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Uncertain Of Next Steps

CRobbins
  |     |   5 posts since 2019

My father recently passed and had previously named me beneficiary on a CD. We do not know which bank he used as there were no bank documents available after his passing. How do I locate the CD? I've called several banks in an attempt to locate, but had no luck. Is there another way for me to locate the funds?

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2


Answers
anzavista
  |     |   14 posts since 2012
Find his income tax return and see if interest income reported
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CRobbins
  |     |   5 posts since 2019
We cannot find any papers. No tax returns, bank docs, nothing. Thank you for the response.
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RickZ
  |     |   218 posts since 2010
I believe that the executor (assuming there's a will) could get a copies of past returns from the IRS, but you could be opening a can of worms if he hasn't been filing. https://www.irs.gov/newsroom/how-to-get-tax-transcripts-and-copies-of-tax-returns-from-the-irs

If it's a currently existing CD then the bank will send a send a 1099-INT showing 2019 interest to your father's address by 1/31/20. Of course it's also possible that he added you on as a beneficiary to a CD and then the CD matured or he closed it early.
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3
111
  |     |   672 posts since 2019
RickZ - You said "but you could be opening a can of worms if he hasn't been filing." That's interesting. I wonder if the mere fact of an executor requesting prior tax records of a decedent would truly cause the IRS to take some action? Of course, it could possibly work the other way as well. I've read that (somewhat counterintuitively), most people who do not file returns have actually overpaid and are owed money by the IRS. However, IRS rules are that if one does not file a return (or if they've passed away, someone files their final return for them) within 3 years of the relevant tax year, that refund disappears.
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111
  |     |   672 posts since 2019
You said you were unable to locate his paperwork. If he was a computer user (or if he relied on a computer user to access any of his financial information), what about any records that he might have kept on a personal computer or other electronic device? These days, if one signs up for estatements one often gets the annual 1099 forms electronically also, and not mailed.
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AnnO
  |     |   129 posts since 2018
Yes, surely they must be e-statements if "no bank documents were available", so if you can get into his email account and see who's been emailing him notifications of new e-statements becoming available, there's your list of banks to contact.
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CRobbins
  |     |   5 posts since 2019
My father never touched a computer, still used a flip phone. There were no papers at all. I don't know what to say...
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Ally6770
  |     |   4,294 posts since 2010
Contact IRS. They can send you the last statement filed. I believe there is a small fee. You will have to verify what and why you need it. He must have a check book around and other statements.
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CRobbins
  |     |   5 posts since 2019
I've also checked missingmoney.com and my state's unclaimed money site. No luck.
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Ally6770
  |     |   4,294 posts since 2010
I believe it is up to 5 years after no contact that money is sent to the state.
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CRobbins
  |     |   5 posts since 2019
We were unable to locate any of his paperwork. including tax returns.
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pgroove_fan
  |     |   168 posts since 2019
How long has it been since he passed?

Have there not been any bank statements or special offers show up in his mail/email/texts? I generally expect monthly contact about checking accounts and at least quarterly on savings. CDs are much less reported, but if you get the names of the banks he used for ongoing transactions, hopefully you can track down initial funding of any CDs in his holdings.
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