Potential missing assets
A friend’s husband passed away. She had limited knowledge concerning his finances. What is the best way to find out if she is missing any bank accounts, stocks, bonds, broker accounts, etc in his name that she may not be aware of?
Terry Says
This is such a sad situation. For many years I’ve offered my free Personal Financial ORganizer form you can download at TerrySavage.com, using this link:
https://www.terrysavage.com/pam-krueger-wealthramp/
I urge everyone to take the time to fill this out and leave it for your loved ones in case of your untimely passing or incapacity.
In this situation, she should start with the tax returns. If there is income reported, there is an account generating that income. Go back over several years of tax returns to see if stocks were sold and gains reported. If an RMD was taken, you’ll find the custodian of the account in the tax forms. Know that some assets don’t generate income that must be reported, though.
Check all deposits into the bank accounts to make sure you know about pension or other recurring income. Contact a previous employer to make sure retirement benefits weren’t coming to an unknown account.
Check payments made OUT of checking accounts to insurance companies. There may have been life insurance with annual or semi-annual payments. But she’d have to file a claim to get the benefits if the insurer was unaware of his passing.
Your friend will be going on the world’s most important treasure hunt — at her most vulnerable time. I wish her family had been more organized! This question has inspired me to write another column on the topic.
