Finding deceased person's assets

2,583 Views | 14 Replies | Last: 2 yr ago by MemphisAg1
PlanoAg98
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11:43p, 7/17/23
AG
My father passed away last year. He always handled the money/investments so my mom didn't have much insight into it. He was sick for many years so we thought we knew where all the investments were at. Toward the end, the could not communicate so we had to go on what he informed us of prior. Recently, we just found out he (we) had a Schwab investment account with almost $200K that hadn't been touched since 2017. The only way we found it was that my mom got a tax letter this year but it was very vague and didn't mention an account # or any type of money.

Is there a better way to identify if there are any other accounts of his out there?
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Sims
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8:23a, 7/18/23
AG
Tax filings, escheatable property websites, credit report, repetitive bank/cc transactions immediately come to mind
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Whoop Delecto
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8:39a, 7/18/23
AG
https://eapps.naic.org/life-policy-locator/#/welcome Life insurance policy locator
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htxag09
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8:44a, 7/18/23
AG
Never used them, but have noticed a decent amount of Beagle advertisements lately. They search via SSN, they may only search 401Ks, but probably worth looking into it.....
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Billy Baroo
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2:29p, 7/18/23
AG
I would try to get wage and income transcripts from the IRS for the past few years. The executor or immediate family member can get these with power of attorney (Form 2848). They'll likely ask for letters testementary and/or a death certificate to go with the 2848 when you call.

That will tell you everything that was reported under his SSN (I'd get one for your mom's SSN as well). If there are investment accounts that reported interest, dividends, etc. then they will be on a 1099. If retirement accounts, those will be on a 5498. Make sure to ask for them to be unmasked, so that you can see the full name of the payer and sometimes the account number if it was reported.
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one MEEN Ag
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In reply to PlanoAg98 • 3:00p, 7/18/23
AG
Have you tried reaching out to Schwab and seeing what they need to hand over his accounts?
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P.H. Dexippus
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3:13p, 7/18/23
AG
https://www.claimittexas.gov/
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aggiebrad94
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8:43a, 7/19/23
AG
Unfortunately, sometimes you just have to wait for account statements to trickle in (after researching tax returns). Especially if your dad was of that generation that liked to have small CD's in banks all around town.
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12thMan9
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In reply to PlanoAg98 • 2:26p, 7/19/23
AG
PlanoAg98 said:
My father passed away last year. He always handled the money/investments so my mom didn't have much insight into it. He was sick for many years so we thought we knew where all the investments were at. Toward the end, the could not communicate so we had to go on what he informed us of prior. Recently, we just found out he (we) had a Schwab investment account with almost $200K that hadn't been touched since 2017. The only way we found it was that my mom got a tax letter this year but it was very vague and didn't mention an account # or any type of money.

Is there a better way to identify if there are any other accounts of his out there?
Find his past tax returns. If you or your mom have ownership of his estate you can also try the IRS as was mentioned by someone else. But his tax returns may provide a wealth of info.
Ronnie '88
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BDJ_AG
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In reply to aggiebrad94 • 4:14p, 7/19/23
AG
I have a feeling this is going to be a lot more difficult in the future as more/most people get electronic statements. My Dad got old school mail and it helped a lot in finding his accounts.
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htxag09
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In reply to BDJ_AG • 4:19p, 7/19/23
AG
BDJ_AG said:
I have a feeling this is going to be a lot more difficult in the future as more/most people get electronic statements. My Dad got old school mail and it helped a lot in finding his accounts.
Yes and no....When my mom passed I had access to her email, all accounts, etc. It was a pain going through hers because she didn't trust the internet lol. Wouldn't set up any bill pays, etc., mailed checks for everything possible. It was a lot harder going through her bank accounts and looking up every check (or going through her balanced checkbooks) vs. just being able to just search transactions by companies.....

It's still just a matter of how good you keep records and how organized you are. Instead of saving hard copies from the mail, I save all emails in specific folders. You can throw away all your mail just as easily as deleting all emails.....
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cgh1999
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6:36a, 7/20/23
AG
This is why one of the most important things we can do for our loved ones is to have an "I Love You" letter that is updated regularly. My wife doesn't know anything about our finances. She trusts me completely. (Sucker). But, if I die or become incapacitated, I've got a folder for her to hand to her dad or brother that lists every asset we have and contact info for those assets. It also lists bills that are on auto debit from what account. Etc.

I had my parents put together a similar document so that if something happened to my Dad, I could step in and take care of my mom without missing a beat.
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GeographyAg
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7:19a, 7/20/23
AG
Would a credit report give this kind of information? I know it would show credit cards and things, but would it also show bank and investment accounts?

My parents are still alive, but I've started taking over caring for their paperwork because its a mess. I'm thinking about getting a credit report to see if we're missing anything.
If I’m posting, it’s actually Mrs GeographyAg.
Mr. GeographyAg is a dedicated lurker.
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JMac03
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In reply to P.H. Dexippus • 11:23a, 7/20/23
AG
P.H. Dexippus said:
https://www.claimittexas.gov/
THANK YOU!! I have over $900 there ($825 from Sonic stock). Hoping I can get that paid out!
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MemphisAg1
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10:25p, 7/20/23
AG
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