By: Attorney Shira Truitt
The probate process, which is the legal process of administering a deceased person's estate, can sometimes involve the discovery of lost assets. These assets may have been unknown to the deceased or their beneficiaries, or they may have been overlooked during the inventory and valuation of the estate.
In Missouri, if lost assets are discovered during the probate process, the personal representative (also known as the executor) of the estate is responsible for reporting the assets to the court and taking steps to locate any missing beneficiaries. The personal representative must also provide notice to any known creditors of the estate.
If the lost assets are unclaimed property, such as a bank account or stock certificate, the personal representative must follow the procedures set forth in Missouri's Unclaimed Property Act. This includes attempting to locate the owner of the property and, if unsuccessful, turning the property over to the state.
In Illinois, the process for handling lost assets during the probate process is similar. The personal representative is responsible for reporting the assets to the court and taking steps to locate any missing beneficiaries. If the assets are unclaimed property, the personal representative must follow the procedures set forth in Illinois' Abandoned Property Act.
Overall, the handling of lost assets in the probate process varies by state. If you have questions about the process in your state, contact a competent attorney for answers.
"Missouri Probate Law" (https://www.aging.mo.gov/aging-in-missouri/advanced-directives/probate/)
"Probate in Illinois" (https://www.illinoislegalaid.org/legal-information/probate-illinois)
"Missouri Unclaimed Property Act" (https://www.moclaims.com/MOCLAIMS/common/pdf/MissouriUnclaimedPropertyAct.pdf)
"Illinois Abandoned Property Act" (https://www.cyberdriveillinois.com/publications/pdf_publications/abp.pdf)
If you need legal advice or a lawyer in Illinois or Missouri, please contact The Truitt Law Firm, LLC for assistance. For more information on The Truitt Law Firm, LLC or to schedule an appointment, please go to www.thetruittlawfirm.com.