While executors can use a decedent’s will as a helpful starting point for locating their assets, it’s far from foolproof. Wills may be incomplete, omit certain assets entirely, or mention assets without specifying their location. In some instances, there may be no will at all.
When someone dies with a valid will (i.e., they die testate), an executor is typically appointed to manage their estate. Executors may have an easier time locating assets than administrators, who typically manage the estates of people who die without a will (i.e., people who die intestate), as they may have little to no documentation to guide them.
Whether a person dies with or without a will, locating their assets is a critical early step in the administration of an estate. Everything that follows — including paying debts and distributing assets to beneficiaries or heirs — depends on it. If no assets are identified, nothing can be distributed.
Executors and administrators (called personal representatives) must adhere to legal procedures and conduct diligent searches. If certain assets cannot be found, they are not permitted to simply give up. They may need to enlist outside help or employ creative strategies to ensure no asset is left unaccounted for.
In this guide, Keystone offers useful tips for tracking down a decedent’s assets and outlines essential steps personal representatives must take before and after locating them.
What Must Executors Do Prior to Locating Assets of Deceased Persons?
Although it’s crucial for executors and administrators to begin locating a deceased person’s assets as soon as possible to ensure the assets remain protected and traceable, they cannot begin their search until they’ve completed the preliminary steps outlined in this section.
1. Secure a Certified Copy of the Death Certificate
The executor named in the will — or the person seeking appointment as administrator — should secure multiple certified copies soon after the decedent’s passing.
These documents are not only helpful to initiate the probate process, but they are also typically required throughout the administration — particularly during the asset search phase. Financial institutions, government agencies, and other entities may not release information or assets without one.
By securing several copies in advance, you can avoid unnecessary delays and help ensure the administration proceeds smoothly and without interruption.
2. File a Probate Petition
If you’ve been nominated as the executor in a decedent’s will, it is typically your responsibility to file the petition for probate — which initiates the probate process and lodges the will with the court.
If the decedent died intestate, their closest living heir according to the order of priority set by California Probate Code section 8461 — typically their surviving spouse or an adult child — is usually the one who files the probate petition.
Once the petition is filed, the court will schedule an initial probate hearing. At this point, the personal representative must serve notice to all interested parties, informing them that the estate administration process is underway.
3. Obtain Authorization
Assuming there are no objections and the petition has been properly filed and served, the court will formally appoint either an executor or an administrator at the hearing on the petition. Until that appointment is made, you are merely a nominee and do not yet have the legal authority to act on behalf of the decedent’s estate.
It’s important to note that the court is not obligated to appoint you — especially if it finds you unfit to serve. However, if you are appointed, the court will issue Letters Testamentary (if you are an executor) or Letters of Administration (if you are an administrator).
These documents authorize personal representatives to act on behalf of an estate, including to locate, access, and claim the decedent’s assets. Without them, even close family members or well-intentioned individuals have no legal right to control the assets of the deceased.
How to Find the Assets of a Deceased Person: 9 Useful Tips
While some people take special care to document their assets as well as how to find them, this is far from the norm. With the growing popularity of DIY estate planning (which often results in incomplete or unclear documentation), the significant number of people who fail to plan at all (67% of Americans die intestate per CNBC) and the increased ubiquity of digital assets like cryptocurrency and NFTs, the asset search phase of probate has arguably become more challenging than ever.
Fortunately, probate attorneys are well-versed in addressing the shortcomings of inadequate or nonexistent estate plans. They can provide invaluable guidance to personal representatives tasked with locating a deceased person’s assets.
1. Check the Will
Although a will may only provide clues about a decedent’s assets rather than concrete information, it is the ideal place to begin your search.
A will may contain information about the decedent’s personal property, real estate holdings, financial accounts, businesses, and investments — as well as how to locate these assets.
Keep in mind that even an incomplete, invalid, or ambiguous will can help you determine what assets you’re searching for and their locations.
2. Consult the Decedent’s Estate Planning Attorney or Financial Adviser
If the decedent left behind an estate plan, it’s likely they worked with an estate planning attorney or financial adviser to create it. These professionals can be valuable resources for the personal representative, potentially offering key information to help locate the decedent’s assets.
Estate planning attorneys and financial advisers may have direct knowledge of asset locations, account details, and passwords — or, at the very least, be able to provide important clues that point you in the right direction.
