I know of this type of business from a few people who use one.
After I read of this fiasco in California, I shared the articles with them, however I don’t know how they reacted to the story.
In the case of the business I know of, here’s how it works;
The facility is family owned and in business for many many decades.
It has a level four Federal Reserve vault, which can sustain one atmosphere even while 40’ under water, if there was flooding.
No ID is required to open a box. One simply pays cash to avoid a paper record, though they accept credit cards. You give WHATEVER name you wish to use, provide a signature and a password. When a person I knew wanted to open a box, they wanted to use the name Elmer Fudd, but it was already taken, as was Yosemite Sam and similar “names”. No real address is required to be given.
This is not a bank, therefore, no tax man will show up, as is the case with a bank safe deposit box, upon the death of the owner.
The box owner is given a key to the box and the business has a key, just as with bank safe deposit boxes.
When you want to access the box, they provide a small slip to fill out, with NAME, BOX NUMBER, SIGNATURE. These must match what is on file at the facility. Then they allow you into the vault, where you use your key for the box, they use their key, open the door and ONLY you grab your box and are taken to a private room. They DO NOT touch your box.
Very secure facility.
Completely anonymous and out of reach of the tax man, because there are no official records.
One person I know who uses it has two beneficiaries, each with only partial information and they don’t like each other. One beneficiary knows the name and signature and the other knows the box number. The estate attorney has the duplicate key, with instructions that he must be there to open the box and only upon executing the will/trust, but even her doesn’t have the other information. This way the beneficiaries can’t collude together to access it. Pretty smart!
I thought about using the facility, however, I don’t have much of value to secure and became concerned after learning of this California raid, so I didn’t pursue it.
Hope this explanation helps.