Discovering the assets of a deceased individual in New York involves employing various search methods. The common thread running through these methods is the necessity of being appointed as an executor or administrator to legally inquire about and receive the assets, if found. While conducting the search using the methods outlined below, it is crucial to simultaneously initiate the court appointment process. This ensures that you have the legal authority to claim the assets once they are located or to commence discovery and turnover proceedings if the assets are discovered in the possession of a third party. Most financial institutions will refuse to divulge confidential information unless you present court papers showing you have been appointed as personal representative of the deceased's estate.

Going Through Mail

Going through the deceased's mail can provide valuable information about their assets. Look for monthly, quarterly, and yearly statements from bank accounts, investment accounts, life insurance policies, IRAs, and other assets. Policy documents and shareholder meeting notifications can also offer insights into their financial holdings. 1099s are useful for locating sources of income, while bills can indicate debts and assets such as real estate, vehicles, and life insurance policies. Examining paperwork such as bank statements, investment account statements, stock certificates, and property deeds offer valuable insights into the deceased's financial holdings. Insurance policies, including life, health, auto, and homeowners insurance, should be located and reviewed for coverage amounts and beneficiary information. Retirement account statements from IRAs, 401(k)s, and pensions can reveal significant assets accumulated over the deceased's lifetime.

Looking Through Their Home or Office

Searching for estate planning documents such as a will, trust, power of attorney, and healthcare proxy can provide a wealth of information about the deceased's assets and final wishes. Wills often contain an inventory of assets, including real estate holdings, investment accounts, and personal property. Trust documents may reveal additional assets placed in trust for beneficiaries. Checking safe deposit boxes at banks or credit unions may uncover important documents such as original copies of the will, trust, property deeds, vehicle titles, and collectibles like rare coins or stamps. Any business ownership documents, partnership agreements, or corporate records should also be located and examined for potential business assets and interests.

Speaking to the Decedent's Neighbors, Lawyers, and Financial Advisors

Speaking with the decedent's neighbors, lawyers, and financial advisors can provide valuable information about their assets. Neighbors may have knowledge of personal belongings and assets, such as vehicles, collectibles, or valuable items that were kept at the deceased's residence. They might also be aware of any rental properties, vacation homes, or other real estate holdings the decedent owned. Estate planning attorneys who assisted the decedent in creating a will, trust, or other estate planning documents will have detailed information about the assets included in the estate plan. They can provide copies of the documents and offer guidance on the distribution of assets to beneficiaries. Financial advisors, including investment brokers, insurance agents, and accountants, possess data about the deceased's accounts, policies, and financial holdings, which can be essential in identifying and locating assets. Investment brokers can provide information on brokerage accounts, stocks, bonds, and mutual fund holdings. Insurance agents can assist in identifying life insurance policies, annuities, and other insurance-related assets. Accountants can offer valuable insights into the decedent's financial situation, including bank accounts, investments, and sources of income. Contacting these professionals and requesting information about the deceased's assets can help piece together a comprehensive picture of their financial holdings and guide the estate settlement process. It is important to remember that most professionals and institutions might refuse to reveal confidential information about the decedent's assets unless they are assured of your authority as personal representative of the deceased's estate.

Unclaimed Funds

The New York State Comptroller's Unclaimed Funds division website, https://www.osc.state.ny.us/unclaimed-funds allows you to search for unclaimed funds held by the state that belong to the deceased person. These funds can include old bank accounts, uncashed checks, insurance benefits, stocks, bonds, and other types of financial assets that have been dormant for a specified period.

To initiate a search, simply visit the website and enter the decedent's full name, including any variations or aliases they may have used. If there are any matches, the website will display the name, last known address, and the type of account associated with the unclaimed funds.

It is crucial to periodically check the website, ideally every 6 months, until all assets have been located. This is because funds may be reported to the state at different times by various financial institutions, employers, or other entities holding the assets. Keep in mind that the presence of funds on the website does not necessarily indicate that the person is deceased. Unclaimed funds can belong to living individuals who have lost track of their assets or moved without updating their contact information.

