As a Tampa probate lawyer, I often hear this concern from clients: “What if I can’t locate all of my loved one’s assets?” It’s a common issue in today’s digital age, where assets can be spread across various accounts and platforms. Here’s what you need to know and do if you find yourself in this situation.
Hidden Assets: More Common Than You Think
In our modern world, people often have assets that aren’t immediately apparent to their family members, including:
• Online bank accounts
• Cryptocurrency holdings
• Investments in obscure stocks or startups
• Safety deposit boxes
• Life insurance policies
• Forgotten retirement accounts
Strategies for Uncovering Hidden Assets
If you are struggling to uncover all of your loved one’s assets, consider taking the following steps:
1. Thorough Document Review: Examine all available financial documents, including bank statements, tax returns, and investment reports.
2. Check the Mail: Monitor your loved one’s mail for at least a year to catch statements from unknown accounts.
3. Use Online Tools: Search for unclaimed property through websites like the National Association of Unclaimed Property Administrators (NAUPA).
4. Contact Financial Institutions: Reach out to known banks and investment firms for information about other possible accounts.
5. Consult with Professionals: Your loved one’s accountant, financial advisor, or attorney may have valuable information.
6. Perform a Credit Check: A credit report can reveal open accounts and debts.
7. Search Property Records: Check county records for any real estate holdings.
Legal Implications and Executor Responsibilities
If assets are discovered after the estate is closed, you may need to reopen the probate case. As the executor, you have a fiduciary duty to make a diligent effort to locate all assets. Keep detailed records of your search efforts to protect yourself from potential claims of negligence.
When to Seek Professional Help
If you’re feeling overwhelmed by the asset discovery process, it may be time to consult with a probate lawyer. At the Law Offices of Laurie E. Ohall, we have extensive experience in handling complex probate cases, including those involving hidden or hard-to-locate assets.
Don’t let the stress of undiscovered assets add to your grief. Call us at (813) 438-8503 to schedule a consultation. Our team can provide the guidance and support you need to ensure all of your loved one’s assets are properly accounted for and distributed.
Remember, while locating hidden assets can be challenging, it’s an important step in honoring your loved one’s legacy and ensuring their final wishes are carried out accurately and completely.