How Personal Representatives Locate Assets

How Personal Representatives Locate Assets

When a loved one dies, you might be named as personal representative. It is the personal representative’s responsibility to locate their assets so they can be distributed according to the will.

Here is a quick guide to locating assets:

What kind of documents must be located?

Generally, the personal representative needs to look for a will. However, they may also need to find other assets, like life insurance, bank statements, electronic assets and security portfolios.

The personal representative will need to deposit the will with the clerk in the county the decedent was domiciled and file a certified copy of the decedent’s death certificate.

Locating assets

Next, you will need to identify the estate assets. Most people keep their important financial documents in their office, desk or filing cabinet. This is the first place any personal representative should look.

In many cases, the will might specify where specific property is stored. Remember that you are also looking for evidence of debts, because the decedent’s estate may need to pay off creditor claims.

Finally, if you have the authority to do so, you might find some information within their computer and email. Look for communications between banks, lenders, creditors and other financial institutions. As a last resort, consider contacting local government agencies to find records of land, government benefits and more.

Going through probate can be difficult. However, local attorneys can assist you throughout the probate administration. Call the trusted probate attorneys at Baumann Kangas Estate Law in Tampa, FL today.