When your loved one dies, one of the primary duties of their will’s executor is to create a comprehensive inventory of all assets your loved one owned. It is one of the most crucial parts of the probate process and incidentally is one of the most challenging as well.
Unless your loved one has a detailed inventory of their assets, you, as the executor, will have to find every last one. Luckily, there are many helpful strategies you can employ.
Search personal documents and computers
Start by thoroughly searching through your loved one’s personal documents. These include but are not limited to:
- Financial records
- Tax returns
- Bank statements
- Insurance policies
- Investment account statements
Also, review recent mail for any account statements or bills that might provide clues about assets or financial obligations.
In addition to physical documents, you may want to look through their computer. Doing so can help reveal digital assets or information on where to find them.
Reach out to financial institutions
Contact banks, credit unions and investment firms where your loved one may have held accounts. You will need to provide a death certificate and proof of your authority to ask about these accounts.
Once you have the authorization, ask about your loved one’s accounts, unclaimed funds and safety deposit boxes.
Search property records
Another good tip is to search your local county records for any property you do not know about or is not mentioned in other documents.
Check for real estate ownership under your loved one’s name. Also, look for vehicle registrations and titles.
Check with unclaimed property offices
These offices hold forgotten bank accounts, uncashed checks and other unclaimed assets. You can use the Texas unclaimed property site to search for your loved one’s assets.
Ask family members, friends or advisors
Family, friends and professionals like financial advisors or attorneys may have information about any overlooked assets.
They may also know where your loved one kept physical valuables, such as jewelry, cash or art.
Contact your loved one’s employers
If applicable, try contacting your loved one’s current and former employers. Inquire about any pension plans, life insurance policies or other benefits that may be part of the estate.
Sometimes, people forget about old 401(k) accounts or other benefits from previous jobs.
Seek legal guidance
Lastly, consider speaking to an experienced attorney who can guide you through the probate process. They can be of substantial help in every step, including locating all your loved one’s assets.