Statements. One sure way for an executor to find the money (and conversely the debt) is to check the statements as they come in. Once someone passes away, the mail should be forwarded to the executor. Some companies may be on an annual billing cycle and it may take a full year for the executor to know all of the accounts.
Nine months after my mother died, I received a bill for some type of insurance that I did not know she was carrying. There was no death benefit but I was easily able to get a refund for the unused premium.
My mother was great about paying her bills and luckily never missed a payment so the services she expected continued to the day she died. However, there was a mishap once with her auto insurance bill. She got a reminder for a bill she was convinced she had paid. While she had indeed written out the check and sealed the envelope, it had slipped behind her desk and was not mailed. Luckily, she found the envelope and paid the bill without consequence.
Some elderly people agree to have their statements rerouted to someone else along with control of their checkbook. However, totally relinquishing control may not be an appealing option to many. Arranging for duplicate statements may be a more acceptable option. Most banks, insurance companies and other institutions will comply with a request for duplicate statements although some charge a fee.
Tip: If at all possible, see if your parent will agree to provide you with duplicate statements while they are alive. This will give you a much more complete picture of your parent’s finances and surprises will be less likely for the executor.
Information found on this web site is for general informational purposes only based on personal experience and should not be construed as legal, tax or other professional advice. You should consult an experienced attorney , tax professional or financial advisor concerning your particular factual situation and any specific questions you may have.
Julie Rothhouse
The Executor Advisor 