How to Find the Assets That Belong to a Trust

Key Takeaways
Understanding the Trustee’s Duty to Identify Trust Assets
Why Finding Trust Assets Can Be Challenging
Seven Ways to Identify Trust Assets
When to Seek Legal Help
How The Grossman Law Firm Can Help
Related Resources
FAQ

Key Takeaways

Successor trustees in California must locate and secure all assets that belong to the trust after the settlor’s death.
Trust assets can include real estate, financial accounts, business interests, and personal property.
Some assets are readily available, while others require thorough research, record searches, and professional assistance.
The Grossman Law Firm assists trustees and beneficiaries in identifying, recovering, and protecting trust property throughout California.

Understanding the Trustee’s Duty to Identify Trust Assets

One of the first responsibilities of a successor trustee is to identify and take control of all assets that belong to the trust. Under California Probate Code §16006, trustees are required to “take reasonable steps to take and keep control of the trust property.”

This process involves locating all assets owned by the decedent and confirming whether they were properly titled in the name of the trust. Assets not titled in the trust’s name may need to go through probate before being transferred into the trust.

At The Grossman Law Firm, we regularly assist trustees who are unsure where to begin or who encounter missing or unclear asset records. Locating trust assets can be complicated, especially when the decedent left incomplete documentation or multiple accounts in different institutions.

Why Finding Trust Assets Can Be Challenging

While some trust assets are straightforward, such as the family home or vehicles, others can be surprisingly difficult to locate. Trustees often encounter challenges such as:

Missing or outdated financial records
Assets held in other states or countries
Unlisted bank or brokerage accounts
Outdated beneficiary designations or title transfers
Property that was never formally transferred into the trust

Failing to locate all trust assets can lead to incomplete administration, delayed distributions, or even personal liability for the trustee. Taking a systematic approach helps ensure nothing is overlooked.

Seven Ways to Identify Trust Assets

Finding trust assets requires diligence, organization, and sometimes outside assistance. Below are seven reliable methods California trustees can use to identify assets belonging to a trust.

1. Review the Trust Instrument

Start with the trust document itself. Many trusts include a Schedule A or similar list that outlines the assets held in the trust. Even if the list is incomplete, it provides a foundation for your search.

2. Examine Financial Statements

Look for bank, investment, or retirement account statements in the decedent’s records. Financial institutions often send monthly or quarterly statements that reveal account numbers, balances, and ownership details.

3. Search County Property Records

Conduct a property search in counties where the decedent lived or owned property. County Recorder’s Offices throughout California maintain public records showing who holds title to real estate. If a property was titled in the name of the trust, it should appear in those records.

4. Review Tax Returns

The decedent’s tax returns can provide valuable clues about income-generating assets—such as interest from savings accounts, rental income, dividends, or business interests. These entries often point directly to accounts or properties you’ll need to locate.

5. Monitor Incoming Mail

Mail can reveal accounts or assets that might otherwise go unnoticed. Look for:

Dividend checks or 1099 forms
Account statements from financial institutions
Insurance or annuity correspondence

Even small checks or recurring mail from banks can lead you to previously unidentified assets.

6. Consult the Decedent’s Attorney or CPA

An attorney or CPA who worked with the decedent may be aware of property transfers, business interests, or accounts established during their lifetime. These professionals often retain copies of financial statements, tax filings, or legal documents that can confirm ownership of assets.

7. Hire a Private Asset Search Firm

If you still suspect there are missing or undiscovered assets, consider hiring a private asset search firm. These firms specialize in locating hidden or forgotten accounts, unclaimed funds, and other assets that may belong to the estate or trust. While there is a cost, it can be worthwhile for larger or complex estates.

When to Seek Legal Help

Even when acting diligently, trustees sometimes encounter obstacles—especially when another party withholds information, refuses access to records, or disputes ownership of particular property. In such cases, legal intervention may be necessary.

A trust litigation attorney can help you:

Compel disclosure of financial records or property details.
Petition the probate court for authority to recover trust assets.
Resolve disputes between co-trustees or beneficiaries.
Ensure compliance with all fiduciary and reporting duties under California law.

Delays or mistakes in identifying assets can lead to accusations of breach of fiduciary duty. Working with an experienced probate and trust litigation firm helps protect both the trust and the trustee.

How The Grossman Law Firm Can Help

At The Grossman Law Firm, we have helped California trustees and beneficiaries identify, recover, and manage trust assets for over 20 years. Our team assists with:

Tracing and recovering missing or misappropriated trust property
Determining whether assets were transferred correctly into the trust
Compelling accounts or cooperation from unresponsive co-trustees
Representing beneficiaries when trustees fail to fulfill their duties

We focus exclusively on trust and probate litigation, so our efforts are centered on protecting our clients’ legal rights and ensuring compliance with California trust law.

At The Grossman Law Firm, we assist beneficiaries and heirs throughout California in enforcing their rights in probate and trust litigation.

Call (888) 443-6590 or fill out our Get Help Now form.

Our Intake Specialists can evaluate your case at no cost to you. Qualifying cases will be scheduled for a Free Phone Consultation with Attorney Scott Grossman.

Related Resources

FAQ

What happens if a trustee cannot find all the trust assets?

If assets cannot be located, the trustee must show they made reasonable efforts to identify and secure them. If necessary, the court may allow petitions to trace or recover missing property.

Can beneficiaries help identify trust assets?

Yes. Beneficiaries can provide helpful information about known accounts or properties. However, the legal duty to identify and secure assets rests solely with the trustee.

Are trustees personally liable for missing trust property?

Potentially. Suppose a trustee fails to take reasonable steps to locate and protect trust property. In that case, they may be found to be in breach of fiduciary duty under California Probate Code § 16040.

September 15, 2016