Often, a sense that “something isn’t quite right” can arise during the probate of an estate. This intuition, perhaps based on your knowledge of the deceased’s habits or general financial standing, might lead you to question if all assets have been properly accounted for.
If you find yourself in this unsettling position, it is important to know that there are formal avenues to explore these concerns about missing assets.
Understanding missing assets in probate
Missing assets are properties that the deceased owned that interested parties cannot locate after death. Sometimes, this occurs because of simple oversights or disorganized records. Other times, an individual might intentionally conceal assets belonging to the estate.
Texas law requires executors to locate, inventory and protect all estate assets. Failure to account for significant assets can result in legal liability for the executor.
Initial steps you can take
You can take some preliminary actions to try and find these assets.
- Carefully review the deceased’s financial papers
- Check bank statements, old tax returns and any insurance policies
- Look inside safe deposit boxes if you have lawful access
- Speak with close family members or friends who might possess relevant knowledge
- Search the official Texas Unclaimed Property website for any listed assets
It is crucial to note that these actions may have limitations, and you might not unearth all missing property. When that happens, seeking legal methods is key.
Legal tools for asset discovery
When your own searches do not produce results, Texas law offers specific legal tools to locate estate property.
If you believe someone wrongfully possesses estate property, Texas law allows you to ask the court for assistance. For instance, your attorney can file a discovery motion with the court. This action can legally require a person to provide specific information or documents about potential assets.
In situations involving an executor or administrator, the court can also order a detailed accounting to ensure they manage all assets correctly and transparently.
Legal help is crucial
Successfully locating hidden or missing assets often requires skilled legal guidance. An experienced probate attorney can effectively use the available legal mechanisms to discover and help recover estate property. They can guide you through the legal system, working to protect your interests and the integrity of the estate.
