Locating Assets After a Loved One’s Death

Losing a loved one is never easy, and on top of the emotional toll, numerous practical tasks need to be handled. One of the most important jobs is locating assets the deceased left behind. Whether you’re a family member or the executor of the estate, finding these assets can feel overwhelming. But with a clear process and some understanding of where to look, the task becomes much more manageable.

Where Do You Begin When Locating Assets?

When it comes to locating assets, it’s helpful to start by gathering any important documents your loved one may have left behind. This could be a will, trust documents, or financial records. Often, these documents will give you a roadmap for the asset location process. Look in common places like home offices, safes, or secure filing cabinets. If there are no physical documents available, you may need to turn to electronic records or reach out to banks and other institutions.

Another critical first step in locating assets after a loved one’s passing is reviewing their income tax returns and consulting with their CPA. Tax returns often provide key insights into assets (particularly through attached 1099s and other proof of income), which can indicate sources generating revenue. These documents usually include contact details for the institutions holding the assets, making them useful for further investigation. A CPA can also be an invaluable resource, as they are likely to have detailed knowledge of the deceased’s assets and income sources.

Additionally, it’s essential to forward the decedent’s mail for at least a year. Important financial statements or asset-related notices may still arrive, offering clues to assets that were previously overlooked.

Why is the Will Important?

The will is one of the most critical pieces of information for asset location. A well-organized will often lists out many of the deceased’s assets, providing you with clues about what you need to find. It will also name the executor, who is legally responsible for managing the estate. Even if you aren’t the executor, as a family member, you might need to help gather the necessary information.

How Can You Use Digital Records for Asset Location?

In today’s world, more and more of our financial lives exist online. It’s common for people to have digital accounts for banking, investments, or even cryptocurrency. That’s why checking the deceased’s computer or other devices is a critical step in locating assets. If they had online accounts, they likely kept records there. There is a strong likelihood you’ll encounter password protection. In these cases, contacting service providers with proper documentation (such as a death certificate) can help gain access to these accounts. This is a common circumstance in which having a knowledgeable estate attorney can expedite the process. 

Should You Talk to Family Members and Friends?

Even if you knew your loved one well, there could be assets you aren’t aware of. This is where talking to other family members or friends can help. For example, a sibling might know about a storage unit or a close friend could know about an investment. By speaking with those who were close to your loved one, you can gather more details and possibly uncover hidden assets.

What Role Do Financial Institutions Play?

Banks and financial institutions are key players in the asset location process. If your loved one had accounts at a bank, they’ll have records of any remaining funds or valuable items, like safety deposit boxes. With the proper documentation—usually including a death certificate and proof of your authority to access the estate, such as executor papers—you can request information from the bank. It’s also helpful to ask about any automatic payments, outstanding debts, or recurring transfers that might point to additional accounts or obligations.

What About Employer Benefits and Retirement Accounts?

If your loved one was employed at the time of their death, their employer may be holding assets in the form of retirement accounts, pensions, or other employee benefits. Contacting the employer is crucial, as these benefits can sometimes be substantial. Even if they weren’t working at the time of their passing, reaching out to their last employer can reveal important information about any retirement accounts that need to be located and included in the estate.

Can Probate Court Records Help in Locating Assets?

Sometimes, assets are filed or documented with the local probate court. For example, deeds to property, titles to vehicles, or other significant assets may have passed through probate in previous estates. A visit to the local probate court could reveal records that help with asset location. These records are often public and relatively easy to access, though for some private documents, you may need to show a death certificate.

What Role Does the Estate Attorney Play in Locating Assets?

If your loved one worked with an estate planning attorney, that attorney may have detailed records about the deceased’s assets and wishes. Estate planning lawyers often keep copies of important documents such as the will, trusts, and other legal papers. Reaching out to the attorney can be extremely helpful in guiding you through the asset location process and ensuring that all legal matters are handled properly.

What if You Can’t Find All the Assets?

In most cases, locating every asset is no easy feat. It’s not uncommon for certain accounts or items to remain hidden, especially if your loved one didn’t keep detailed records. If you’re struggling to find certain assets, working with a professional can make all the difference. Estate planning attorneys have experience in tracking down hard-to-find assets and making sure everything is accounted for in the estate.

How Long Does the Asset Location Process Take?

The time it takes to locate assets can vary widely depending on the size of the estate and how well-organized your loved one’s records are. For smaller estates with straightforward documentation, it may only take a few weeks. Larger estates (or those with more complex holdings like investments, property, or business interests) could take several months or more to fully identify and evaluate all the assets. 

What Happens After the Assets Are Located?

Once you’ve successfully located the assets, the next step is managing them as part of the estate.
The executor of the will is responsible for distributing the assets according to your loved one’s wishes. In some cases, assets may need to go through the probate process, which involves the court overseeing the distribution of the estate. Probate can be a lengthy and complicated process, but it ensures that everything is handled fairly and legally.

Why Work with an Attorney for Asset Location?

If you’re managing an estate after a loved one’s death, working with an attorney who specializes in estate planning can help you avoid mistakes and ensure that every asset is properly accounted for.
Not only can your attorney assist with the legal side of things, but they can also guide you through complex situations, such as disputed wills or unclear asset locations.

At Estate Planning & Elder Law Services, we understand how challenging it can be to manage the estate of a loved one. We’re here to provide the legal support and guidance you need during this difficult time and give you peace of mind knowing your loved one’s wishes are fulfilled and respected. 

Need Help Locating Assets? Contact Estate Planning & Elder Law Services

Locating assets after a loved one’s death is a critical part of managing their estate, but it doesn’t have to be stressful. If you need help with asset location or any other aspect of estate administration, contact Estate Planning & Elder Law Services in Michigan today for a consultation. With over 20 years of expertise and a proven record of excellent service, our knowledgeable and understanding team is ready to help you every step of the way.