We don’t want to think about it, but what happens to funds that belong to you but are unclaimed after you’re gone? Maybe you missed the opportunity to discover and recover these funds; if they are substantial, they could be life-changing for your heirs.
Let’s look at what happens to missing funds after you’re gone and how your heirs may recover them.
What Are Unclaimed Funds?
Throughout the course of our lives, we undertake numerous financial transactions, and many might involve refunds or payouts that are missed or don’t make it to us. The funds might not be received due to an address change, or we might forget to cash a check. If it has been a specified period of time that the funds go without being received or the check is cashed, the government will designate them as unclaimed.
Once designated as unclaimed, the funds or property escheat, which means the financial institution turns them over to the state. Escheated accounts are otherwise known as dormant, unclaimed, or abandoned.
These funds could come from a closed bank account, an uncashed insurance check, an abandoned safe deposit box, unredeemed gift cards, or a forgotten inheritance, just to name a few sources. Over time, these funds could add up to a substantial amount of money.
What Kind of Missing Money Could I Leave Behind?
You could pass on with a variety of missing funds out there. To name a few, these funds could be:
- Money from bank accounts
- Annuities
- Dividend payments
- Retirement accounts
- Bonds
- Safe deposit boxes
- Utility deposits
- Rental deposits
- Insurance payments
- Certificates of deposit
- Royalties
Potentially, thousands of dollars not claimed by you could be out there when you pass away, and they need to go to your heirs.
So, can your heirs reclaim these funds?
Can Heirs Claim These Funds?
The good news is that your heirs can reclaim these funds if they can find them and prove that they are next of kin, and missing money from deceased relatives is widespread. There are some caveats, though.
First and foremost, your relatives need to be able to find the missing money that is in your name. They will have to perform a search and verify that the funds are yours.
Once funds are found, they must prove they are eligible to reclaim them. Typically, each state will have different forms that must be submitted to do so.
Documentation must be submitted alongside any form to claim unclaimed money from deceased relatives. A general idea of the documents that might be needed are:
- A driver’s license or another form of government-issued identification
- The decedent’s death certificate
- Proof that the property belonged to the decedent
- Evidence of your relationship to the decedent
- Marriage certificate if you’ve had a name change
- A claim affirmation form
- Social security number
- The social security number of the decedent
- Proof of mailing address
As you can see, it could be difficult for your relatives to find and claim any missing money you might leave behind. The best remedy is being proactive.
What’s the Best Way To Ensure My Heirs Receive These Funds?
The best approach is always one that is proactive. You deserve to have your funds back and be able to pass them on as part of your estate plan. Finding and recovering your money now ensures your relatives don’t have to endure the process. You might even find money that you should have inherited in the past.
How Do I Get Started?
You can go out and perform the search yourself and recover the funds, but there is no guarantee you’ll find everything owed to you. Typically, the best strategy is to work with experts who know how to locate all of your missing funds and recover them. A professional recovery firm will know where to look, how these funds accumulate, and how to get them back.
Starting with professionals in asset recovery today ensures your heirs don’t have to search and attempt to recover money owed to you when you’re gone.
Wealth Recovery Alliance is an asset recovery firm with years of experience in helping people recover money that is owed to them. They know where and how to search and then start the process of reclaiming those.
Contact Wealth Recovery Alliance today to recover money owed to you and ensure your heirs aren’t left doing so.