Locating assets during probate is a crucial step in administering an estate. Here’s a step-by-step guide to help you identify and locate assets:
1. Review the Decedent’s Documents
- Will or Trust: Check if the decedent left a will or trust, as these documents often list assets and beneficiaries.
- Financial Records: Look for bank statements, investment accounts, retirement accounts, and tax returns (especially the last filed return).
- Property Deeds: Search for deeds to real estate, vehicles, or other titled property.
- Business Records: If the decedent owned a business, review business documents for assets.
- Safe Deposit Boxes: Locate keys or records indicating the existence of a safe deposit box.
2. Contact Financial Institutions
- Banks and Credit Unions: Request information about checking, savings, and money market accounts.
- Brokerage Firms: Identify stocks, bonds, mutual funds, or other securities.
- Retirement Accounts: Look for 401(k), IRA, or pension accounts.
- Credit Card Companies: Check for outstanding balances or rewards points that may be convertible to cash.
3. Search for Real Estate
- County Records: Check the county recorder’s office for property deeds or tax records.
- Online Databases: Use online property search tools to locate real estate holdings.
- Mortgage Statements: Review mortgage documents to identify properties.
4. Identify Personal Property
- Household Items: Conduct a thorough inventory of the decedent’s home for valuables like jewelry, art, or collectibles.
- Vehicles: Locate titles or registration documents for cars, boats, or other vehicles.
- Digital Assets: Search for online accounts, cryptocurrencies, or digital files stored on computers or cloud services.
5. Check for Insurance Policies
- Life Insurance: Look for policies that may name beneficiaries or provide funds for the estate.
- Property Insurance: Review homeowners or renters insurance for coverage of valuable items.
6. Search for Unclaimed Property
- State Unclaimed Property Offices: Check databases for unclaimed assets, such as forgotten bank accounts or uncashed checks.
- National Association of Unclaimed Property Administrators (NAUPA): Use their website (www.unclaimed.org) to search multiple states.
7. Contact Employers and Government Agencies
- Employers: Inquire about unpaid wages, benefits, or stock options.
- Social Security Administration: Check for any owed benefits.
- Veterans Affairs (if applicable): Look for military benefits or pensions.
8. Hire Professionals if Needed
- Estate Attorney: Seek legal advice to ensure compliance with probate laws.
- Accountant or Financial Advisor: Help identify complex assets or tax implications.
- Asset Search Firms: Consider hiring a professional service to locate hard-to-find assets.
9. Notify Relevant Parties
- Once assets are located, notify the probate court and interested parties (heirs, beneficiaries, or creditors).
10. Keep Detailed Records
- Document all steps taken to locate assets, as this may be required by the court.
By following these steps, you can systematically locate and account for all assets during the probate process.
