After Someone Dies

Chapter 11 — Finding and Recording the Assets

The personal representatives cannot value or distribute an estate until they have made a reasonable search for what the deceased owned.

Some estates are straightforward. Others are spread across old bank accounts, several pensions, online investments, forgotten shareholdings, business interests and property abroad. Paperless accounts can be particularly easy to miss.

The aim is not to find a single document that reveals everything. It is to build the picture from several sources, confirm each asset directly with the organisation concerned and record the evidence in one master schedule.

Start with a controlled search

Search the home methodically rather than emptying drawers and cupboards at random.

Begin with the places where financial and legal papers are most likely to be kept: a desk, filing cabinet, safe, document box, briefcase, bedside drawer or home office. Then work through each room, storage area and outbuilding in an agreed order.

Keep papers together until they have been reviewed. An old statement may identify an account that is still open, a closed account that leads to another provider, or an adviser who knows more about the deceased's affairs.

Do not throw away envelopes, notebooks or apparently outdated correspondence too quickly. They may contain account references, contact details or evidence of ownership.

Photograph where important documents were found and record who has taken custody of them.

What to look for

Useful documents and clues include:

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One document may refer to several assets. Review it fully before filing it.

Use a master asset schedule from the beginning

Create the schedule as soon as the first possible asset is identified. Do not wait until the search feels complete.

For each asset, record:

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Mark unconfirmed items as possible assets. Do not enter an estimated figure as if it were a confirmed balance.

Separate evidence from assumption

A bank card proves that an account probably existed, not that it remained open or contained money at death.

A share certificate may have been replaced, transferred or made worthless. A pension letter may relate to benefits already taken. A set of property keys does not prove ownership.

Record the clue, then obtain confirmation from the institution, registry, employer or adviser. Where ownership is contested, note the competing position without choosing a side until the evidence has been reviewed.

Review bank statements properly

Bank statements are among the most useful records because they reveal both assets and liabilities.

Review at least enough history to identify regular and occasional transactions. Depending on the estate, this may require several years rather than a few months.

Look for:

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Do not treat every payment as proof of an asset. Use it as a lead to investigate.

Unusual transactions before death may also be relevant to lifetime gifts, care costs, possible financial abuse or a claim that an account was held for somebody else. Preserve the records and take advice before making accusations.

Contact banks and building societies

Notify each institution through its bereavement team. Ask what evidence of authority it requires and request written confirmation of every account and the balance, interest and ownership at the date of death.

An organisation may release a small balance without a grant under its own procedure. That does not mean the money is outside the estate or can be distributed immediately.

Ask whether the deceased held:

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For joint accounts, obtain the date-of-death balance and the account-opening or contribution information where ownership may be an issue. The surviving account holder's continued access does not settle every beneficial-ownership question.

Check National Savings and Investments

Search for Premium Bonds, Income Bonds, Direct Saver accounts, savings certificates and other National Savings and Investments products.

Old certificates, holder's numbers, prize correspondence and bank transactions can provide clues. Contact National Savings and Investments through its bereavement process and ask it to search using the deceased's full details and previous addresses.

Premium Bonds do not become worthless at death. The organisation will explain how long bonds can remain in prize draws, how prizes are handled and what authority is needed to cash them. Follow the current procedure rather than relying on old guidance.

Find investments and shares

Investments may be held directly, through a stockbroker, on an online platform, inside an ISA or through a managed portfolio.

Look for:

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Contact the company registrar, broker or platform and request the holding and date-of-death value. Check for corporate actions, takeovers, reorganisations and unclaimed dividends.

Do not value a paper certificate by multiplying the printed number by today's share price without confirming that the holding still exists in that form.

Record income and gains arising after death separately from the date-of-death value. The estate's later tax position may depend on that distinction.

Trace pensions and employment benefits

Contact every known present and former employer, pension scheme and personal-pension provider.

