Your loved one has passed. The funeral is over, and you are trying to navigate your grief while handling countless responsibilities. There are personal belongings to sort through, family members to notify, and legal matters to address. What many people don't anticipate is the challenge of locating all of the deceased person's financial accounts.
Without a list of accounts, the search can be laborious. A loved one may have checking accounts, savings accounts, retirement accounts, investment accounts, life insurance policies, credit cards, and online financial accounts spread across multiple institutions. Before any assets can be distributed, those accounts must first be identified.
Start With Physical Mail
Even in a digital world, physical mail remains one of the best sources of financial information.
Look for:
- Bank statements
- Investment account statements
- Credit card bills
- Insurance policy statements
- Retirement account statements
- Tax documents
Pay particular attention to envelopes from financial institutions. Even a single statement can reveal an account that may contain significant assets.
Review Email Accounts
If you have legal authority to access the deceased person's records, review their email account for financial correspondence.
Search for terms such as:
- Statement
- Account
- Brokerage
- Bank
- Credit Card
- Insurance
- Retirement
- 401(k)
- IRA
Many financial institutions now deliver statements electronically, making email a valuable source of information.
Examine Recent Tax Returns
Tax returns can provide a roadmap to financial accounts.
Look for:
- Form 1099-INT (interest income)
- Form 1099-DIV (dividend income)
- Form 1099-B (investment sales)
- Form 1099-R (retirement distributions)
- Form 5498 (IRA contributions)
Each of these forms identifies a financial institution that may hold assets.
Tax returns often reveal accounts that family members were completely unaware existed.
Review Bank Statements for Clues
Once you identify one bank account, review its transaction history.
Look for:
- Transfers to other financial institutions
- Automatic deposits
- Insurance premium payments
- Brokerage contributions
- Retirement account contributions
Financial accounts often leave a trail that can help uncover additional accounts.
Check for Employer Benefits
If the deceased was employed or recently retired, contact the employer's human resources department.
Potential assets may include:
- 401(k) plans
- Pension benefits
- Stock purchase plans
- Deferred compensation plans
- Group life insurance policies
These accounts are frequently overlooked during the initial search.
Obtain a Credit Report
A credit report can help identify open credit accounts and financial relationships.
While a credit report generally will not show checking or savings account balances, it may reveal:
- Credit cards
- Loans
- Mortgages
- Lines of credit
These accounts can provide additional clues about financial institutions the deceased used.
Search State Unclaimed Property Databases
Sometimes assets have already been forgotten.
Every state maintains an unclaimed property database where individuals can search for abandoned financial assets.
It is worth checking the states where the deceased lived, worked, or owned property.
Look for Safe Deposit Boxes
Some individuals store important financial records in safe deposit boxes.
The box may contain:
- Stock certificates
- Savings bonds
- Insurance policies
- Wills and estate planning documents
- Account records
Contact banks where the deceased maintained relationships to determine whether a safe deposit box exists.
The Best Time to Organize Is Before It's Needed
The reality is that finding financial accounts after someone dies is often a financial scavenger hunt. Families search through filing cabinets, email accounts, tax returns, and years of records trying to determine where assets are held.
The easier solution is for individuals to document where their accounts are located before a crisis occurs.
The Only Step was created to help families avoid the frustration of searching for financial institutions during an already difficult time. By securely recording where accounts are held, loved ones know where to begin when they need the information most.
No one can prevent death, but a little organization today can save family members countless hours of stress and uncertainty tomorrow.
Get started with The Only Step to record all your accounts in one location.
