How To Find Out The Accounts That A Deceased Person Owned
Finding out the accounts a deceased person owned can be crucial for managing their financial affairs, paying debts, distributing inheritance, and ensuring that no assets are lost. The process may seem daunting, but with the right steps and persistence, you can uncover the necessary information.
Here's a guide to help you navigate this process.
1. Search Personal Records and Documents
Start by examining any personal records the deceased person may have left behind. Look for bank statements, tax returns, insurance policies, retirement accounts, bills, and any other financial documents. This can give you clues about where they held accounts, what subscriptions they had, and what debts might be outstanding.
Common documents to check include:
Also, check any digital records, such as emails, which might contain account statements or payment confirmations.
2. Review the Will or Trust Documents
If the deceased had a will or trust, review it carefully. These legal documents often list important financial accounts and assets, as well as beneficiaries. If an executor or trustee was named, they have the legal authority to gather information about the deceased's accounts and manage their distribution.
3. Contact Financial Institutions
Once you have some leads from their documents, contact the financial institutions directly. Inform them that the account holder has passed away and request information on any accounts held in their name. You’ll likely need to provide a death certificate and proof that you are either the executor or have legal standing (such as a family member or heir) to request the information.
Banks and credit unions will not disclose account details to just anyone, so having the legal documents to prove your relationship to the deceased or your authority to act on their behalf is crucial.
4. Use a Credit Report
Requesting a copy of the deceased person’s credit report is another helpful strategy. A credit report will list any credit cards, loans, and possibly other accounts. You can request this through one of the major credit bureaus like Equifax, TransUnion, or Experian. Keep in mind that you’ll need to provide proof of death and that you are authorized to act on behalf of the estate.
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Steps to obtain a credit report:
5. Check Unclaimed Property Registries
If you suspect there are accounts that have gone unclaimed or unnoticed, it may be helpful to check state unclaimed property registries. In many jurisdictions, financial institutions are required to turn over dormant or unclaimed accounts to the state after a certain period of inactivity.
In the U.S., you can use the National Association of Unclaimed Property Administrators (NAUPA) website to search for unclaimed accounts or funds in any state where the deceased may have lived or held accounts.
6. Monitor Mail for Clues
After someone passes away, it's a good idea to monitor their mail for several months. Financial institutions, credit card companies, insurance companies, and other entities often send account statements, bills, and notifications. These can provide valuable information about accounts that were active at the time of death.
Even if most things are now handled electronically, some companies still send physical mail that could contain important account details.
7. Look Through Digital Accounts
Today, many people manage their finances online. If you have access to the deceased person’s digital devices (computer, phone, tablet), check their email accounts for notifications from banks, investment firms, credit card companies, or online payment services (such as PayPal). These emails may provide account numbers or confirm the existence of accounts.
In some cases, the deceased may have used financial management apps or software (such as Mint, QuickBooks, or YNAB), which can offer a comprehensive overview of their financial accounts and transactions.
8. Consult the Executor or Administrator
If you are not the executor of the estate, work closely with the person who is. The executor or estate administrator has the legal authority to gather information about the deceased’s financial accounts, settle debts, and distribute assets according to the will. They can contact financial institutions and request the necessary information on behalf of the estate.
9. Hire a Probate Attorney or Financial Advisor
If the estate is complex or if you're having difficulty locating all the accounts, consider hiring a probate attorney or a financial advisor who specializes in estate planning. These professionals have experience in tracking down accounts and ensuring that all the deceased's financial affairs are settled properly.
10. Social Media and Online Services
In some cases, deceased individuals may have payment or subscription services connected to their social media accounts or digital profiles. Services such as Amazon, Netflix, or even music and cloud storage platforms may have connected credit cards or bank accounts that need to be closed or transferred.
Conclusion
Discovering the accounts owned by a deceased person requires a mix of legal knowledge, detective work, and patience. By following these steps, you can track down most of their accounts, settle their affairs, and ensure that no assets are overlooked. Remember that the process may take time, but it is important to be thorough to protect both the estate and any beneficiaries.