If you've just been named executor or trustee for a family member who passed away, here's the direct answer to the question keeping you up at night: you find their assets and debts by systematically contacting every bank, brokerage firm, insurance company, and government agency they may have used — armed with a death certificate, the Will or Trust, and proof of your authority to act. It's slow, methodical work, but it's navigable if you know the course to steer.

Why This Step Can't Be Skipped

As executor or trustee, you have a legal duty to locate and account for everything the decedent owned — and everything they owed. Miss an asset, and a beneficiary could come back on you later. Miss a debt, and a creditor could still have a valid claim against the estate long after you thought things were settled. This isn't busywork. It's the foundation everything else in the administration is built on.

Step 1: Search for Bank and Brokerage Accounts

Start with what you know. Gather old mail, tax returns, and financial statements — they'll often name the institutions involved. Then contact each bank, credit union, and brokerage firm directly. Every institution will require:

- A certified copy of the death certificate
- A copy of the Will and/or Trust
- An updated Certificate of Trust (or Letters Testamentary, in probate) naming you as Executor, Trustee, or Beneficiary

Call ahead when you can — many institutions route these requests to a specific estate or trust department, and knowing that in advance saves a wasted trip.

Step 2: Check for Unclaimed Property

Financial institutions are required to turn over dormant accounts to the state after a period of inactivity — a process called escheatment. Before assuming an account doesn't exist, search California's Unclaimed Property database through the State Controller's Office: [https://www.claimit.ca.gov](https://www.claimit.ca.gov). It costs nothing to search, and it's one of the most commonly missed steps in an asset search.

Step 3: Locate Real Estate

Real property doesn't hide as easily as a forgotten savings account, but ownership can still be unclear — especially if the decedent held property in a trust, as a joint tenant, or in another state. Start with:

- County recorder or assessor's office records in any county where the decedent may have owned property
- Property tax bills or mortgage statements found among their papers
- A title search, if ownership structure is unclear

Step 4: Find Life Insurance and Retirement Accounts

Life insurance policies and retirement accounts (401(k)s, IRAs) often go unclaimed simply because no one knew they existed. Look through old employer paperwork, tax documents, and mail. If you suspect a policy exists but can't identify the company, the National Association of Insurance Commissioners offers a free policy locator service.

Step 5: Identify Debts and Creditors

Finding what's owned is only half the job — you also need to find what's owed. To do this:

- Pull credit reports from all three major bureaus to identify open credit accounts and loans
- Monitor incoming mail for statements, bills, or collection notices for at least a few months
- If administering a probate estate, follow the formal creditor claim process, which sets a deadline for creditors to come forward

Handled correctly, this process also protects you — creditors generally cannot pursue claims made after the statutory claim period closes.

Common Mistakes to Avoid

- Assuming "no statement means no account."** Dormant accounts often stop mailing statements long before anyone notices.
- Skipping the unclaimed property search. It's free, it's fast, and it's frequently where forgotten assets turn up.
- Not updating the Certificate of Trust. Banks will often refuse to release information without a current, signed certificate — don't show up without one.
- Distributing assets before the creditor claim period closes. This can create personal liability for a fiduciary.

When It Makes Sense to Bring in Help

A thorough asset and debt search typically means dozens of phone calls, letters, and follow-ups — often to institutions that are slow to respond or require the same documents submitted more than once. For a fiduciary who is also grieving and managing a full-time job or family, it can easily consume weeks.

That's exactly the kind of work our office takes off your plate. OC Elder Law offers a complete asset and debt search service for $1,500, or $1,000 for clients already working with us on trust administration.

Frequently Asked Questions

How do I find out if my deceased parent had a bank account I don't know about?
Search California's Unclaimed Property database at claimit.ca.gov, and contact banks in the areas where they lived or worked, bringing a death certificate, the Will or Trust, and an updated Certificate of Trust.

What documents do I need to access a decedent's accounts?
Most institutions require a certified death certificate, a copy of the Will or Trust, and an updated Certificate of Trust (or Letters Testamentary) showing your authority as Executor, Trustee, or Beneficiary.

How do I find out what debts someone had when they died?
Pull credit reports from all three credit bureaus, watch incoming mail for statements and bills, and follow the formal creditor claim process if the estate is going through probate.

What is escheated property, and how do I search for it?
Escheated property is money or assets that financial institutions turned over to the state after an account sat inactive for a set period. In California, you can search for it for free at claimit.ca.gov.

How much does it cost to hire someone to find a deceased person's assets in California?
OC Elder Law charges a flat fee of $1,500 for a full asset and debt search, or $1,000 for existing trust administration clients.

Can I be held personally liable if I miss an asset or a creditor claim?
Yes. As a fiduciary, you have a legal duty to locate and account for estate assets and debts. Missing something can expose you to claims from beneficiaries or creditors later.