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Finding assets an essential part of estate administration

| Mar 19, 2019 | Estate Administration |

Handling a deceased loved one’s final affairs means that an executor will need to put in a lot of time and work. Though some steps of estate administration may seem straightforward, like having to find the decedent’s assets, the actions are often not as easy as they seem. For example, some California residents may not know every account their loved ones had or where they kept their assets.

This scenario could be even more difficult if a loved one was particularly secretive. While staying tight-lipped may have helped protect assets while the person was alive, it may have made the situation more difficult for the executor. That does not mean that the representative is out of luck. For instance, an executor can work to find open accounts from which the decedent may have gained income, such as interest from a savings account, by reviewing the past years’ tax returns.

Of course, not every asset or account will be listed in those returns, and other helpful resources are available. If the decedent may have owned real estate, searching his or her name on the county assessor’s website could help locate any real estate in that person’s name. Still, the best resource individuals have for finding assets is their loved ones, so if these family members are still alive, it may prove beneficial to discuss concerns before the time to administer the estate arrives.

A great deal more goes into estate administration than finding assets. Though having a discussion with loved ones about their estate plans can help, that talk may not always take place, or executors may still feel stressed about settling the final affairs. Before individuals begin to panic, they may want to remember the California attorneys are available to help executors throughout this process.

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