If you discover unclaimed funds belonging to the deceased, you will need to follow the state's claim process to retrieve them. This typically involves submitting a claim form along with documentation proving your relationship to the deceased and your legal authority to claim the assets on behalf of the estate.

Prior Tax Returns

Prior tax returns can provide a wealth of information when attempting to identify the deceased's assets. It is essential to review past 1099 forms, which report various types of income, such as 1099-INT for interest income, 1099-DIV for dividend income, and 1099-B for proceeds from broker and barter exchange transactions. These forms can help identify bank accounts, investment accounts, and other financial holdings that generate income.

K1 forms, also known as Schedule K-1, report the decedent's share of income, deductions, and credits from partnerships, S corporations, estates, and trusts. Examining K1 forms can reveal ownership interests in businesses or investments that may be significant assets of the estate.

Other important tax documents to look for include 1099-R forms, which report distributions from pensions, annuities, retirement plans, IRAs, and insurance contracts. These forms can help identify retirement accounts and insurance policies that are part of the deceased's assets.

If the decedent owned rental properties or received income from real estate investments, Schedule E (Form 1040) will provide details on the properties and the income generated. This information can be valuable in identifying and valuing real estate assets.

Contacting the decedent's tax preparer can be a helpful step in gathering information about the deceased's assets. Tax preparers often maintain copies of past returns and supporting documents, which can provide a comprehensive overview of the decedent's financial situation. They may also have insights into the deceased's investments, business interests, and other assets that may not be readily apparent from the tax returns alone.

If the decedent self-prepared their tax returns, you can request transcripts from the Internal Revenue Service (IRS) to obtain the necessary information. The IRS offers various types of transcripts, including tax return transcripts, which provide line-by-line information from the original tax return, and wage and income transcripts, which contain data from information returns such as 1099s and W-2s. These transcripts can be requested online, by mail, or by phone, and can be an invaluable resource in identifying the deceased's assets.

New York State Policy Searches

The New York State Department of Financial Services provides a valuable resource for those seeking to locate unclaimed life insurance policies and annuity contracts belonging to a deceased individual. By visiting their website at https://www.dfs.ny.gov/consumers/life_insurance/lost_policy_finder, you can access the "Lost Policy Finder" service, which is designed to assist in identifying these important assets.

To begin the search process, you will need to gather essential information about the deceased, including their full legal name, date of birth, and last known address. It may also be helpful to have their Social Security number and any previous addresses on hand, as this can help narrow down the search results.

Once you have collected the necessary information, navigate to the Lost Policy Finder page and fill out the online form. You will be asked to provide your contact information, as well as the details about the deceased individual. After submitting the form, the Department of Financial Services will contact life insurance companies and annuity contract providers licensed in New York State to search their records for any policies or contracts that match the information provided.

If a policy or contract is found, the insurance company or annuity provider will contact you directly to guide you through the process of claiming the assets. This may involve submitting a death certificate, proof of your relationship to the deceased, and other legal documents to establish your authority to claim the assets on behalf of the estate.

It is important to note that while this service can be immensely helpful in locating previously unknown life insurance policies and annuity contracts, it is not exhaustive. Policies and contracts issued by companies not licensed in New York State may not be included in the search results. Therefore, it is still essential to thoroughly review the decedent's records and contact any insurance agents or financial advisors they may have worked with to ensure all potential assets are identified.

If, after going through all the above means, you discover that the deceased's assets have been taken away from him either befor or after his death through unlawful or fraudulent means, you may be able to intiiate discovery and turnover proceedings to request a third party to provide information about the deceased's assets and/or turn it over to the estate, after confirming the third party's possession of such asset. Should you need assistance in the process of locating, collecting, and distributing assets on behalf of the deceased's estate, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 and speak with an attorney.