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Being named executor does not mean you know where every account or piece of property is. To locate estate assets, you’ll need to review financial records, contact institutions, and confirm how property was owned. You then prepare an inventory that documents the assets and their values, distinguishing probate property from assets that pass directly to beneficiaries.
A will may explain who inherits without telling you where to look. An old bank statement or an unfamiliar entry on a tax return can offer a starting point. Following those clues helps you build a fuller picture of the estate and protect property before anything is distributed.
Where Should an Executor Start Looking for Assets?
Start with your loved one’s financial paperwork. Recent tax returns can reveal investment income, retirement distributions, or rental property you did not know existed. Bank statements may show transfers to other accounts.
Useful records include:
- Bank and brokerage statements, including closed or inactive accounts.
- Deeds, mortgage statements, vehicle titles, and insurance policies.
- Retirement account records and beneficiary confirmations.
- Business agreements, loan documents, and records of money owed to your loved one.
Mail can provide additional clues, particularly annual statements or property tax bills. Ask family members and the deceased person’s accountant about possible assets, but verify what you learn through records.
You should also preserve electronic devices and digital records. Having a password does not necessarily authorize you to access an account. We can help you determine the proper process for requesting digital information.
What Authority Do You Need to Obtain Account Information?
Being named executor in a will does not automatically give you authority to collect assets or obtain confidential records. Financial institutions generally require proof of your court appointment, along with a certified death certificate.
In New York, an appointed executor receives letters testamentary. Florida uses the term “personal representative” and issues letters of administration.
Once appointed, you can request account ownership information and date-of-death balances. Keep a record of each request and response. If an institution identifies another account, follow that lead rather than assuming your initial search is complete.
Which Assets Belong in the Probate Estate?
Ownership and beneficiary designations determine whether an asset passes through probate. An account held solely in your loved one’s name without a valid beneficiary designation generally belongs to the probate estate.
Other assets may transfer separately. These can include life insurance payable to a named beneficiary, retirement accounts with designated beneficiaries, and property held in a funded trust. Joint ownership requires closer review because survivorship rights depend on the account or deed.
Even when property passes outside probate, you may need information about it for tax or other estate administration purposes. New York’s inventory form also requires disclosure of whether certain categories of nonprobate assets exist.
Florida protected homestead has separate rules. Property appearing to qualify must be identified on the inventory, even though its treatment differs from ordinary probate assets.
How Do You Document and Value Estate Assets?
Create a working list with each asset’s description, ownership information, location, and supporting records. Document the value as of the date of death where required, rather than using today’s balance or an expected sale price.
For financial accounts, request statements showing the relevant balance. Real estate, business interests, or valuable collectibles may require professional appraisals.
Photograph personal property before moving or distributing it. Keep debts and expenses in separate records so they do not obscure the asset list. You should also track income received and transactions made after death for the estate’s accounting.
When Must Executors File an Inventory?
The deadlines differ between New York and Florida:
- New York: The Inventory of Assets form generally must be filed within nine months after letters are issued, unless the court directs otherwise.
- Florida: In formal administration, the inventory generally must be filed within 60 days after letters are issued, unless an inventory was previously filed. The court may grant an extension for cause.
If you discover additional property, ask whether a supplemental or amended filing is needed. Keep searching when records suggest something remains unaccounted for.
Get Help Turning Financial Records Into a Reliable Inventory
You do not need to resolve every ownership question alone. At the Law Office of Angela Siegel, we help executors and personal representatives address estate administration responsibilities in New York and Florida. Contact us to review the assets you have identified, clarify filing requirements, and determine your next steps.