Is an inventory of safe deposit boxes still required?
No. Effective on January 1, 2001, regardless of the date of death of the decedent, the tax commissioner will no longer require the inventory of a safe deposit box upon the death of the owner, co-owner or any other person having access to the box. This includes self-storage boxes currently in use by several financial institutions or any other receptacle that may be deemed a safe deposit box. This policy change applies to both resident and non-resident decedents of the State of Ohio. In addition, financial institutions may permit access to all boxes without requiring a tax release, or other form from the tax commissioner consenting to the access. Click here to see news release for more information regarding this topic.
