Government custodians are holding over $58 billion in unclaimed money owed 80 million missing owners and heirs. Assets become legally unclaimed after the original owners or rightful heirs fail to communicate an interest in them over a period of time. The period of time that must pass before an asset is considered legally abandoned – the dormancy period – is set by law. It varies with the type of property involved, but generally runs one to three years.
If, at the end of the dormancy period, there has been no owner directed activity, those holding the assets – insurance companies (one-third of all life insurance policies worth hundreds of millions of dollars have gone unclaimed), banks, brokerages, trade and credit unions, employers and utilities – transfer them to the protective custody of a government trust account in a process known as escheat.
Many missing heirs do not know they are entitled to receive unclaimed funds, because family members failed to keep up to date financial records, or died without a will. Holders make only a limited effort to track down rightful owners, but it’s a near-impossible task for a number of reasons. Family members often cannot be found because they’ve moved, switched jobs, changed name after marriage and divorce, or as a result of computer and clerical errors.
For assistance with a lost life insurance policy go to: Life Insurance Policy Search. For assistance with a lost IRA, 401k or pension go to: Find and Claim Missing Retirement Accounts
To search for missing money and lost assets complete the form below.
