Hide and Seek: Loved Ones’ Assets May Not Be in Plain Sight

After a loved one passes away, it may fall to you to find and collect their assets. Not just those in obvious places, such as bank accounts, insurance policies, and property (i.e., cars and houses). In addition to selling the property, it’s a good idea to search it thoroughly first for any valuables hidden by the deceased.

We know of one man who, after his mother died, was cleaning out her house and discovered a gold bar from pre-World War II Belgium tucked behind books on a shelf. The dealer he brought it to had never seen one. Turns out it had been acquired decades earlier by his great-grandfather, a Jewish refugee who had experienced pogroms and persecution and always kept gold on hand in case a quick getaway as needed. The gold bar had been passed on, generation to generation. His mother had never found the right time to tell him about it, it seems. Luckily, it had stayed undiscovered behind the books.

Another case: A woman had been told by her father in hospice care to be sure to look under the floorboards of the house she had grown up in. Sure enough, she found several thousand dollars of rare coins in various compartments (along with a few guns).

The lesson in both instances is to be careful when wrapping up the earthly affairs of the dearly departed. There may be cash, jewels, important papers, or other items hidden where you least suspect.

Remember: Your loved ones intended to leave you an inheritance – they maybe just forgot to tell you where it was.

Here’s some recommendations of places to look:

Bookshelves. Behind the books, yes; but also look for big door-stopper volumes that can hollowed out, such as dictionaries or Bibles. Shake out every book before moving them on; money, checks, insurance policies, stock certificates, or savings bonds could be stashed between the pages.

Under the floorboards. Look for loose boards, new nails in the wood, and uneven edges in the wall-to-wall carpet.

Freezers. Coins, gold, and even credit cards have been found in blocks of ice, along with plastic zipper bags filled with cash. That box of peas or innocent ice cream container stuck into the back corner could actually have money or jewels in it.

Toilet tanks. Look for water-tight containers next to the flapper or wedged behind the flush valve. Also check the lid to see if anything is taped there. While you’re in the bathroom, check the toilet paper roller. And peek into that box of tissues.

Pantries. Cereal boxes, sugar canisters, flour bags, coffee cans. Look inside before tossing any.

Kitchens. The cookie jar, of course. And that bottle may look like it has liquid in it, but it could be a fake designed as a hiding place.

Closets. Go through any shoebox, hat box, or cigar box. That crate of Christmas decorations may still have an undelivered present. Check every item of clothing for money left in pockets or valuables sewn into linings or tucked into a hatband. Reach into any old shoes or sneakers. Also check under the clothes hamper.

Luggage. Old steamer trunks sometimes have secret compartments. Check the linings of suitcases and look for false bottoms.

Furniture. Yep, check those linings. Inspect cushions and pillows. Look for false bottoms in drawers (and look underneath and at the back for anything taped there). Don’t forget the mattress (inside and under).

Filing cabinets. Look behind and under those drawers, too.

Artwork. These may be valuable in themselves but could also have envelopes taped behind a painting and under or inside a piece of sculpture. Also, look for hollowed-out areas of the frames. (Look behind mirrors, as well.)

Beware the fakes. That drain or pipe or vent may not be what it appears to be. Ditto that plant in the vase. Or that electrical outlet.

Appliances. Inside the vacuum cleaner? Yes. Behind the TV? Sure. Look everything over before letting the junk dealer take his haul away.

The yard and garden. Could be a canning jar filled with rolled up $20 bills buried there. A metal detector should pick up the lid if the jar isn’t down too deep.

Seems like a lot, right?

Maybe the best advice we can give is to have that conversation now with your loved ones, so you are not undertaking a treasure hunt when it comes time to clean out, sell, or donate their valuables.

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