What should I do if I can’t find the assets in the trust?

In some ways, this problem comes as no surprise. The assets listed for inclusion in the trust may be extensive and the trust itself may have been funded a long time ago. As you create a list of property that must be found, there are certain pieces of property that are easy to find. For example, you know where the house is and you can easily find the bank with the safe deposit box. Unfortunately, this isn’t everything and there are accounts or assets that you haven’t yet found.

You Are up to the Challenge

Now is not the time to panic, but it is the right time to take action. Here are some ways in which you may be able to locate property that right now seems difficult to find; you can:

  • Look at the last tax return for the creator of the trust. This may provide valuable clues about investments and accounts.
  • Talk to the surviving spouse. The spouse may know where important papers are kept or the location of certain property.
  • Ask a trust and estate lawyer if he or she has any information. A lawyer may be able to help you locate property that you can’t find on your own.

The most important thing is that you act quickly and with due diligence. Do not just accept that the property cannot be found. Instead, work hard to locate the property and fulfill your obligations as a trustee. If you have any questions, please start a live chat with us today.

 

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm