Build your estate plan online! MyAdvocate is the online solution for creating and maintaining your Will and all other legally-valid estate planning documents. Click the link below to get started!
—
Occasionally, after someone dies, the family starts to question what their deceased relative really owned. Sometimes we hear statements from children or other relatives like:
“I thought Dad had more CDs at the bank.”
“I thought Dad had another savings account.”
“I thought Dad owned stock in some other companies.”
“I thought Dad had an annuity and a life insurance policy.”
Well, there is no central registry that you can go to and determine everything that someone owned when they died. But there are both informal and formal ways that you can dig and determine what someone owned on the date of their death.
There are a couple of obvious formal ways that you can try and discover additional assets. First, go back and look at the last few years of their tax returns. They would likely have received tax reporting statements from financial institutions that show that accounts were owned. Second, check their mail. If they owned financial accounts, it’s likely they may received account statements in the mail.
And then there is the formal way to discover someone’s assets after they died. Let’s use an example of Dad, who died with a last will and testament. Dad names Son as executor. People are questioning the fact that Dad owned additional accounts. Once Son works with the lawyers and the court system to get confirmed as the executor, the courthouse will issue certified copies of Letters of Independent Executorship. Son can then go to every financial institution where he thinks Dad may have had an account, and the “Letters of Independent Executorship” require the third parties to disclose Dad’s account information to Son, who is the independent executor.
So, there is no central registry one can go to and figure out what someone owned when they died, but there are both informal and formal ways to locate whether a deceased person owned additional accounts or other assets. Your estate planning and estate settlement attorney can help you get the proper court authority and make the right kinds of inquiries to expedite this process. And ideally, none of this is necessary if the deceased person would have, during his or her lifetime, maintained a current inventory of assets and communicated that inventory to the appropriate family members or other loved ones.
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Losing a loved one is a difficult and emotional experience, and amid all the grief and stress, it becomes necessary to handle the practical aspects, such as their financial affairs. One crucial step in this process is identifying the various accounts and assets that the deceased person owned. This can be a complex task, especially if the person did not leave behind clear information regarding their accounts. In this article, we will outline some steps to help you navigate this process and find out what accounts a deceased person owned.
1. Start with the Necessary Documentation:
To begin, gather all the relevant documents and papers. This may include the individual’s will, bank statements, tax returns, insurance policies, and any other financial statements. Having these documents at hand will provide insight into the deceased person’s financial situation and help determine which institutions to contact.
2. Contact Their Attorney or Financial Advisor:
If the deceased person had an attorney or financial advisor, reach out to them as soon as possible. They may have knowledge of the person’s financial accounts, investments, and other important details. Their guidance and expertise can be valuable in overseeing the process of identifying and managing the deceased person’s accounts.
3. Search for Account Statements:
Check the mail for any account statements or financial correspondence from various banks, brokerage firms, credit card companies, and insurance providers. This will give you an idea of the institutions with which the person had accounts. Compile a list of the companies and their contact information for future reference.
4. Review Bank Statements and Cancelled Checks:
Carefully examine the deceased person’s bank statements and cancelled checks. These statements often contain details regarding other financial institutions where they held accounts or made payments. Look for checks or direct debits made to investment firms, mortgage companies, or loan providers, as this can provide clues to other accounts that may have been held.
5. Check Their Computer and Email Accounts:
In today’s digital world, it is common for people to manage their finances online. Review the deceased person’s computer and email accounts to find any evidence of online banking, investment accounts, or other financial services. Look for saved usernames, passwords, or account information that could help you access and assess their digital financial trail.
6. Consult the Credit Report:
Request a copy of the deceased person’s credit report from a reliable credit bureau. The report will typically list all the accounts the person held, including credit cards, loans, mortgages, and other financial obligations. This comprehensive record will give you a clearer picture of their financial profile.
7. Reach Out to Financial Institutions:
Armed with the information gathered, start contacting the financial institutions associated with the deceased person. Notify them of the individual’s passing and provide any required documents, such as a death certificate or proof of executorship. The institutions can then guide you through their respective processes to access or close the accounts.
8. Consider Seeking Professional Help:
If you encounter difficulties in identifying the accounts or dealing with the financial institutions, it might be beneficial to consult a probate attorney or estate professional with expertise in this area. They can provide guidance, ensure compliance with legal requirements, and help navigate the complexities of settling the decedent’s financial affairs.
While finding out what accounts a deceased person owned can be a challenging and time-consuming process, careful organization, proper documentation, and seeking expert advice when needed can greatly facilitate the task. Remember to handle each step with sensitivity and ensure you comply with legal and financial regulations throughout the process.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Can’t a person look thru unclaimed funds through the state the deseased person lived in? Example: unclaimed funds Wyoming.
If it’s been 5 years since the death of both parents and I was the only child and nothing is a owed and have wills and I was beneficiary on account. Was told a will in Texas is not valid and go thru probate but I can’t if it’s been over 4 years probate is over. Many attorneys have told me a death certificate and valid id is all I need. Is this Right? Any help would be appreciated greatly!
How can I do this with YouTube. I am the sole administrator of my family member’s estate. How can I collect from his YouTube channel that have millions of views?
My grandpa died when I was 12 and left me his ss card in his wallet, I just turned 18 last august. Does anyone have any advice as to what I should do with it ? Is there any money I can claim ?
Im stuck at the step where im trying to find about my dads debts. I have requested mail and barely received any and even requested credit reports
Alot of financial institutions are not very cooperative unless they're legally bound and even then they still try to fight it especially when they know that the owner of the account has passed away.
