How Do You Find and Value a Deceased Person’s Assets?

One of the executor’s first and most important responsibilities in probate administration is identifying and valuing the deceased person’s assets. In Connecticut, the Probate Court requires a complete inventory of probate assets, along with their date-of-death values, as part of the administration process.

Asset identification typically begins with a review of the decedent’s personal records. Bank statements, tax returns, checkbooks, mail, and online account information often provide clues about existing accounts and property. Executors may also need to contact financial institutions directly to confirm balances and ownership.

Common probate assets include bank accounts held solely in the decedent’s name, investment accounts without beneficiary designations, real estate, vehicles, and personal property. Business interests, partnership shares, and closely held companies may also be probate assets depending on ownership structure.

Not all assets require formal valuation, but those of significant value generally do. Real estate often requires a professional appraisal or comparative market analysis. Financial accounts are typically valued using statements as of the date of death. Investment accounts may require valuation of securities based on market prices on that date.

Valuing personal property can be more nuanced. Household items may be assigned nominal values, while collectibles, artwork, or jewelry may require professional appraisal. Connecticut Probate Courts generally expect reasonable, good-faith valuations rather than perfection.

Executors must also distinguish between probate and non-probate assets. Assets held in trust, jointly owned property with survivorship rights, and accounts with named beneficiaries typically are not included in the probate inventory, even though they may still be relevant for tax purposes.

Accuracy matters. Undervaluing assets can cause tax problems, while overvaluation can inflate probate fees. Executors should document valuation methods and retain supporting records.

Finding and valuing assets is often time-consuming, but it lays the foundation for every other step in probate administration. A complete and accurate inventory helps prevent disputes, ensures compliance with court requirements, and supports timely distribution.

Probate administration in Connecticut involves court oversight, statutory procedures, and fiduciary responsibilities that vary from estate to estate. Understanding the process helps reduce confusion and promote orderly administration.

This article is provided for general informational purposes only and does not constitute legal advice.