determine assets at time of death

If someone dies and names one of their offspring The Executor of the Will how do the siblings (and others) named in the will know if they are receiving their percentage of the assets? For instance, if Mr. Johnson names his oldest son The Executor and his youngest son is to receive %40, and then, after death The Executor gives the youngest son a total of $75,000 indicating that the money came from stock and a life insurance policy, furnishing a check, bank account, copy of the will and documentation identifying the name of the stocks and insurance policy. It would seem that Mr. Johnson probably had a checking/savings account along with some property but it is -not- identified in the list of assets. How does the youngest son find out what the -total- assets are?

Thank you, Brian

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Reply to
Brian Tierney
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This seems more like a legal question than financial planning. Try asking at misc.legal.

Dave

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Reply to
Dave Dodson

Here's what I would do. Go to the County Courthouse for the county in which the decedent lived. Since probate records are public information, ask for the Probate Office. Once there, ask for a copy of the probate records for the decedent in question.

While there is a bunch of mumbo jumbo, you should find something like an estate inventory showing what the decedent owned and how it was disbursed (one of the primary duties of the personal representative is to inventory the estate and show how it was distributed.) This should be available once the estate is closed.

Note: State rules may vary. The above applies to assets controlled by the will. There may be other assets like life insurance, retirement plans, joint-with-rights-of-survivorship, payable on death, etc. that are controlled by beneficiary and other designations and are non-probate property. Around here those non-probate assets are also shown on the estate inventory, but your State may have other rules.

You are likely to face some photocopy costs, but should have the info you wish.

-HW "Skip" Weldon Columbia, SC

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Reply to
HW "Skip" Weldon

In the US the Court oversees the asset search and distribution. The Executor should file a report about both.

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Reply to
rick++

If Mr. Johnson lived in Wake County North Carolina you can search by name for property he owned here:

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If he lived in Nye County Nevada you can search here:

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Those are the only two counties I happen to know about. For all other counties and states, you're on your own.

Also, you mentioned life insurance. The only way life insurance becomes part of the estate, and therefore under the control of the executor, is if the estate was named as the beneficiary, or if no one was named as beneficiary. Otherwise it just goes to the named beneficiary and is not part of the estate.

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Reply to
Otis

Remember, life insurance is free from income taxation, not estate taxation. While it may avoid probate by having a named beneficiary, it will still be included in the estate tax liability calculation (barring trust ownership, et cetera).

Getting your hands on the estate tax return would at least aid in discovering the sum of the assets.

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Reply to
kastnna

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