Unclaimed Money and Abandoned Property
Government agencies are holding over $30 billion in unclaimed property and missing money. Financial assets become unclaimed in the eyes of the law when contact with the owner is lost – due to a name change after marriage or divorce, an unreported address change, incomplete or illegible records, and most commonly, on death.
In addition to those who have neglected to claim assets to which they are directly entitled, family members are often unaware they’re eligible to collect unclaimed money and property owed deceased relatives, who passed on without leaving an updated will or adequate financial records.
More than one-quarter of all life insurance policies go unclaimed on the death of the insured. Why? It’s up to family members to notify the insurance company when a policyholder dies – virtually no effort is made to find lost beneficiaries and missing heirs.
When owners or heirs fail to communicate an interest in an asset over a specified number of years known as the dormancy period, those left holding unclaimed funds: banks, stock brokers and transfer agents, employers and life insurance companies – transfer the monies to a government trust account in a legal process known as escheat.
Along with tens of billions of unclaimed dollars owed by government agencies themselves, here this money awaits your claim!