How to Track Down Lost Assets During Probate in Washington

In an ideal world, it’s easy to find all of the various assets loved ones leave behind when they pass. In reality, many of these assets may be difficult to locate. Some may be lost entirely, and it’s impossible to search for something you don’t even know exists. Even if you merely suspect that some of these lost assets might exist, it might be worth discussing your situation with a probate lawyer in Spokane.

Lost Fortunes Are More Common Than You Might Imagine 

You might be doubtful about the existence of some vast, secret fortune that a loved one might have left behind. While these situations might be rare, they are probably more common than many people realize. We constantly hear stories about people discovering obscure investment accounts and other assets. Sometimes, these assets are worth tens of thousands of dollars. In other situations, they can be worth millions.

According to the National Association of State Treasurers, unclaimed property programs returned a total of $4.49 billion to Americans in 2024 alone. For example, let’s say your elderly relative invested just $100 in the S&P 500 back in 1950. Perhaps they forgot all about their investment account, and it quietly grew until their passing 75 years later.

According to OfficialData.org, this investment would be worth over $320,000 today. This highlights the importance of tracking down every possible asset during probate – even obscure trading accounts that your loved one forgot all about.

The Personal Representative Is in Charge of Tracking Down Lost Assets

 The personal representative is the person who oversees the administration of the estate when your loved one passes away. This individual might be a trained financial professional, or they may be a legal professional. Many Washington residents choose their most trusted relatives to take on this duty. Although these individuals might be highly trustworthy, they may lack the financial knowledge necessary to track down hidden assets.

Fortunately, a personal representative does not need to take on this responsibility alone. They can turn to lawyers and other professionals to assist them with their various duties. This may make it easier to track down lost, forgotten fortunes.

You Can Check Various Databases for Lost, Unclaimed Assets

 Some databases may allow you to check for lost, unclaimed assets. One example is the Department of the Treasury, which offers this type of service. If you believe that the government might be holding assets that belong to your family (such as treasury bills), you may be able to find them via government records.

Can a Spokane Probate Lawyer Help Me Track Down Lost Assets? 

Although it is the responsibility of the personal representative to track down lost assets, a Spokane probate lawyer can also assist with these matters. Personal representatives often receive legal assistance with many of their duties, and this assistance may prove vital in tracking down hidden fortunes. If you’d like to explore this subject in more detail, don’t hesitate to contact Moulton Law Offices.

Sources:

 officialdata.org/us/stocks/s-p-500/1950

fiscal.treasury.gov/unclaimed-assets.html