Are you overwhelmed with the task of locating trust property? If you’ve recently stepped into the role of trustee, you’re likely discovering just how complex finding trust assets can be. Whether you’re a new or successor trustee, or a family member managing a loved one’s estate, the process of administering a trust often starts with a critical step: identifying and gathering all trust assets.
From uncovering hidden bank accounts to verifying ownership of real estate, this guide will walk you through the practical steps and legal responsibilities involved in finding trust assets. You’ll learn where to start, what records to look for, and how to handle tricky situations like missing or disputed property. These expert tips for gathering trust assets will help ensure you fulfill your duties effectively and avoid costly mistakes.
Understanding Your Role as Trustee when finding trust assets
Becoming a trustee comes with a serious set of legal and fiduciary responsibilities. You’re not just managing money—you’re safeguarding someone else’s legacy. One of your first and most critical duties is finding trust assets. Without a clear understanding of what the trust owns, you can’t manage or distribute those assets properly.
As a trustee, you’re legally required to act in the best interests of the beneficiaries. That means being thorough, organized, and diligent when administering the trust. Overlooking an asset could lead to legal disputes, tax issues, or even accusations of mismanagement.
This guide is here to help you start strong—with clarity, confidence, and a solid plan.
Think Like a Private Investigator
When you step into the role of trustee, think of yourself as a private investigator with a specific mission: to uncover all the assets and liabilities tied to the trust. You’re not just handed a list—especially in older or poorly maintained trusts. You often have to dig.
Like any good detective, you’ll need to:
- Follow leads from financial paperwork and conversations with family members.
- Cross-check clues in public records, old files, and digital accounts.
- Verify facts like titles, ownership, and account balances.
The trust’s beneficiaries are counting on you to uncover everything—from obvious accounts to hidden trust assets the grantor may not have shared with anyone. The more detailed and organized your approach, the more successful you’ll be in protecting and distributing the estate.
Start with the Trust Document when finding trust documents
The trust document is your roadmap. It tells you:
- Who the beneficiaries are
- What the trust was intended to hold
- Specific instructions for distribution or management
Start by reviewing the document thoroughly. Highlight any assets that are explicitly mentioned. These might include:
- Real estate
- Bank and brokerage accounts
- Business interests
- Personal property or collectibles
Look for Schedules A or B in the revocable living trust—these are often attached to the trust and list what was supposed to be transferred into it. While these schedules aren’t always complete, they’re a solid starting point for your investigation.
Gather Financial and Legal Records
Now it’s time to start collecting documentation. The goal is to create a full picture of what the trust owns and what debts or obligations it might have.
Key records to look for include:
- Bank statements and canceled checks
- Investment account summaries
- Mortgage statements and loan documents
- Recent tax returns (personal and trust-related)
- Insurance policies (life, home, auto)
- Titles to real estate and vehicles
- Retirement account beneficiary designations
This step helps in locating trust property that may not be named directly in the trust but still belongs there. Be sure to check for liabilities too—any outstanding debts need to be addressed as part of your duties.
Search for Digital and Physical Clues
Sometimes the assets you’re looking for aren’t spelled out in neat files or clean spreadsheets. That’s where your detective mindset really pays off.
Start with physical clues:
- Check home offices, safes, and file cabinets for overlooked documents.
- Look for old bills, account statements, or deeds tucked away.
- Don’t overlook things like keys to safe deposit boxes or notes about storage units.
Then move to the digital world:
- Search email accounts for electronic statements and financial notifications.
- Check cloud storage (Google Drive, Dropbox, etc.) for uploaded files.
- Review browser bookmarks and saved passwords, especially through password managers.
This step is especially useful when trying to find hidden trust assets that weren’t clearly documented. Digital sleuthing often uncovers things like cryptocurrency wallets, online-only bank accounts, or investments managed entirely through apps.
Investigate Real Estate and Property Ownership
Real estate is one of the most valuable—and most complicated—types of trust assets. Start by identifying any properties the decedent owned, and confirm whether they were titled in the name of the trust.
