How to find out about a deceased person's assets.

When someone dies, the question arises almost immediately, often amidst shock and confusion: How do we know what a deceased person's assets are? This doubt is normal, and it's not a lack of trust in the family. It is, in most cases, a practical necessity to proceed with the inheritance, meet deadlines, and avoid conflicts.

Knowing an deceased person's assets is the step that unlocks everything else: heir qualification, asset inventory, taxes, registration, and finally, the division of the estate. And the sooner you organise this assessment, the more likely you are to protect the assets, avoid unnecessary expenses, and reduce arguments.

Throughout this guide, you will understand how to identify the assets of a deceased person in Portugal, where to start, which entities can help, what documents you usually need, and how to act when you suspect there are assets to be discovered.

Dificuldades em descobrir os bens de um falecido podem surgir por várias razões. Um dos principais obstáculos é a falta de documentação organizada deixada pelo falecido. Podem não ter existido cadernos de notas, testamentos claros ou listas de contas e investimentos, tornando a localização de todos os seus bens um processo de investigação. Além disso, alguns bens podem ser mais difíceis de rastrear do que outros. As propriedades físicas, como casas e carros, são geralmente mais óbvias, mas os bens financeiros, como contas bancárias, ações, obrigações ou saldos de fundos de pensão, podem exigir a comunicação com várias instituições financeiras e a apresentação de documentação legal. Algumas contas podem até ter sido abertas com nomes diferentes ou estarem registadas em jurisdições diferentes, complicando ainda mais as coisas. A falta de conhecimento sobre os detalhes financeiros do falecido por parte dos executores ou familiares pode ser um grande impedimento. Se o falecido era uma pessoa privada ou mantinha os seus assuntos financeiros discretos, os seus entes queridos podem simplesmente não saber onde procurar. Por último, a passagem do tempo pode também tornar a descoberta de bens mais complicada. Ao longo dos anos, os registos podem ser perdidos, as instituições podem fundir-se ou fechar, e as leis relativas à herança e bens podem mudar, tornando a localização de bens mais antigos um desafio.

Even in close-knit families, discovering the assets of a deceased person isn't always straightforward.

• Many people keep documents in different places.

• There are digital accounts and investments that leave no obvious traces.

• There are assets held in co-ownership or in the name of companies.

• There may be debts and charges that are not apparent.

• The heritage may be spread across various entities.

Before you look for properties: what you should gather right from the start

To find out the assets of a deceased person, certain documents act as the key. Without them, banks and public entities tend not to provide useful information. Begin by gathering:

• Death certificate.

• Citizen Card and NIF of the deceased.

• NIF of all heirs.

• Proof of address for the heirs.

• Document proving the quality of heir, when it already exists (probate of heirs).

• If it exists, information about the matrimonial property regime.

If you haven't already done this step, also see: Documentation for the accreditation of heirs in Portugal.

Step 1: confirm if there is a will

One of the surest ways to find out what someone's assets are after they have passed away is to first determine if the deceased left any instructions. A will can:

• Identify specific assets.

• Refer accounts, properties or shares.

• To indicate legacies to specific people.

• To help reduce doubts about intentions.

Step 2: Name and direct the household head

In practice, it is the executor of the estate who organises the assets of a deceased person until the division of inheritance. If this role is unclear, everything is delayed. The executor of the estate must, in particular:

• Protect assets (avoid losses, damage and devaluation).

• Gather documents.

• Prepare the list of assets.

• Communicating with banks, finance departments and registry offices.

To fully understand this document and avoid any misunderstandings, please read: Joint tenancy in inheritance.

Step 3: Create a full map of the deceased's assets

If you really want to understand how to identify the assets of a deceased person, start by dividing the estate into blocks and dealing with them one at a time. This helps to ensure nothing is missed and to divide tasks.

1) Property: houses, land and plots

To discover assets of a deceased person in real estate, look to three practical sources:

• Documents at home Property ledgers, deeds, contracts, bank letters.

• Tax information Real estate pays taxes, so it usually appears in the personal finance section.

• Records The Land Registry confirms the registration status and ownership.

2) Vehicles: cars, motorbikes, boats

Vehicles also leave a fiscal and registration trail. To find out about someone's assets in this category who has passed away:

• Search for the vehicle registration document and insurance policies.

• Check if there are any regular payments associated with the vehicle.

