Safe deposit box.  Photo courtesy of Comstock/Corbis.

Safe deposit box. Photo courtesy of Comstock/Corbis.

In 2011, the PA Department of Revenue changed their procedural requirements for Executors or Administrators entering and thereafter taking an inventory of a deceased person’s safe deposit box.

Prior to May 11, 2011, the PA Department of Revenue required that upon written request to the proper District Revenue Office, either an employee of the Department of Revenue, a bank employee, lawyer or CPA must be present at a safe deposit box inventory.  Subsequent to May 11, 2011, pursuant to Section 2193 of the Inheritance and Estate Tax Act, 72 PS Section 9193, the Department of Revenue no longer requires a department or bank employee, lawyer or CPA to be present at a safe deposit box inventory.  Instead, the requirement is that notice of a proposed safe deposit box entry and inventory must be delivered to the PA Department of Revenue via Certified Mail with return receipt service by the fiduciary responsible for PA Probate at least seven (7) days in advance of entering the box.  The Executor or Administrator is then able to give a signed statement that he or someone on his behalf has given the proper notice required, to the financial institution where the box is located, at the date and time of entry of the box.  Once the financial institution receives this notice, they are then required to permit the Personal Representative to enter and remove the contents of the box without the presence of a department or bank employee.

Within 20 days of entry, the estate representative must complete and return a REV-485 (Safe Deposit Inventory Form) to the PA Department of Revenue.

Although the attorneys at Maloles Law are no longer required to attend the inventory of a deceased person’s safe deposit box, we are willing to assist clients with fulfilling the new notice requirements and assisting with the preparation of the Form REV-485 as required by the PA Department of Revenue.  For additional information regarding the PA Department of Revenue’s new requirements in entering and reporting the inventory of a decedent’s safe deposit box, please contact our experienced PA probate attorneys.

 

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