How can I find out if a document that I have is genuous or a fake ( scam )
How can I find out if my mom already paid for her funeral and the director hid it he also stole her necklace and didn't do engraving
I have a question. My uncle passed away I am next of kin however his best friend of 40 years who is not blood related at all is trying to become head of estate and gain access to all of my uncle’s accounts including his house which is paid for. Do you think the Judge will give it to the friend or me?
how much you charge? if I can get you to look into my father's case in NYC
I
I need to know my Father's Balance in his accounts when my sister became Power of Attorney… She has been Embezzling!!!
Is it possible t get Letters of Independent Executorship with a Summary Administration or only with a full Probate Administration? As the executor, I chose to go with the Summary Administration since the total known assets were under $50,000. State of Florida. Thank you.
Can the trustee or executors bank accounts be checked to see where money came into their accounts from to be sure they didn't embezzle when no one is overseeing them
thank you for this quick video. My issue is, I am a 2nd successor Trustee to my mother's Living Trust. SHe passed. the former Trustee, did not file taxes for the last five years of her life, DId not, relinquish any passwords to accounts, and now has dementia. The Trust, was never recorded, as they aren't required to. One financial house has asked for the letters of Executorship, I advised this is a Trust, presented copies of the Trust, as the accounts were in the name of the Trust, and the succession documents removing my brother as Trustee, and they came back , they still need the letters of Executorship. What do Ido?
If there was someone who is deceased who is deceased who had funds from another deceased person that should have been in Probate Court can there be a probe into that account that had a beneficiary Queens New York
Mmm m'm fum
I made a lot of stupid choices because of emotional state and still do over a year later. It is bad for me the whole process.
If the other siblings besides the direct trustee or executives want to inquire as next-of-kin and to ensure the trustee was including everything, can they pull the previous tax information and inquire with various financial institutions if there is an account, what the account number is (associated with Social Security Numbers), and amounts in them? Will subpoenas be needed or at least court order??
California
Grandma died. Held title.
My Mom (oldest daughter)
-sold my “grandmother” SOLEY, the property.
Uncle had GRANPA sign refinance $200k
Both grandpa died shortly after
Gramom moves in w/Daughter (my aunt)
Aunt assumes payment of debt.
(Uncle pays nothing)
Gramom died & aunt could afford to pay debt
$2500/mo.
She asks me,
Pay $10k or so arrears
&
move in house/take over payment.
Uncle that took refy/stores his junk in Home,
Comes & goes when he’s in town,
like he owns the place.
Pays me nothing
While I’ve been paying mortgage & utilities
On time w/out fail & living here, for 14 months.
My last resort is to call lender, who still send bill in my Grandpa’s name.
I don’t know the process.
1st step?
And what if none of the kids want to do anything? Can they make them have to possibly lose their jobs doing all of this side work hustle and running? Or can the kids just walk away from it all and do nothing?
Who pays all of the attorney fees. I assume they do have some.
Thanks
The IRS
My Mississippi grandma signed the deed of her house over to my brother in 2012 and did not tell me. She made a will giving all her possessions to his girlfriend and making her the executrix. (Also didn't tell me) They promised to go take care of her when she was old and come live with her. They didn't. I told her I couldn't take care of her because I had a home to take care of and lawn business in Florida and live by myself. Even so, I went and helped when I could, even when she got sick from covid and her caretaker was distressed. (She got better) Aunts, cousins, brother and girlfriend got to her records, jewelry (a lot of it), etc… before me. Vicious false accusations of every sort arose to hide the thief and create an environment of confusion. This has literally turned into a nightmare situation. Cousins fought over incoming mail and who was to pay the bills and be in charge of my furious grandmother's records. I had to listen to my Grandmother screaming at my cousin on christmas day, calling her a thief and demanding her to return her stolen jewelry. I just went home the next morning. A grievous situation. Paul, I appreciate you. You videos are so helpful. Thank you. I think of the proverb, "An inheritance may be gotten hastily, but in the end there won't be a blessing" <— Not sure if I got it word for word, but I think it's close. Good day!
I AVE CONTACTED THE BANK PRESIDENT, THE FUNERAL HOME, THE PROBATE COURT, AND NO ONE, NO ONE WILL TALK TO ME.
My Father's Esatate has a MASSACHUSETTS BASED FINANCIAL CONSERVATOR AND SGHE CANNOT FIGURE OUT ANYTHING OF MY FATHER'S ESTATE. OF COURSE, SHE IS 25 YRS OLD, SO SHES BASICALLY USELESS.
I don't want anyone getting any of my stuff or my money. Is it possible to just leave everything to the estate so the taxes are paid out of the estate until it runs out of money?
There is also a national registry for life insurance, through which you can find out whether deceased had a policy and for how much and who the beneficiary is.
Is an attorney needed to go through probate to get in bank box after someone dies without a will?
When my bro passed in a homecare , my sister was given before he was buried a check made out to the estate of (my bro. Name).. I can not find out from the home why it was given to her and how much … He had no will but she was his contact ,,,no POA….I have contacted them but they keep sweeping It under the rug cause I think they know they did wrong as he had other brother
and sisters..thanks ..I have been going thru this stress for almost 2 years and with the stress and losing my brother whom I was very close to ,I have been seeing counseling……..thanks again
i feel that i have ripped off of my inheritance by my siblings / is there a time limit to take legal action?
Could I get my dads social security money
What happens if a beneficiary is in jail?
Having a hard time getting death certificate . How long should that take ?
I'm having a blimp time getting the information. I have the court documents to get the information. It's the company that's giving me a hard time???