Discovering the Accounts Owned by a Deceased Individual: A Comprehensive Guide

Build your estate plan online! MyAdvocate is the online solution for creating and maintaining your Will and all other legally-valid estate planning documents. Click the link below to get started! -- Occasionally, after someone dies, the family starts to question what their deceased relative really owned. Sometimes we hear statements from children or other relatives like: "I thought Dad had more CDs at the bank." "I thought Dad had another savings account." "I thought Dad owned stock in some other companies." "I thought Dad had an annuity and a life insurance policy." Well, there is no central registry that you can go to and determine everything that someone owned when they died. But there are both informal and formal ways that you can dig and determine what someone owned on the date of their death. There are a couple of obvious formal ways that you can try and discover additional assets. First, go back and look at the last few years of their tax returns. They would likely have received tax reporting statements from financial institutions that show that accounts were owned. Second, check their mail. If they owned financial accounts, it's likely they may received account statements in the mail. And then there is the formal way to discover someone's assets after they died. Let's use an example of Dad, who died with a last will and testament. Dad names Son as executor. People are questioning the fact that Dad owned additional accounts. Once Son works with the lawyers and the court system to get confirmed as the executor, the courthouse will issue certified copies of Letters of Independent Executorship. Son can then go to every financial institution where he thinks Dad may have had an account, and the "Letters of Independent Executorship" require the third parties to disclose Dad's account information to Son, who is the independent executor. So, there is no central registry one can go to and figure out what someone owned when they died, but there are both informal and formal ways to locate whether a deceased person owned additional accounts or other assets. Your estate planning and estate settlement attorney can help you get the proper court authority and make the right kinds of inquiries to expedite this process. And ideally, none of this is necessary if the deceased person would have, during his or her lifetime, maintained a current inventory of assets and communicated that inventory to the appropriate family members or other loved ones. This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship. Paul Rabalais Estate Planning Attorney www.RabalaisEstatePlanning.com Phone: (225) 329-2450...(read more)

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Losing a loved one is a difficult and emotional experience, and amid all the grief and stress, it becomes necessary to handle the practical aspects, such as their financial affairs. One crucial step in this process is identifying the various accounts and assets that the deceased person owned. This can be a complex task, especially if the person did not leave behind clear information regarding their accounts. In this article, we will outline some steps to help you navigate this process and find out what accounts a deceased person owned. 1. Start with the Necessary Documentation: To begin, gather all the relevant documents and papers. This may include the individual's will, bank statements, tax returns, insurance policies, and any other financial statements. Having these documents at hand will provide insight into the deceased person's financial situation and help determine which institutions to contact. 2. Contact Their Attorney or Financial Advisor: If the deceased person had an attorney or financial advisor, reach out to them as soon as possible. They may have knowledge of the person's financial accounts, investments, and other important details. Their guidance and expertise can be valuable in overseeing the process of identifying and managing the deceased person's accounts. 3. Search for Account Statements: Check the mail for any account statements or financial correspondence from various banks, brokerage firms, credit card companies, and insurance providers. This will give you an idea of the institutions with which the person had accounts. Compile a list of the companies and their contact information for future reference. 4. Review Bank Statements and Cancelled Checks: Carefully examine the deceased person's bank statements and cancelled checks. These statements often contain details regarding other financial institutions where they held accounts or made payments. Look for checks or direct debits made to investment firms, mortgage companies, or loan providers, as this can provide clues to other accounts that may have been held. 5. Check Their Computer and Email Accounts: In today's digital world, it is common for people to manage their finances online. Review the deceased person's computer and email accounts to find any evidence of online banking, investment accounts, or other financial services. Look for saved usernames, passwords, or account information that could help you access and assess their digital financial trail. 6. Consult the Credit Report: Request a copy of the deceased person's credit report from a reliable credit bureau. The report will typically list all the accounts the person held, including credit cards, loans, mortgages, and other financial obligations. This comprehensive record will give you a clearer picture of their financial profile. 7. Reach Out to Financial Institutions: Armed with the information gathered, start contacting the financial institutions associated with the deceased person. Notify them of the individual's passing and provide any required documents, such as a death certificate or proof of executorship. The institutions can then guide you through their respective processes to access or close the accounts. 8. Consider Seeking Professional Help: If you encounter difficulties in identifying the accounts or dealing with the financial institutions, it might be beneficial to consult a probate attorney or estate professional with expertise in this area. They can provide guidance, ensure compliance with legal requirements, and help navigate the complexities of settling the decedent's financial affairs. While finding out what accounts a deceased person owned can be a challenging and time-consuming process, careful organization, proper documentation, and seeking expert advice when needed can greatly facilitate the task. Remember to handle each step with sensitivity and ensure you comply with legal and financial regulations throughout the process. https://inflationprotection.org/discovering-the-accounts-owned-by-a-deceased-individual-a-comprehensive-guide/?feed_id=135787&_unique_id=6501f22ee0268 #Inflation #Retirement #GoldIRA #Wealth #Investing #BatonRougeestateattorney #BatonRougeestateplanningattorney #BatonRougeprobateattorney #BatonRougeSuccessionattorney #Executorlocatingassets #Howmuchdoessuccessioncost #LettersofIndependentExecutorship #Locateassetsaftersomeonedies #Louisianaprobatelawyer #LouisianaSuccessionattorney #MySuccessionattorney #Nocentralregistryofassetinformation #SpousalIRA #BatonRougeestateattorney #BatonRougeestateplanningattorney #BatonRougeprobateattorney #BatonRougeSuccessionattorney #Executorlocatingassets #Howmuchdoessuccessioncost #LettersofIndependentExecutorship #Locateassetsaftersomeonedies #Louisianaprobatelawyer #LouisianaSuccessionattorney #MySuccessionattorney #Nocentralregistryofassetinformation