When a loved one passes away, settling their estate can be complex, especially if you’re unfamiliar with their financial affairs. I often hear concerns from family members about missing assets or incomplete information. Let’s address these everyday worries and explore what happens in these situations.
The Challenge of Incomplete Information
It’s not uncommon for the person handling an estate (often called the executor or personal representative) to have limited knowledge of the deceased’s financial situation. This can happen for various reasons:
- The deceased was very private about their finances
- Assets were acquired long ago and forgotten
- Documentation was lost or misplaced
- The will is outdated, or there is no will at all
Steps to Uncover Assets
If you find yourself in this situation, don’t panic. There are several steps you can take:
- Thoroughly search the deceased’s home: Look for financial statements, tax returns, and any documents related to assets or debts.
- Check mail and email: Look for statements or correspondence from financial institutions.
- Review tax returns: Past tax returns can provide clues about income sources and assets.
- Contact known financial institutions: Banks and investment firms may have information about other accounts.
- Use online tools: Websites are designed to help find unclaimed assets.
- Hire a forensic accountant: A professional can help track down hidden or forgotten assets in complex cases.
- Thoroughly search the deceased’s home: Look for financial statements, tax returns, and any documents related to assets or debts.
The Probate Process and Asset Discovery
The probate process itself can help uncover assets. Here’s how:
- Court authority: As the executor, you’ll have the legal authority to access the deceased’s financial information, making it easier to uncover assets.
What If Assets Are Discovered Later?
It’s not unusual for assets to be discovered after the initial probate process. If this happens, you may need:
- A reopening of the estate: The probate case can often be reopened to deal with newly discovered assets.
- Supplemental accounting: You may need to file additional paperwork with the court to account for the new assets.
- Distribution to beneficiaries: The assets will typically be distributed according to the will or state law, just like the originally known assets.
The Importance of Due Diligence
As the executor, you have a fiduciary duty to make a reasonable effort to uncover all assets. This doesn’t mean you’re expected to be perfect, but you should be thorough and act in good faith.
Keeping Contact With Your Estate Planning Attorney
The best way to make sure assets do not get lost after your passing is to keep in contact with your estate planning attorney. At Miller & Miller Law Group, PLLC we offer our Legacy Protection Plan. With this plan your assets are accounted for which makes the estate/trust administration easier for your loved ones and beneficiaries.
Seeking Professional Help
Navigating these complexities can be difficult, especially during a time of grief. Just remember that it’s okay not to have all the answers immediately. The probate process is designed to help bring clarity to these situations. If facing these challenges, don’t hesitate to seek professional legal advice. Our probate lawyers can help you confidently navigate this complex process and ensure that your loved one’s affairs are settled properly and legally. If you have questions or need assistance, please contact us today for a comprehensive consultation, and be sure to mention this article for a focused discussion on your specific needs.
This article is a service of Miller & Miller Law Group. We do not just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love.