Effective Ways To Find Hidden Assets Following the Death of a Family Member - Trending Vibe Trending Vibe

Effective Ways To Find Hidden Assets Following the Death of a Family Member

Where have you hidden the wealth and assets? Do you have a trunk up in the attic with a lock where you keep them? Or are they stacked in boxes against a wall in your musty basement?

The burning question should be whether anyone knows about your secret treasures. Is anyone (a member of your immediate family, a close friend, a trusted advisor) aware of your assets and the locations of your most prized possessions?

Most individuals understand that if a close family member passes away, it may fall to them to settle their affairs. If you are in charge of a beloved one’s affairs, you are responsible for their finances and the distribution of their assets upon their passing.

Money matters are largely overlooked with loved ones, unlike child custody. When a loved one passes away, it can be challenging to manage their affairs and distribute their estate, especially if they have some hidden assets. Read this post to understand better who is eligible for the deceased assets and the procedure to follow to access them.

Who Is Permitted To Discover the Assets of a Deceased Loved One?

After discussing death, you may have accepted to be your loved one’s executor. (In this context, the term “executor” or “administrator” refers to the individual charged with handling the decedent’s financial affairs.)

If so, you will be granted legal authority to administer your deceased loved one’s assets in probate court utilizing letters of testament issued by the court upon the decedent’s death. Even if you are very close with the person who has chosen your executor, you may not know all their possessions.

You might not be aware of their financial holdings or whether or not they have a will or life insurance. There is a chance that the decedent left behind some hidden assets in the form of private loans, old insurance or investment plans, an interest in a business or property technically owned by someone else, or even shares in a company.

If you’re an executor, you should know that learning about hidden properties will help you immensely financially and reach out to the people entitled.

So, what paperwork or details will you need to access a deceased relative’s financial accounts? Family members who have access to the house after death go through the deceased person’s possessions in search of legal papers like a will. A will comprises most of a person’s property.

Some assets, such as bank accounts, life insurance, electronically held assets, security portfolios, etc., may be inaccessible to heirs even if they find and read the will that names them. The executor of the property can only access such assets.

Executors are legally allowed to enter the deceased’s residence for a will or other important documents relating to the assets. However, a death certificate is usually required to gain access to assets that a third party holds.

You should get multiple certified copies of the death certificate. With the death certificate, the executor can gather the deceased person’s belongings for probate.

Procedure for Locating a Dead Beloved One’s Assets

Using all available options to seek and gain access to the property is the key to finding a deceased loved one’s possessions. Some properties may be easily accessible, while other assets may require more investigation. You can find your dear one’s property by following these steps and using these resources.

Step 1: Examine Your Loved One’s Belongings

Most people store their personal belongings in their own homes. Usually, there will be paperwork and personal belongings lying around the house that can be used to determine what assets the deceased had. A will ought to be among the first documents you check for. Most or all of the decedent’s property they wanted to leave to loved ones after death is likely to be listed in their will.

Many people have a safe place in their homes where they keep their will and other estate planning documents. An office desk or filing cabinet is a common choice, as it allows for quick access to records. Begin by reviewing your deceased loved one’s belongings to determine if they had a will.

In many instances, the departed will usually have specified the location and property type in their choice. If a will cannot be found, other documents may be found among the decedent’s belongings that detail their financial holdings.

Look for financial papers, such as a bank or credit card statements, that can reveal where your departed loved one kept their money. Afterward, you can visit the financial institution or company where the decedent had assets to learn more about their holdings.

They may have opened a bank account and put funds there, obtained a life insurance policy with a premium paid in advance, or stored valuables in a safe deposit box or warehouse. The decedent’s papers may contain evidence of such possessions.

Potential legal documents that could be found among the deceased’s belongings are a will, trust documents, bank statements, deeds, and tax returns.

Keep in mind that debts are assets in the deceased’s property. As executor, you have to settle the dead person’s financial obligations. In addition to the above, you should search for the following:

  • Statements for credit cards
  • Invoices and bills
  • Expenses
  • Documentation for a mortgage or lease
  • Subscription bills

Your duties as executor include settling the deceased person’s financial affairs and closing any outstanding accounts. These documents will assist you in finding your loved one’s assets and accounts.

Step 2: Inspect the Decedent’s Personal Computer

As you rummage through their home’s belongings, check for any documentation or details about the decedent’s digital assets. People frequently use password managers to keep track of their login credentials for various online services, such as online banking and trading accounts.

Electronic accounts may be accessible using the deceased’s ID and password. If not, contact the relevant service providers for more details and access to the necessary assets.

Securing your loved one’s digital assets after death can be challenging and time-consuming. Still, with the death certificate along with any additional relevant documents, you may be successful.

Step 3: Consult Other Family and Friends

Even though you shared a home with your recently departed family member or friend, you are unlikely to have a complete inventory of their assets. If you did not share a household with the deceased, other relatives or acquaintances with stronger relationships with the decedent may know specific assets you do not have.

For instance, a brother may have information on the deceased’s storage locker. Also, a neighbor may know a car the decedent was restoring or items the decedent loaned out, such as tools, gadgets, or sports equipment.

The identification of all assets is required, regardless of their worth. Those who had frequent interactions with the deceased, such as friends, neighbors, and family members, are often reliable sources for this kind of data.

Step 4: Enquire With the Local Probate Court and Other Relevant Government Institutions

To locate the hidden assets of a deceased loved one, it is essential first to contact the local probate court to see whether any records of mortgages, titles, or other asset interests have been filed with the court. Such documents are open to the public and simple to obtain.

Local government entities, federal and state, are yet another good place to look for information on a deceased person’s assets. Examples of this could be:

  • Social Security Administration (SSA)
  • Additional State/Federal Aid Programs
  • Office of the Secretary of State (including any online business records)

Also, “hidden asset” search services are available for a fee to locate missing cash or other valuables. You may have to pay a fee, but it will be worth it in the long run because you will save time and possibly find unclaimed riches.

Step 5: Get in Touch With the Deceased’s Employer

If the deceased had a job, contact the company to find any pension or retiree programs they might have joined. Depending on the company’s policies, the employer may be able to offer benefit data that the deceased person did not keep. It’s possible that the deceased’s employer still has some of their belongings in their possession if they were still working when they passed away.

FAQs

How Do You Find Hidden Assets After Death?

An estate plan is imperative to protect and pass your assets on to the people and organizations you value. Many organizations will help you create and update an estate plan, but be sure that the one you choose is a qualified intermediary.

How Can You Find Out if the Deceased Person Had a Super?

Super can be difficult to find, especially if the deceased was an employee of a public body, such as a state or federal agency. You must contact the appropriate agency and ask for their records for the last five years.

How Do You Find Out About the Deceased’s Debts?

The debts of a person who has died will be listed on their credit report. You can get this information from credit reporting agencies. To reach one of the agencies, you should call the Consumer Information Bureau in your state. Ask for their file on the deceased and then send over a copy of his death certificate.

How Do You Check if Your Deceased Person Owns a House?

You can check if a person has a house by opening their credit report. Generally, you need a death certificate or proof of the person’s identity to get this information. If the debtor has a house, it will appear on the credit report.

Conclusion

Call our Probate Advisory team for free initial guidance and counsel if you need it during the Probate process after the death of a loved one. LastingMatters Organizer can set up a video or phone meeting with one of our Probate Consultants so you can discuss your loved one’s estate in further depth and get a price for the cost of handling probate from beginning to end.

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