An elderly mother passes away in her Queens apartment. Her son, named as the executor in her will, knows she had a pension and owned her co-op, but beyond that, he has no idea where to begin. He finds a stack of mail, a few old checkbooks, and a key to a safe deposit box—but no information on its location. This is a situation my firm sees regularly. The grief of losing a parent is compounded by the responsibility of acting as a fiduciary, and the first task is often the most daunting: creating a complete inventory of the estate.
The role of an executor or administrator is one of stewardship. You are entrusted with gathering, protecting, and distributing someone’s life’s work. You cannot protect what you cannot find. While formal legal proceedings can uncover hidden assets, the initial search begins at the kitchen table. These first steps cost nothing but time and diligence.
The Paper Trail: Your First Investigation
The most crucial work begins before any court action: a thorough search of the decedent’s personal records. People leave a financial footprint in their own homes, and this is where you start. The goal is to piece together a financial picture from the documents they left behind.
I advise clients to look for several key items:
- Tax Returns: The last three to five years of federal and state income tax returns are invaluable. They list sources of income, which can point to employers, pensions, and brokerage accounts that generate 1099 forms for interest and dividends.
- Bank and Brokerage Statements: Gather any statements you can find, even if they are several years old. Look for regular deposits, automatic withdrawals, and transfers between accounts. A transfer to an unknown institution could be a clue to an account you did not know existed.
- Property Records: Search for deeds, co-op stock certificates, and property tax bills. These documents confirm ownership of real estate. For a property in Manhattan, the New York City Department of Finance’s ACRIS system can be searched online for deeds and mortgages.
- Insurance Policies: Life insurance is a non-probate asset that often gets overlooked. Search for policy documents, premium payment receipts, or correspondence from insurance companies.
- Incoming Mail: For several months following a person’s death, continue to monitor their mail. Bills, bank statements, and even junk mail from financial institutions can provide critical leads.
This initial phase is detective work. It requires patience, but it is the most effective and cost-free method for building a preliminary list of assets.
Public Resources and Unclaimed Funds
Once you have exhausted the personal papers, check public resources. Many are free to access.
The most important resource in New York is the Office of the State Comptroller. It maintains a database of unclaimed funds from dormant bank accounts, uncashed checks, insurance payouts, and utility deposits. It is not uncommon for people, especially the elderly, to forget about an old account. A simple search on the Comptroller’s website can uncover thousands of dollars belonging to the estate.
You can also check for real estate deeds through the county clerk’s office where the decedent lived or may have owned property. Many counties have digitized these records and made them searchable online. Similarly, if you suspect the decedent was involved in a lawsuit, court records may reveal judgments or settlements owed to them.
When the Trail Goes Cold: The Role of the Surrogate’s Court
Sometimes, the paper trail and public searches are not enough. If you believe assets exist but are being concealed—or an institution is refusing to provide information—you may need the authority of the court.
Once the will is admitted to probate and the Surrogate’s Court issues Letters Testamentary, the executor has the legal power to act for the estate. You can present these letters to banks, brokerages, and other financial institutions to demand access to the decedent’s account information.
When you must investigate further, New York law provides a specific tool. Under Surrogate’s Court Procedure Act (SCPA) § 2103, a fiduciary can commence a discovery proceeding. This is a formal legal action to compel a person or institution believed to be holding estate assets to appear in court and provide information. This is no longer a free search—it involves court fees and legal counsel—but it is a powerful mechanism when other avenues have failed. It transforms a private investigation into a court-ordered inquiry.
Locating assets is foundational to estate administration. It requires a methodical approach, starting with the simple and moving to the complex. Acting as a fiduciary is a profound responsibility, and a diligent search is the first step in honoring that duty.
Before you take any formal action, organize the documents you have located. Compile every statement, deed, and tax return into a single file. Our firm can then conduct a preliminary document review to help you understand what you have and identify what might still be missing.
