Gathering Assets for Probate

If you have been appointed as the executor or estate administrator, one of your first and most critical responsibilities is identifying all assets owned by the deceased. Successfully locating these assets ensures the probate process goes smoothly and nothing of value is overlooked.

But where do you start? Here is how to find the documentation and information you need quickly.

Search Through Physical Records

Begin your search in the decedent’s home or personal files. Many important financial and ownership documents are stored in filing cabinets, safes, or desk drawers. Items to look for include:

• The original will or trust documents.
• Bank and investment account statements.
• Insurance policies (life, property, health).
• Recent bills or financial records.
• Tax returns.
• Contact info for accountants, attorneys, bankers, or financial advisors.

Review Incoming Mail

Regular statements, notifications, and account notices often arrive through the mail. Collect these to identify active accounts, investments, retirement plans, and other financial interests. Once identified, contact each institution to determine account balances and how the assets should be transferred to the estate.

Check Online Accounts and Electronic Statements

Because paperless statements are increasingly common, it’s important to review the decedent’s digital accounts. If you have legal access, check email, financial institution websites, and any password managers for login information. Look for online banking, investment portals, retirement accounts, and digital asset platforms that may contain financial information.

Obtain Recent Tax Returns

Tax returns from the last several years can provide valuable clues about financial activity and hidden assets. They may show dividend income, investment gains, rental income, or bank interest that lead you to accounts you might otherwise miss. You can request transcripts from the IRS once you are officially appointed as executor.

FAQs

Q: What assets must be included in probate?
A: Probate generally includes assets owned solely by the decedent without a designated beneficiary. Common probate assets include real estate titled in the decedent’s name, individual bank accounts, personal property, and investment accounts without transfer-on-death designations. Assets held in a trust or with named beneficiaries typically bypass probate.

Q: Do all bank accounts go through probate?
A: No. Bank accounts with payable-on-death (POD) beneficiaries usually transfer directly to the named person and do not go through probate. Joint accounts with rights of survivorship also pass automatically to the surviving owner. Only accounts titled solely in the decedent’s name without beneficiaries are subject to probate.

Q: How do executors access financial information after death?
A: Executors typically need a certified death certificate and court-issued letters of appointment to access financial records. Once appointed, banks and institutions can release account documentation.

Q: What if the executor cannot find all the assets?
A: Missing assets are a common probate issue. Executors may need to review tax returns, credit reports, mail, and unclaimed property databases. In complex estates, forensic accountants can be used.

Seek Legal Help

Executors have a tough job to do. Gathering all assets can be a tedious task but it needs to be done per state regulations.

Are you dealing with a deceased person’s estate? If so, get the help you need from Fort Lauderdale probate litigation lawyer Edward J. Jennings, P.A. We will guide you through the various procedures so you can move forward quickly. Schedule a consultation today to learn more. Call 954-764-4330 or fill out the online form.

Source:

trustandwill.com/learn/how-to-gather-assets-for-probate