3. Review Old Tax Returns
While old tax returns may not provide a complete picture of a decedent’s assets, they can offer valuable insights. For example, they may reveal income streams from businesses, partnership distributions, real estate holdings, and interest income — all of which can help paint a clearer financial portrait of the decedent.
Ideally, these documents will be among the decedent’s personal financial records. If not, the personal representative can usually request copies directly from the IRS, though keep in mind that your request may take time to process.
Be sure to examine Schedules B, D, and E within the returns, as these attachments often list assets and income-producing properties.
4. Examine Financial Statements
If the decedent held credit cards, bank accounts, or brokerage accounts, they likely received regular financial statements by mail or email from the institutions managing these assets. These statements can serve as a useful roadmap, helping to identify purchased assets, active or dormant accounts, and even safe deposit boxes.
Keep in mind that some financial accounts — such as certain bank or brokerage accounts — may have beneficiary designations. In such cases, the named beneficiaries can claim the assets once the account owner dies without them passing through probate first.
As the personal representative, you are only responsible for collecting these assets if no beneficiary has been designated or if the designation has been successfully invalidated.
5. Look for Legal Documents
Legal documents can be an important source of information when identifying a decedent’s personal and real property — especially if these assets are not disclosed elsewhere.
Valuable assets such as real estate, vehicles, or artwork often have corresponding legal documents or contracts, which can offer helpful insight into what the decedent owned.
Titles, deeds, vehicle registrations, and insurance policies are common examples. They may be stored in the decedent’s home office, safe, or filing cabinet.
6. Conduct a Public Records Search
Because ownership of certain types of assets must be registered with the county, searching public databases may provide some insight into what assets the decedent owned.
A public records search can reveal property deeds, liens, and business registrations.
7. Scour the Decedent’s Computer
In today’s digital age, a decedent’s computer can be a vital tool in conducting a successful asset search. It may contain important information about both digital assets (such as cryptocurrencies and NFTs) and traditional assets.
For example, bookmarked websites, emails, or entries in a password manager might reveal the existence of financial accounts or provide access credentials that would otherwise be difficult to uncover.
8. Speak to the Decedent’s Family and Friends
Don’t underestimate the value of word-of-mouth knowledge, as the decedent’s family members and close friends may be aware of assets that aren’t documented anywhere.
For instance, the decedent may have mentioned a valuable collector’s item or storage unit to a friend. These personal conversations can provide leads to help you locate hard-to-find assets.
9. Hire a Private Investigator
If you suspect assets are still missing despite exhausting all standard avenues, it may be time to consider hiring a private investigator to assist with your search for assets.
Private investigators are skilled at uncovering difficult-to-locate assets, such as offshore accounts, unclaimed funds, and hidden personal property. While typically a last resort, their expertise can be instrumental in conducting a thorough search.
Keep in mind that personal representatives are generally permitted to use estate funds to pay for professional services that benefit the estate. This means the cost of hiring a private investigator would usually not come out of your own pocket.
What Must Executors Do After Locating Assets of Deceased Persons?
Once an executor or administrator locates a deceased person’s assets, their primary responsibility shifts to managing those assets responsibly until they can be distributed to the estate beneficiaries named in the will or to the decedent’s rightful heirs under intestate succession laws.
In essence, once the assets have been gathered, your duty is to preserve their value. This might involve making necessary repairs or improvements, temporarily leasing property to generate income, or continuing to pay down a mortgage.
Beyond asset preservation, there are additional steps that must be taken, which are outlined in the following section.
1. Create an Inventory
Once the personal representative has identified all of a decedent’s probate assets, they must prepare a detailed inventory that includes each asset, a brief description of it, and its approximate value at the time of the decedent’s death.
Cash and cash-equivalent assets can usually be appraised directly by the personal representative; however, anything else — including personal property, real estate, or investments — must be appraised by a court-appointed probate referee, whose job it is to value those assets as of the decedent’s date of death.
This inventory serves as a critical roadmap of the estate. Creditors rely on it to assess whether the estate has sufficient funds to cover outstanding debts, while beneficiaries and heirs use it to understand what assets may be available for distribution. It also functions as a running record of the estate’s value as assets are added, sold, or transferred.
After the inventory is complete, it typically must be filed with the court and shared with beneficiaries and other interested parties.
