Determining & Collecting Assets / Unclaimed Funds

Antonelli & Antonelli Probate & Estate Litigation Attorneys New York New York

Determining Assets

A major aspect of the estate administration process is determining and collecting assets. What are the assets of the estate? How do I (as the executor or administrator a.k.a. "fiduciary") collect the assets?

Usually, the estate fiduciary is aware of most estate property. For example, it may be clear the decedent owned a house in Brooklyn and had a brokerage account with a major institution. On the other hand, unbeknownst to the fiduciary, the decedent may have had a savings account at a local bank or owned a piece of land in another state. A fiduciary has a legal obligation to use reasonably exhaustive efforts to determine and collect all estate assets. Prudent fiduciaries enlist the assistance of an experienced estate attorney who will analyze the unique aspects of an estate in order to develop an appropriate strategy for collecting the assets.

There are numerous methods used to determine assets. Some basic techniques consist of consulting with the decedent’s accountant, financial planner, or other estate planning professionals. Analyzing the decedent’s recently filed personal income tax returns, or requesting transcripts from the IRS, is a means used to locate income-bearing assets. However, assets that do not generate income may not appear on a tax return and therefore will not be found without additional investigation. More intensive techniques for determining assets are appropriate when warranted.

Collecting Assets

Each type of asset requires a different means of “collection”. For instance, a fiduciary may transfer the funds in a savings account directly into an estate bank account, while stocks must be liquidated before the funds can be transferred into an estate account. Further, some brokerages require additional steps prior to transfer. Real property is often, but not always, sold by the fiduciary and the funds transferred into an estate account. The fiduciary must work with her estate lawyer in order to determine whether certain property should be liquidated or “transferred in kind” to the beneficiaries.

Unclaimed Funds / Abandoned Property

The Office of the New York State Comptroller, Office of Unclaimed Funds is a primary resource for locating unknown estate assets. More information on unclaimed funds can be found by clicking here.

Do You Need Legal Help Regarding Probate Issues In The New York Metro Area?

If a loved one died without a will and you need legal assistance regarding the probate process you should be speak with an experienced probate attorney as soon as possible. Contact us online or call our New York City office directly at 212.227.2424 to schedule your free consultation. We proudly serve clients throughout New York and northern New Jersey including Brooklyn, Manhattan, Queens, Staten Island, The Bronx, Nassau County and Westchester County.

Daniel R. Antonelli
Representing trust & estate clients with an emphasis on estate litigation in the New York City Metro Area.
3 Comments
I need a lawyer who can help me claim unclaimed money market cds that were found in my moms saftey deposit box and have been collecting interest for 40 years
by Judith reisbord March 1, 2020 at 10:45 AM
by Tracy Okeeffe February 18, 2020 at 02:45 AM
Have been dealing with ny office of unclaimed funds for years trying to claim fund that were grandfathers. The office claims they were part of his brokerage company and not his personal assets. We know they were not but have hit a stone wall with this department but having a hard time finding a lawyer that has dealt with the office of unclaimed funds
by William Hedges January 25, 2020 at 10:10 AM
Post a Comment