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One other thing - when you die (and you will die) and if the person you designate to be your executor can't find the key, the lock will be drilled and very likely a bank representative will sit with your exector to take an inventory of the safe deposit box.
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Not correct. A bank rep will drill the box and hand over the box to the executor/executrix or adminstrator/administratrix. The bank has no business inventorying the box. The bank would not know what was in there and would not be involved in the process of distributing it.
Also if another party is on the box like your wife, sister, mother, brother etc.... they will simply become the owner of the box. Again rep from the bank will not be involved in any way except to change the paperwork.