Over $58 billion in unclaimed money is owed 80 million missing owners and heirs. Assets become legally unclaimed and abandoned under escheat and unclaimed property statutes after the original owner or rightful heirs fail to ‘communicate an interest’ in them over a period of time.
This can arise when inadvertently when there is no deposit or withdrawal to a bank account over a period of time; if you fail to claim life insurance proceeds upon death of the insured, don’t take distributions from a retirement account, neglect to cash a check or claim a refund or timely use a gift card. Even if a mailed bank or brokerage statement is returned to sender after an unreported change of address!
And in today’s digital world ‘failure to communicate an interest’ may even be deemed to occur if you don’t log on to online account on a regular basis!
Missing money may be located anywhere you – or a deceased family member – have lived, worked, conducted business or maintained an account. It is often necessary to conduct a nationwide search. There is no single repository or clearinghouse, each individual database must be checked.
This is especially true when searching for missing assets owed deceased family members, and for those who have changed name after marriage and divorce, switched jobs or lived in a number of different states, notably members of the military.
Note: For assistance with a lost life insurance policy go to: Life Insurance Policy Search. For assistance with a missing retirement account go to: Pension Search, IRA Search or 401(K) Search
