After someone passes away, their estate needs to be settled. This includes paying debts and distributing property to heirs. The person responsible for managing this process is called an executor.
One of the most important steps an executor must take is locating all the assets the person owned. The process can be complex, especially if the estate wasn’t well-organized. Understanding this process can help avoid delays and family disagreements.
How To Locate Assets
How do executors of an estate locate assets? Some items are easy to find, like a house or car. Others, like digital accounts or investments, might take more effort. Executors must stay organized and patient. They often start by reviewing estate planning documents and talking with family members or financial professionals who knew the person well. From there, they dig through paperwork and records to find everything that belongs to the estate.
Estate Documents
The first place most executors look is the will or trust. These documents usually list major assets like homes, bank accounts, and retirement plans. They may also include business interests or valuable collections. Some people keep a separate document with a full inventory of assets, which can make the job much easier.
If the person had an attorney help with their estate planning, the executor should contact that attorney. Legal professionals often keep copies of wills, trust documents, and asset lists. These can offer a strong starting point for locating everything the person owned.
Financial Statements and Records
Bank and credit card statements can reveal a lot. They show account numbers, balances, and recent activity. Executors should look through monthly statements, canceled checks, and online banking records. These can uncover:
- Checking and savings accounts
- Credit union memberships
- Certificates of deposit (CDs)
- Online accounts like PayPal or Venmo
Investment accounts are another key source. These may include:
- Brokerage accounts
- Retirement plans like IRAs or 401(k)s
- Pensions
Some people also have life insurance policies, annuities, or other financial contracts. Premium notices or policy statements can help find them. Tax returns are another helpful tool. They list income sources and can show interest or dividends from hidden accounts. Executors should check several years of returns if they can.
Property Ownership
Real estate is one of the largest assets in many estates. Executors need to find all property deeds, mortgage documents, or home equity loan papers. They should also look for property tax bills, which usually include the parcel number and legal description.
For example, in Illinois, property records are kept at the county level. For Cicero, that’s Cook County. The Cook County Recorder of Deeds has online tools that let executors search by name or address. This can help locate other properties the person may have owned in Chicagoland.
Vehicles like cars, motorcycles, and boats are also part of the estate. The executor should check titles, registration paperwork, and insurance documents. Personal belongings — like jewelry, antiques, or collectibles — may be listed in a will or inventory list. These are important for both distribution and valuation.
Other Tools and Methods
Some assets are harder to track. Executors may need to do a little digging. Here are a few strategies they use:
- Mail monitoring: Forwarding the deceased’s mail can reveal accounts, memberships, or bills.
- Safe deposit boxes: These may contain deeds, stock certificates, or cash.
- Unclaimed property databases: States hold money that belongs to people but was never claimed. The Illinois Treasurer’s I-Cash program lets executors search for unclaimed funds.
- Digital accounts: Many people have online subscriptions, cryptocurrency, or digital wallets. Executors can check emails or use password managers to locate these.
Sometimes, the executor will hire professionals like appraisers or forensic accountants if assets are missing or the estate is complicated.
How an Attorney Can Help
The role of an executor is a big responsibility. It can be confusing, especially during a time of grief. An experienced attorney can provide valuable guidance. They help make sure nothing gets overlooked and that all steps follow Illinois law.
An attorney can explain probate rules and filing deadlines. They know how to gather records, interpret legal documents, and work with financial institutions. If family disputes arise, they can also act as a neutral party to help resolve them.
Many executors feel overwhelmed at first. Having a legal advisor on their side can bring clarity and peace of mind during a stressful process.
Reach Out to Koch & Associates
Finding all the pieces of someone’s estate is a big responsibility. Executors must review estate planning documents, look through financial records, track down real estate and vehicles, and search for hidden or forgotten assets. The process takes time, care, and often, help from professionals. For people in Cicero and the greater Chicago area, knowing what to look for and where to get help can make a big difference.
Get help from a disability attorney with no money up front. Call (708) 656-9900 or contact us online to schedule a free consultation.