To do this:
- Search local property records and tax rolls.
- Review mortgage documents and deeds.
- Look for homeowner’s insurance policies.
If a property wasn’t properly transferred into the trust, that may require a legal process (such as a “Heggstad petition” in California) to fix. Be proactive here—unclear ownership can cause big problems down the road for trustees and beneficiaries.
Look into Business Interests and Investments
Trusts often include business interests like small companies, partnerships, or LLCs. These can be tricky to find and even trickier to manage. Start by reviewing the trust document and financial records for any clues about business holdings.
Key places to investigate:
- Secretary of State business entity searches
- Corporate records, such as shareholder agreements or partnership contracts
- Tax returns and K-1 forms
If the decedent had brokerage accounts, look for stock certificates, mutual funds, or retirement accounts. Make sure the trust is listed as the owner or beneficiary where appropriate. These types of assets often require careful valuation before they can be distributed.
Dealing with Hidden or Missing Assets
What if you know there should be more assets, but you can’t find them? It’s a common scenario, especially in larger or older estates.
Tips for finding trust assets:
- Review several years of tax returns to identify income sources or deductions
- Search court records for probate filings or lawsuits
- Look through old mail and email for third-party references (e.g., financial advisors or accountants)
- Speak with former attorneys, CPAs, or business partners of the decedent
If assets remain unaccounted for, it may be time to bring in professionals. Forensic accountants specialize in locating hidden or misappropriated assets and can be a valuable ally when things get complex.
Here are highly effective strategies you can use to uncover hidden or undocumented assets:
Forward the Decedent’s Mail
Set up mail forwarding through the post office to catch incoming bank statements, investment notices, insurance updates, and other financial documents. This is one of the simplest and most revealing steps you can take as a trustee.
Run a Credit Report
A credit report can help you identify:
- Open credit cards or lines of credit
- Mortgages and other loans
- Financial institutions the decedent had relationships with
This can reveal not only debts but also asset-related accounts that were used to secure loans.
Conduct a UCC Lien Search
Use your state’s Secretary of State website to run a Uniform Commercial Code (UCC) lien search. This can uncover business loans or leases that may be tied to valuable business equipment or intellectual property.
Review the Decedent’s Computer and Email
A treasure trove of financial information often exists in a decedent’s:
- Email inboxes (for e-statements or account alerts)
- Download folders (for PDFs of bank statements or policies)
- Password managers (like LastPass or Dashlane)
Be sure to look through tax software, saved documents, and spreadsheets for clues to accounts and assets.
Analyze Old Bank Statements
Go through the last 1–2 years of bank statements. Look for:
- Regular payments to financial institutions (could indicate other accounts or loans)
- Transfers to lesser-known investment platforms or crypto exchanges
- Recurring subscription fees for services like cloud storage (which might store critical files)
Hire a Private Investigator
If your search hits a wall, consider hiring a professional who specializes in asset tracing. They have access to proprietary databases and know how to track down assets that aren’t publicly listed.
Search Public Records
Look through:
- County assessor’s databases for property ownership
- Court records for lawsuits or judgments involving the decedent
- Probate filings from other jurisdictions (they may have had out-of-state assets)
Use Online Tools for Unclaimed Assets
Search for unclaimed property at:
- MissingMoney.com
- Your state’s unclaimed property office
These sites help locate forgotten bank accounts, insurance payouts, and refund checks that are still owed to the estate. Here is a link to California’s unclaimed property website
Contact the Decedent’s Professional Network
Reach out to:
- Financial advisors, CPAs, or estate planning attorneys the decedent worked with
- Bank representatives or insurance agents who may have knowledge of other accounts
- Real estate agents or brokers if the decedent was involved in real estate investing
Professionals are often aware of client assets that aren’t listed in personal files or the trust document.
Check Safe Deposit Boxes (and Look for Keys)
If you’ve found keys but don’t know what they’re for, visit nearby banks to check for safe deposit boxes in the decedent’s name. Also look for paid rental fees in old bank statements.