Payslips, P60s, bank credits, union records and employment history can reveal schemes that the family did not know about. The government's Pension Tracing Service can provide contact details for a workplace or personal pension scheme, but it does not confirm whether the deceased had a pension or state what it is worth.

Ask each scheme to confirm:

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Also contact the last employer about salary, holiday pay, bonuses, expenses, death-in-service cover, employee shares and workplace savings schemes.

State Pension and benefits are not assets to be collected in the same way as a bank account, but overpayments or arrears may need to be settled. Use the appropriate government bereavement process.

Life assurance and other insurance benefits

Review bank statements for premiums and search for policy schedules, annual statements and correspondence from insurers or brokers.

The deceased may have had:

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Ask the insurer to confirm the policy status, beneficiary or trustees, amount payable and whether the proceeds fall into the estate.

Do not assume that a direct debit labelled as insurance identifies the type of cover. It may relate to a household, motor, health or protection policy with no death benefit.

Property and land

Search for title documents, mortgage statements, leases, rental records, service-charge demands and correspondence from managing agents.

Obtain official Land Registry copies for known property in England and Wales. Check the registered owners, restrictions, charges and title plan. Registration in the deceased's name confirms legal title but may not establish the whole beneficial position.

Consider whether the deceased may have owned:

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For unregistered land, deeds and professional advice may be essential. If property abroad is suspected, search passports, tax papers, utility bills, travel records and foreign bank transactions, then obtain local advice.

Businesses and company interests

Establish whether the deceased was a sole trader, partner, company director, shareholder or person with an informal interest in a family business.

Search Companies House, but do not treat the public register as a complete statement of beneficial ownership or value. A director does not necessarily own shares, and a shareholder does not personally own the company's equipment or bank balance.

Obtain accounts, shareholder records, partnership agreements, tax returns, loan documents, contracts and details of business advisers.

Identify assets that may be easy to overlook, including work in progress, unpaid invoices, deposits, intellectual property, websites, domain names, stock, tools and customer funds held separately.

A business can lose value quickly. Contact an accountant and solicitor promptly where trading, employees, premises or regulated activities are involved.

Money owed to the deceased

Search for loan agreements, repayment entries, messages, notebooks and references in the will or tax returns.

Record:

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Approach the borrower neutrally and ask for their records. A family member's statement that money was a gift or has already been repaid should be tested against the available evidence.

Other sums due may include rent, salary, refunds, dividends, tax repayments, compensation and unpaid proceeds from a sale.

Personal possessions as assets

The contents of the home form part of the asset search. Do not limit the inventory to items that look valuable.

Record room by room before sorting begins. Separate items that may need individual valuation, including jewellery, watches, art, antiques, collections, vehicles, designer goods, precious metals and specialist equipment.

Check lofts, garages, sheds, storage units, safe-deposit boxes and items held by relatives. Ask family members to identify anything borrowed from or belonging to the deceased, without treating every recollection as conclusive.

The detailed valuation method is covered in Chapter Thirteen.

Digital assets

Paperless finances may leave few clues beyond a device, email address or bank transaction.

Possible digital assets include:

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Preserve devices, recovery information and two-factor-authentication hardware. Do not guess passwords, impersonate the deceased or bypass security.

Review accessible records lawfully and use each provider's bereavement process. Cryptocurrency requires particular care: a wallet address may reveal value, but access credentials can give irreversible control. Obtain specialist help where the sums may be significant.

Search email and online records lawfully

If the personal representatives have lawful access to an email account or device, search for names and terms connected with banks, investments, pensions, insurance, invoices, tax, property and subscriptions.

Do not assume that possession of a device or knowledge of a password gives unrestricted legal permission. Accounts may also contain confidential information belonging to clients, employers or other family members.

Where access is unavailable, contact providers directly using clues from bank statements, paper records and browser notifications. Do not employ somebody to defeat security controls.

Previous names and addresses

Asset searches often fail because the provider holds old details.

Compile a list of:

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Supply only the information reasonably required and use secure channels. Keep a record of what was provided to each organisation.

