Sometimes the signs are obvious, bank statements arrive at the house for accounts you’ve never heard of, or A safe deposit box key turns up with no record of which bank holds the box. Sometimes, it’s more subtle. The deceased lived comfortably, but their known accounts don’t add up to enough to support that lifestyle.
We’ve handled cases where family members suspected hidden assets but weren’t sure where to start looking. Common red flags include:
- Unexplained cash withdrawals in the months before death
- References to investments or accounts in old correspondence
- Safe deposit box keys without identifying information
- Password-protected files on computers or phones
- Mail from unfamiliar financial institutions
Trust your instincts. If something feels off about the estate’s inventory, it probably deserves a closer look.
What Are Your Legal Duties As Personal Representative?
As a personal representative, you have a legal obligation to identify and secure all estate assets. This isn’t optional. Colorado law requires you to conduct a thorough search and file a complete inventory with the probate court. That means you can’t just list what’s convenient or readily available. You need to make reasonable efforts to find everything the deceased owned. If you knowingly omit assets or fail to conduct a proper search, you could face personal liability to the beneficiaries. At W.B. Moore Law, we help personal representatives understand exactly what “reasonable efforts” means in their specific situation.
Where Should You Start Your Search?
Try to find the paper trail. Go through the deceased’s mail for at least three months. Look for bank statements, brokerage account notices, insurance premium bills, and tax documents. The most recent tax return is particularly valuable because it lists interest income, dividends, and other financial activity. Check their email accounts if you can access them. Many financial institutions send electronic statements, and those emails can reveal accounts you didn’t know existed. Look for any correspondence about investments, insurance policies, or business interests. Don’t overlook physical locations. Search their home for financial or administrative documentation like checkbooks, passbooks, stock certificates, insurance policies, and property deeds. Be sure to check filing cabinets, desk drawers, safes, and storage areas.
What Happens When You Find Hidden Assets?
Once you locate missing property, add it to the estate inventory and notify the court. You’ll need to amend your previous filings to include the newly discovered assets. If the assets were hidden intentionally by someone with access to the estate, you may need to pursue legal remedies to recover them. Working with a Colorado probate lawyer becomes especially important in these situations because the law provides specific procedures for recovering estate property that was wrongfully taken or concealed. The discovery of hidden assets can delay the probate process, but it’s better to find them late than to distribute the estate without them. Beneficiaries have the right to receive their full inheritance, and you have the responsibility to make sure that happens.
If you’re dealing with missing or hidden assets in a Colorado estate, contact us to discuss your situation and develop a strategy for locating and securing all estate property.