The role of an executor in finding the deceased assets
Most people will have kept paperwork when they die which makes it relatively easy for the executor to locate the deceased person`s assets.
When dealing as an executor of an estate you have a legal obligation to locate and collect all the assets of the deceased and distribute them after payment of debts, funeral costs and any Inheritance Tax in accordance with the Will.
In most cases as stated this will be relatively straight forward and there will be plenty of documentary evidence left by the deceased, such as bank, building society statements etc to help assist the executor.
The executor will usually contact the financial institution concerned and provide evidence such as a copy of the death certificate or a copy of the Will in order to receive the current date of death valuations for the Estate.
What if there is no paperwork?
However, sometimes the deceased may have been elderly, forgetful or just poorly organised in relation to their financial records or even secretive about their finances.
In these situations, with little to financial evidence to go on the Executor is left in a difficult situation trying to trace all the assets held by the deceased.
As an executor you will need to locate all the assets held by the deceased together with all their liabilities such as debts owed by them prior to being able to complete an application for a grant of probate and to be able to complete any necessary Inheritance Tax forms.
How does an executor find the deceased’s assets?
Should an executor find themselves in this difficult position the executor should:
Search the deceased’s home
Carry out a complete search of the deceased’s home to see if any paperwork could be located and if this proves unsuccessful it is possible to pay for a professional search to locate the deceased`s assets.
My Lost Account
The My Lost Account Service is available to search for lost Bank, Building Society, NS&I and shares.
Government Pension Tracing
The Gov.uk Pension Tracing Service is also able to trace any lost pension.
Any paperwork at all could be useful
Any paperwork or even old pass books may assist in locating any lost funds.
If you need help, reach out to us
Remember, it could take anything up to 3 months to complete these kinds of searches. We are here to professionally assist you with any probate issues and make the process as stress free as possible. Don’t hesitate to contact us for any help and advice you may need in locating someone’s assets.