2. Account for the Assets
Personal representatives are generally required to provide an annual accounting for each year the estate remains open. These accountings should detail all the assets that entered or exited the estate, transactions involving estate funds, liabilities incurred, and other relevant financial information.
Once prepared, the accounting must typically be filed with the court and served to interested parties, who have the right to review it and, if necessary, object to its contents if they believe the information is inaccurate, improper, or incomplete. Most personal representatives enlist the help of a probate attorney or accountant to prepare the accounting to ensure it’s legally compliant and complete.
While beneficiaries and heirs have the option to waive their right to receive a formal accounting — a move that can reduce time and costs — this does not eliminate your obligation to prepare and file a final accounting with the court and provide copies to interested parties before distributing assets. Assets generally cannot be distributed until the final accounting is approved.
3. Distribute Assets to the Beneficiaries or Heirs
Once the personal representative receives court approval to begin distributing assets — typically after their petition for final distribution has been granted and their final accounting approved — they can proceed with making estate distributions.
Executors distribute assets according to the terms outlined in the decedent’s will, while administrators follow California’s intestate succession laws, which are outlined in Probate Code sections 6400-6455.
It’s important to note that all creditor claims must be resolved before distributions can be made. As a result, there is always a possibility beneficiaries or heirs may not receive the full inheritances they were left — or any inheritance at all.
That said, a personal representative generally cannot reduce, withhold, or deny a beneficiary’s or heir’s rightful inheritance for any reason outside of creditor claims or court-approved adjustments.
FAQs: Locating Assets of Deceased Persons
If you still have questions surrounding asset searches for deceased persons, the frequently asked questions below may provide some insight. For personalized guidance or help locating assets, feel free to reach out to our firm.
Can I find the assets of a deceased person for free?
Yes, there are many ways to locate a deceased person’s assets at no cost — and many of them have been covered in this article.
For example, you can review the decedent’s will, examine their tax returns and financial records, or speak with their estate planning attorney, accountant, relatives, and close friends. Additionally, many public records and online databases are accessible for free.
However, if these methods are not yielding results and are causing delays in the administration of the estate, it may be necessary to turn to paid resources. Fortunately, as mentioned earlier, the cost of hiring professionals — such as probate attorneys and private investigators — can typically be covered by the estate.
How can I find hidden assets of the deceased?
To uncover a deceased person’s hidden assets, it may be necessary to broaden your search to include lesser-known sources, such as pension benefits, safe deposit boxes, retirement accounts, life insurance policies, and digital assets like online investment platforms or cryptocurrencies.
If the search becomes too time-consuming or complex, don’t hesitate to enlist the help of a probate attorney or private investigator. These professionals can take on the heavy lifting, allowing you to focus on your other administrative responsibilities.
What is the process for finding a deceased parent’s assets?
The process for finding a deceased parent’s assets is no different from the process for finding the assets of any deceased person — which we covered in this article.
It, however, is important to note that only executors and administrators who have been formally appointed can access a decedent’s assets — even if the decedent is your parent.
How do I find if a deceased person owned property?
One of the most effective ways to determine whether a decedent owned real property is by checking for property deeds at the county recorder’s office in the county where the decedent lived or may have owned property. Since most deeds are recorded with the court, these records can provide valuable insights into the decedent’s real estate holdings.
Fortunately, many counties offer searchable online databases, so an in-person visit may not be necessary. You can also review the decedent’s mail and financial records for clues, such as property tax bills, utility bills, or mortgage statements, all of which suggest real property ownership.
How do I find trust property?
To locate trust property, begin by reviewing the trust document, which should detail the assets that were transferred into the trust. Look for deeds, account statements, and titles that name the trust as the legal owner of the property.
It’s important to note that the responsibility of locating trust property typically falls on the successor trustee. In fulfilling this duty, trustees often can follow many of the same steps that executors use to locate a decedent’s assets.
Still have questions on how to find the assets of a deceased person?
Whether you’re an executor or administrator, locating assets can feel overwhelming — particularly when there’s no clear paper trail. At Keystone Law Group, our experienced probate attorneys can help you navigate each step of the estate administration process with efficiency and ease.
Let Keystone shoulder the legal burden for you. From filing probate petitions to tracking down hidden property, our probate attorneys are highly skilled at all things estate administration. We can help ensure no asset goes unaccounted for.
Call us today to discover how our team can support you in administering a decedent’s estate.
