Finding Assets FAQs
All real and personal property owned solely by the decedent at the time of death must be probated, whether the person died with a will (testate) or without one (intestate). Probate ensures the property is legally transferred to heirs or beneficiaries.
: If the will is not located in the deceased person’s property, it may be held by their solicitor, bank, a company specializing in will storage, or a probate registry department.
Probating an estate involves identifying and valuing a deceased person’s assets, then distributing them to rightful heirs. The probate court appoints an executor (if named in a will) or an administrator (if no will). This fiduciary may be an individual, a bank, or a trust company.
You’ll need legal authority: Death Certificate , Letters Testamentary (with a will) or Letters of Administration (no will), and any bank/insurer claim forms the institutions require.
Begin with the will , the decedent’s lawyer/CPA , estate-planning files , bank/broker statements , deeds , and prior tax returns .
They often reveal interest/dividends, property holdings, and other financial interests that point to accounts and assets.
Search the person’s records, then check with the NAIC life-insurance policy locator and scan bank statements for premium payments.
Contact former employers/financial institutions and search the PBGC and the National Registry of Unclaimed Retirement Benefits .
Look for online banking/investment logins , hardware or exchange wallets , and clues in email accounts or digital files .
Non-probate assets (e.g., pay-on-death accounts, TOD deeds, joint tenancy with right of survivorship, beneficiary-designated policies/retirement) pass by contract or title, not by the will—unless the estate is the named beneficiary.
They pay to the named beneficiaries after the carrier/plan receives required documents (claim form, death certificate). If the estate or no beneficiary is listed, proceeds may become probate assets and can be subject to creditors and tax rules.
The executor should secure property, investigate, and report losses. They may seek court orders, involve law enforcement, and pursue recovery or surcharge anyone who wrongfully took estate assets.
The executor files an inventory listing all assets owned by the decedent at death and their values. Real property and unique items may require professional appraisals.
Assets that must go through probate include property owned solely in the decedent’s name or as a tenant in common, along with assets naming the estate as beneficiary. Property held in joint tenancy with right of survivorship, assets in a living trust, beneficiary-designated accounts, and life estates generally bypass probate because they transfer or dissolve automatically upon death.
Before your consultation, prepare a list of assets and their locations, such as bank accounts, deeds, or pensions. Keep this list safe for your executor. Also determine whether joint assets are held as joint tenants or tenants in common, since ownership type affects inheritance.
To close probate, the personal representative must file an inventory of estate assets with appraised values, which becomes part of the public record. After assets are collected, debts paid, and the minimum waiting period has passed, the representative files a final accounting and petition for distribution. The distribution, including details of beneficiaries, is also recorded publicly.
Search the FDIC and NCUA unclaimed-funds tools and your state’s unclaimed property database.
Inventory and secure them: record type/value/location, obtain appraisals where needed, secure bank accounts, and protect homes/vehicles/valuables .
Yes. Once identified, assets are reported to the probate court in a formal inventory in Texas proceedings.
The site notes professional asset-discovery services are available if the search proves time-consuming or complex.
No— obtain Letters first; institutions typically won’t release records or funds without proof of authority. probateguide.net
Maintain a comprehensive inventory , copies of statements/appraisals , and a log of contacts and claims for court reporting and the final accounting.
The representative should secure property, change locks, inventory quickly, and pursue recovery (demand letters, police reports, turnover motions). Losses may be surcharged to those at fault.
Executors must file periodic accountings showing all income, expenses, and distributions. Beneficiaries may review and object before the court approves them.