible to pursue solutions to avoid the above procedures, depending on the legal and factual circumstances of each case and the necessary legal analysis.
