How an Executor Can Find Hidden Assets
While we would like to think that everyone has created a will and has done some sort of estate planning in Georgia, unfortunately this is not always the case. Sometimes people put the thought of death out of their minds and push off estate planning and writing their wills until it’s too late. Other times people write their wills, but haven’t spent time coming up with a list of all their assets or where an executor will be able to find their assets. For times like these, you need to know how to locate your loved one’s assets upon their untimely death.
Assets May Be Hiding
The first place to check is your loved one’s residence. People often have file folders and paperwork that shows their bank accounts, savings accounts, 401(k), stocks, bonds, and even life insurance policies. Additionally, it is wise while you are looking through these documents that you take note of any debts, such as credit card bills, mortgage statements, and car payments.
Sometimes people like to hide their valuables in different places. For this reason, we have created a list of places you can search, including:
• Home office
• File cabinet
• Fireproof safe
• Under the bed
• Dresser drawers
• Attic and/or basement
Additionally, your loved one may have stashed valuables in a safe-deposit box. It is important to be methodical in your searches because you may not know about certain assets.
Executors sometimes need the help of a skilled estate attorney to help them deal with the estate’s assets.