Investigate Storage Units
Trustees sometimes forget to check commercial storage units, which can hold valuables like:
- Collectibles
- Legal documents
- Precious metals
- Old business records or property titles
Look for payments to storage companies in financial records or old bills.
Scan for Utility Accounts or Rental Income
If the decedent was receiving rent or had recurring utility bills, it may point to:
- Additional real estate
- Land leases
- Vacation properties or timeshares
Review mail and bank records for utility payments to unknown addresses or deposits labeled “rent.”
Review Social Media and Online Marketplaces
Surprisingly, you may find evidence of:
- Collectible or luxury items for sale (e.g., vintage cars, watches, art)
- Real estate listings or Airbnb accounts
- Mentions of business ventures or partnerships
This approach can also help you identify people who were close to the decedent and may know more about their holdings.
Using these investigative tactics will dramatically improve your chances of finding trust assets that are easily missed. Each step gets you closer to fulfilling your trustee responsibilities completely and accurately.
Conclusion: Mastering the Art of Finding Trust Assets
Administering a trust is a serious responsibility—but you don’t have to go it alone or fly blind. By thinking like a private investigator, starting with the trust document, gathering key records, and following both digital and physical trails, you’ll be well-equipped to uncover all assets under your care.
Remember, finding trust assets is more than just a task—it’s a duty to the beneficiaries and the legacy of the trust creator. When in doubt, seek help from professionals, use the right tools, and take your time to be thorough.
Start your journey today by organizing your search and using these expert strategies for locating trust property and handling hidden assets effectively.
Finding Trust Assets Checklist for Trustees
(Free Download)
Feeling uncertain about where to begin with trust administration?
Get our free downloadable checklist—a step-by-step guide tailored for new or successor trustees. Learn how to find hidden assets, locate digital and physical documents, and fulfill your fiduciary duties with confidence.
Finding Trust Assets F.A.Q.
How do I find assets in a trust?
Start by reviewing the trust document for any listed property or financial accounts. Then, collect tax returns, bank statements, and legal documents to build a full picture of what the trust owns. Use tools like credit reports, UCC lien searches, and mail forwarding to identify overlooked or hidden assets
What should I do if I can’t find all the assets in a trust?
If you suspect assets are missing, go through the decedent’s email accounts, browser history, and computer files. Review old bank statements for transfers or payments that hint at other holdings. If needed, hire a forensic accountant or private investigator to trace hidden or mismanaged trust assets.
Where do I look to find hidden or missing trust assets?
Hidden trust assets might show up in:
Safe deposit boxes
Unclaimed property websites (e.g., MissingMoney.com)
Storage units
Past tax returns or financial records
Also, check with professionals the decedent worked with, like CPAs or financial advisors, who may know of additional holdings.
I’m a new trustee—how do I know what the trust owns?
Start with the trust document and any attached schedules. Then review the decedent’s personal and financial paperwork, credit reports, and emails. Don’t forget to check for digital assets like cryptocurrency or online-only bank accounts, which might not be in traditional records.
What are my responsibilities as a trustee in finding trust assets?
As a trustee, you’re legally and ethically responsible for identifying, protecting, and distributing all assets in the trust. This includes doing your due diligence to locate every account, piece of property, or financial interest the trust may own—even those not clearly documented.
Is there a checklist for finding assets during trust administration?
Yes. A good checklist includes:
Reviewing the trust document and schedules
Collecting tax returns, bank and legal records
Running credit and UCC lien searches
Forwarding mail
Searching for digital clues (email, cloud storage, financial apps)
Consulting professionals as needed
What tools can help me uncover hidden trust assets?
Helpful tools include:
Credit bureaus for credit reports
State unclaimed property databases
Online asset search services
County assessor websites
Password managers (for digital access)
IRS transcripts and tax records
These resources help paint a clearer picture of what the decedent owned—and what belongs to the trust.
