What Happens to Assets After Death
When a person dies, their financial assets go through different processes depending on the asset type and how it was titled. Assets held in a living trust or with named beneficiaries (life insurance, 401(k), IRA, payable-on-death bank accounts) pass directly to named beneficiaries without probate. All other assets are part of the "probate estate" — subject to the deceased person's will or state intestacy laws if there's no will. Dormant accounts and forgotten assets that the deceased person never claimed may have already been turned over to a state's unclaimed property program.
Claiming as Executor or Administrator
If you've been appointed executor (by a will) or administrator (by the court, if no will) of the estate, you have legal authority to claim unclaimed property on behalf of the estate. The state will require: Letters Testamentary (issued by the probate court confirming your authority as executor) or Letters of Administration (for administrators), a certified death certificate, and your government-issued photo ID. Submit a claim through the state's official unclaimed property portal, checking the box indicating you're claiming as estate representative.
Claiming as an Heir Without Probate
Many states have simplified procedures for heirs to claim unclaimed property without full probate, particularly for smaller amounts. You typically need to provide: the deceased person's death certificate, documentation of your relationship to the deceased (birth certificate, marriage certificate), an affidavit of heirship stating that you are a legal heir and there are no competing claims, and your government-issued ID. Contact the state's unclaimed property office to ask about their specific affidavit procedure for heirs — most states have this option for claims below a threshold (often $1,000–$25,000).
Searching for a Deceased Person's Unclaimed Property
Search MissingMoney.com and each state's unclaimed property database using the deceased person's name, Social Security number, and any prior addresses. Search: their legal name and all name variations used during their lifetime; their SSN (some state databases search by SSN); states where they lived at any point; states where they worked or held financial accounts; and business names if they were self-employed or owned a business. Also check the federal sources: PBGC for pension benefits, Treasury for savings bonds, NCUA for credit union accounts, and FHA for mortgage insurance refunds.
Small Estate Procedures
Most states have a "small estate affidavit" or "small estate affidavit procedure" that allows heirs to collect assets without going through full probate when the total estate value falls below a threshold (ranging from $5,000 to $200,000 depending on state). This is much faster and cheaper than probate — typically just an affidavit, death certificate, and ID. Financial institutions and state unclaimed property offices typically accept small estate affidavits for transferring modest assets. Ask the state's unclaimed property office or a probate attorney about your state's specific threshold and requirements.
Unclaimed Life Insurance
Life insurance proceeds are among the most commonly unclaimed financial assets after a death. Beneficiaries often don't know policies exist; insurers may not be aware a policyholder has died; policies taken out decades ago may be forgotten. The NAIC's Life Insurance Policy Locator (eapps.naic.org/life-policy-locator) is a free service where beneficiaries can submit a search request and insurance companies search their records against the deceased person's information. The service covers most U.S. life insurance companies. You can also check the state unclaimed property database for life insurance proceeds already turned over to the state.
IRS Refunds Owed to Deceased Persons
If a deceased person was owed a federal tax refund, their estate or surviving spouse can claim it by filing the final tax return and attaching Form 1310 (Statement of Person Claiming Refund Due a Deceased Taxpayer). A surviving spouse filing jointly does not need Form 1310. The refund is issued to the estate and distributed per the will or estate laws. If the deceased person has prior-year unfiled returns that would generate refunds, those can also be filed (within the 3-year statute of limitations) by the executor or administrator. Consult a tax professional or VITA volunteer for guidance on estate tax returns.