Use tracing services carefully

Several official and industry services can help locate lost accounts, pensions, investments or unclaimed assets. They differ in scope and do not replace direct investigation.

Before using a service, check:

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Be cautious of unsolicited firms claiming that they have found an inheritance or asset. Do not pay an upfront fee or provide identity documents until the organisation and claim have been independently verified.

Professional advisers and third parties

Contact the deceased's solicitor, accountant, financial adviser, bookkeeper, stockbroker and insurance broker where relevant.

Ask what records, client money, original documents or ongoing matters they hold. A solicitor may know of property transactions, trusts, loans or a safe-custody facility. An accountant may identify income sources, business assets and investments from earlier tax returns.

Professional confidentiality does not simply disappear, but an adviser can explain what evidence of authority is needed before information is released.

Also consider employers, landlords, managing agents, care providers and trusted relatives who may hold documents or property belonging to the deceased.

Record negative replies

A written confirmation that no account exists is useful evidence. Keep it.

Update the asset schedule with the date, organisation, search details and outcome. This prevents duplicated work and shows that a reasonable enquiry was made.

If an institution cannot find the deceased, check the identifying information before closing the enquiry. A name variation, merger or previous address may explain the failure.

Obtain date-of-death figures

The balance today may not be the figure required for probate and tax.

Ask providers for the value at the date of death, including accrued interest where relevant. For investments, request the holding and valuation information needed to establish the open-market value. For jointly held assets, obtain the whole balance and evidence relevant to the deceased's share.

Record later interest, dividends, rent, gains and charges separately. Those movements belong in the administration accounts and may have separate tax consequences.

Chapter Thirteen explains contents valuation, Chapter Fourteen covers property valuation and Chapter Fifteen deals with Inheritance Tax.

Reconcile what is found

Check the asset schedule against the deceased's income and lifestyle.

If tax returns show investment income but no investment has been found, investigate. If bank statements show rent but no property or tenancy record appears, investigate. If the will refers to a business, collection or foreign home that nobody can locate, record the discrepancy.

Reconcile sale proceeds and transfers so that the same asset is not counted twice. An investment sold shortly before death may now appear as cash in a bank account.

Continue updating the schedule throughout the administration. Refunds, dormant accounts and later correspondence may reveal assets after the grant has been issued.

Asset-search checklist

1. Search the home systematically and preserve documents before clearance.

2. Create one master asset schedule and record possible assets as unconfirmed.

3. Review bank statements for transfers, income, premiums and account clues.

4. Contact every identified bank and building society through its bereavement team.

5. Check National Savings and Investments products and Premium Bonds.

6. Confirm shares, investments and unclaimed income with the relevant provider or registrar.

7. Contact present and former employers, pension schemes and insurers.

8. Search property records, leases, mortgages and evidence of foreign ownership.

9. Investigate businesses, partnerships and company shareholdings promptly.

10. Record money owed to the deceased and ask borrowers for evidence.

11. Inventory personal possessions, storage areas and items held elsewhere.

12. Preserve digital devices and investigate online assets lawfully.

13. Search using previous names, addresses and employers.

14. Use tracing services cautiously and check fees before agreeing to anything.

15. Obtain date-of-death figures and record later movements separately.

16. Keep negative replies and reconcile the schedule against income and known history.

A thorough asset search protects the beneficiaries and the personal representatives. It reduces the risk of an account being forgotten, an asset being cleared away or the estate being reported incorrectly.

Once the likely assets have been identified, the same care must be applied to what the deceased owed.

The next chapter explains how to identify, verify and prioritise debts and other liabilities.

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About Harry Georgiou

Harry Georgiou is the owner of Swifty Clearances, a waste clearance business. He writes about responsible waste disposal, fly-tipping prevention, and the practical steps households and businesses can take to avoid inadvertently funding illegal waste operations.

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Chapter 11 — Finding and Recording the Assets

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About Harry Georgiou