I Found Cash In My Dad’s Closet- Here’s What You Should Know

When my father passed away a few years ago, my family and I gathered at his home to start the difficult process of sorting through his belongings. Between the photo albums, old love letters to my mom, and vintage Cubs memorabilia, we found something no one expected — a shoebox filled with cash.

At first, we laughed. Then we looked at each other and asked, Wait… what do we do with this?

If you’ve ever been in this situation — or if you want to make sure your family won’t have to deal with something like this when you’re gone — let me share what I’ve learned.

What Happens to Hidden Cash When Someone Dies?

The legal answer is simple: everything your loved one owns at the time of their death, including surprise cash stashes, becomes part of their estate. Even if it’s tucked under a mattress or inside a coffee can in the garage.

That means it needs to be reported, added to the estate’s assets, and properly distributed to heirs according to the will or Illinois intestate succession laws if no will exists.

In my case, we notified the estate’s executor and our family’s attorney. We logged when and where we found the cash and secured it safely until it could be deposited into the estate account.

Are There Tax Issues to Worry About?

You bet. Large cash deposits (especially over $10,000) are reported to the IRS, and if the cash wasn’t accounted for in the deceased person’s tax records, it can trigger questions.

An experienced estate planning or probate attorney can help handle this smoothly. In our case, everything worked out fine — but it was a wake-up call about how easy it is for overlooked assets to cause trouble later.

How to Prevent This from Happening to Your Family

That shoebox of cash made me realize just how important a thorough, up-to-date estate plan is. Nobody wants to leave behind confusion or potential legal headaches for their family.

With a solid estate plan:

• All your assets are accounted for — including cash, jewelry, and the rare baseball card collection.

• Your chosen executor knows exactly where everything is and how to handle it.

• Your loved ones avoid unnecessary stress, probate problems, and tax surprises.

Libertyville Families — Don’t Leave Your Loved Ones Guessing

If you’re local to Libertyville or anywhere in Lake County, Illinois, and you haven’t created a comprehensive estate plan (or it’s been sitting untouched since the kids were in grade school), now’s the time.

As an estate planning attorney who’s been on both sides of this situation, I can tell you firsthand — it’s worth the peace of mind.

Reach out today for a conversation about getting your affairs in order. You never know what might be hiding in your closet.