• Confirm with the vehicle registration office when necessary.

3) Bank accounts and deposits

This is, by far, the most sensitive point when we talk about someone's deceased possessions.

O método mais eficaz para localizar as contas e os depósitos de uma pessoa falecida é através da Bank of Portugal Accounts Database, which allows you to obtain a map of existing accounts in the name of the deceased.

After finding out which banks had accounts, the next step is to request:

• Balances at the date of death.

• Relevant movements before and after death.

• Information about fixed-term deposits.

In most cases, the bank will require proof of heirship, which reinforces the importance of addressing it early. Grant of probate.

4) Investment: shares, bonds and funds

Investments are assets of a deceased person that go unnoticed, as they are often associated with:

• Financial intermediaries (brokers, banks, platforms).

• Digital extracts.

• Goods not delivered by post.

Practical pointers on how to find out someone's assets in this area:

• Emails with order confirmations.

• Mobile applications.

• Tax returns with capital income.

• Regular transfers to investment accounts.

When in doubt, the safest strategy is to cross-reference information: map out accounts, check transactions and look for documentation.

5) Savings certificates and other state savings products

Many families discover too late that savings certificates existed. These assets of a deceased person can be confirmed with the entities responsible for public debt products. In practice, it is usually necessary:

• Identify the deceased with full details.

• To prove heir quality.

• Provide documentation proving that the assets have been included in the asset register.

This step prevents assets from being forgotten for years.

6) Insurance, savings plans and life insurance

Life insurance may not be an inheritance in the classic sense if there is a designated beneficiary, but it is money that the family needs to identify. To find out about the assets of a deceased person in this area, look for:

• Policies and receipts.

• Monthly payments for insurers.

• Renewal emails.

Even when there is a beneficiary, it is advisable to register the information, as it impacts family and financial decisions.

7) Companies, shares and holdings

Extra attention is needed here, because a share in a company can be worth a lot and can bring with it unseen obligations.

Useful hints:

• Accountants' correspondence.

• Records and amendments to the deed.

• Tax declarations with income from category E or B.

8) Trade and other receivables and debts

Knowing the assets of a deceased person is not just about listing assets. It is also about identifying what the estate owes and what the estate is due to receive. Include in the inventory:

• Bank loans and credit cards.

• Mortgages associated with properties.

• Tax debts.

• Outstanding rent.

• Debtors (loans to family members, cheques, promissory notes).

9) Movable assets of value: jewellery, art, collections

Not everything is registered. Many assets of a deceased person are “silent”: jewellery, watches, pieces of art, antiques.

To avoid arguments:

• Conduct a physical inventory with photographs.

• Record who got what during the administration.

• If the value is high, request an independent appraisal.

Step 4: Formalize the list of assets and meet deadlines with the tax authorities.

After gathering the information, this is where everything takes legal form: the inventory of assets. In Portugal, reporting a death and submitting asset information to the Tax Authority has deadlines and rules. Even when there are exemptions, a reporting obligation is common.

The key takeaway is simple: without a well-prepared inventory of assets, it is much more difficult to prove assets, correct omissions, and proceed with the division of property.

Step 5: What if there is suspicion of hidden assets?

The suspicion of concealment is more common than it seems. It may be malicious, but often it's simply disorganization or lack of knowledge. If you suspect that there are assets belonging to a deceased person that have not been declared, avoid accusations at the outset and follow a safe approach:

• Organize facts and dates.

• Request transparency with bank statements and documents.

• Propose a detailed inventory with technical support.

• If necessary, proceed with legal mechanisms that compel the disclosure of information.

Step 6: Proceed to sharing safely.

After determining the assets of a deceased person, it's time to turn the list into a decision: who gets what and how are differences settled?.

A well-done share:

• Avoid family feuds.

• It prevents future challenges.

• It reduces costs associated with corrections and processes.

Conclusion

Identifying the assets of a deceased person is not a stroke of luck, nor is it something you hear casually. It's a process with concrete steps: gathering documents, confirming the will, mapping them by category, cross-referencing information with the right entities, and formalizing everything in the inventory of assets.

When this work is done rigorously, inheritance ceases to be a minefield and becomes a manageable process, with less anxiety and less family friction.

If you want to expedite the inventory of a deceased person's assets and avoid costly mistakes later, talk to our experts. Probate and inheritance lawyers.