With the right information, it is possible to find the bank accounts belonging to the deceased. However, sometimes finding the right information can be difficult, especially if the deceased did not keep records or kept records that are extremely disorderly.
Identify Possible Bank Accounts in Existing Records
Hopefully, the deceased kept a copy of his or her tax returns, which contain bank account information. Tax returns are actually an excellent tool in locating various assets that any beneficiaries may not know about. If you cannot find a tax return in the deceased’s home or safe deposit box, you can ask for a copy from the IRS as long as you are either the executor of the state or a beneficiary.
To request a copy of a tax return you must fill out a copy of the IRS Form which can found online. You will need to include a copy of the death certificate along with a court-approved Testamentary Letter and any fee required. Bear in mind it can take up to eight weeks to get the copy or copies of past tax returns.
Research Local Institutions
Most people do their banking close to home so those banks are a good place to start your search. As the executor of the estate, you need take along identification, a certified copy of the death certificate and paperwork from the probate court stating you are legally appointed to act as the executor of the estate. You can then ask the bank to make a search for any possible assets held at that bank by the deceased. If the bank does hold assets of the deceased, ask what documentation the bank requires in order for you to gain access to those funds. As long as the account is listed solely in the deceased’s name, it is easy to transfer the money to the estate account opened by the executor.
Any accounts that name a beneficiary do not go through the probate process but instead go directly to the beneficiary. As the executor, you do not have access to such accounts.
It is possible that the bank will have records of old accounts that were previously closed. Getting the final statements of those accounts should help in determining if the account was transferred and where it was transferred.
Use the Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation, or FDIC, protects an individual’s money kept in banks with FDIC insurance. Any bank accounts held in FDIC-insured institutions are under federal protection.
This insurance protects account holders from any potential bank failure. It also keeps records of all institutions that have merged or failed in the past years, and the owners of any accounts affected. The FDIC website includes a tool to search for institutions and any unclaimed funds listed in the deceased’s name.
Online Searches
Several websites offer a service that lets you research for any lost or unclaimed money as well as any bank accounts or safe deposit box contents that have not been accessed for a lengthy period of time. This can be extremely useful if the deceased lived in multiple locations across the country.
Asset Recovery Services
Many private investigator firms provide asset recovery services. These firms will do all of the work of finding the bank accounts for you, for a fee of course. Deciding to pay for asset recovery services typically depends on the size of the estate. For small estates, most executors will do the research work themselves. However, if the estate is more complicated, with assets spread across several states, it may be prudent to hire professionals to do the work for you.
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