If a loved one named you as the executor for their estate, you have a significant responsibility ahead. One of your primary duties is to identify and protect the assets of the estate. In a perfect world, the deceased would leave a detailed spreadsheet of every bank account, insurance policy and investment. In reality, you may have to piece together the financial picture yourself.
While obvious assets such as the family home are easy to identify, others may require a bit of searching. Here are five reliable sources of information you can consult to build a complete estate inventory.
Past income tax returns
Tax returns act as a historical record of a person’s finances, and they can tell a story about your loved one’s assets. Look for reported interest income, which typically points to savings accounts or certificates of deposit (CDs). Reported dividends can also indicate the existence of individual stocks or brokerage accounts. Reviewing the last few years of federal and state returns can reveal assets you might not have known existed.
Physical mail
Even in the digital age, many financial institutions still send annual statements, renewal notices or dividend checks through the mail. It is often wise to monitor the deceased’s incoming mail for several months. Try to keep an eye out for life insurance premium notices or statements from banks you do not recognize.
Unclaimed property databases
When financial accounts remain inactive for a specific period, they may be turned over to the state as unclaimed property. The New Jersey Unclaimed Property Administration maintains a searchable database for these funds. This can be a useful resource for locating forgotten savings accounts, uncashed payroll checks or utility deposits that were remitted to the state for safekeeping.
Digital presence
Some assets may not generate a paper trail at all. Cryptocurrency, online-only savings accounts and PayPal balances might only exist digitally. Checking for banking apps on a smartphone or reviewing email notifications for transaction alerts can provide clues that an account exists.
Safe deposit boxes
In some cases, the only indicator that a safe deposit box exists is a small physical key found in a desk drawer or a home safe. These boxes often hold valuable physical items, such as jewelry, or original stock certificates that you may need to include in the inventory.
What to do after you find the assets
Locating these assets is only the first step. The next challenge is gaining the legal authority to manage them, especially for digital accounts or locked safe deposit boxes. If you are unsure how to proceed, an attorney can guide you through the process to ensure you secure the assets properly and in compliance with New Jersey law.