Why do you lose money?
It’s your money: companies and other institutions that hold your assets need to follow strict laws. Most states require them to contact you regularly (for example, to provide quarterly statements) and allow you to claim the assets whenever you wish. But this is difficult. For instance, when someone moves or dies, notifying everyone of their new address may not be the first thing on their mind. After a couple of moves, you might completely forget about certain accounts, and heirs may be entirely unaware of the assets.
How to find and claim assets
Finding money is easy, and you can do it yourself. Start by searching for assets that have been turned over to any state you lived in (assets are usually turned over to the state that knows your last address). There are many free services that make searching easy, including:
- MissingMoney.com includes data from most U.S. states and Puerto Rico and parts of Canada.
- Unclaimed.org directly links to unclaimed property departments in any state (or you can just search for the unclaimed property office in your state).
- USA.gov helps you search for unclaimed assets from government agencies and foreign governments (including tax refunds).
You may need to file a claim: If you find assets in your name, the next step is to fill out a form or request online to file your claim. Claims should include proof of identity (such as driver’s license or passport information), any previous addresses you may have used, and documents proving your ownership rights to the assets. If the owner is deceased and you inherited the assets, additional documentation will be required.
Should you pay a finder’s fee?
Unclaimed property listings are freely available, so someone may contact you before you discover any missing funds. In most cases, these are private businesses known as “finders” who hope to earn revenue by reuniting you with your assets. Most state governments do not contact you directly – they lack the resources to track you down and communicate with you.
If you want to pay a finder’s fee, you are free to do so if you believe they provided a valuable service. However, there is no requirement to pay a fee to reclaim assets from the state, and you can conduct the search and file claims on your own for free.
If someone contacts you about missing money, do some research before providing any payment or personal information. Some of these methods are legitimate, but others are scams. You could end up either wasting money or becoming a victim of identity theft. Again, contact the unclaimed property office in your state directly before proceeding with the finder.
What do you get?
In most cases, you get the value of your assets at the time they were turned over to the state – and nothing more. If the money was invested in tools that accrued market value after it was lost, you might not benefit from those gains: states often sell assets and convert them to cash for easier management.
The same applies to collectibles and jewelry – that’s why it’s best to keep track of items with sentimental value (family heirlooms and unique items, for example). The contents of a safe deposit box may be kept, but many items are sold, and heirs receive only the proceeds of the sale.
What about the interest earned on those funds over the years? Don’t be surprised if you don’t receive any interest. If there is any consolation, some states use interest earnings to support assistance programs that benefit low-income residents.
Types
Lost Assets
You may be eager to track everything, but a wide range of assets can lead to unclaimed property. This can be any financial account, as well as any payment you never received (or checks you received but never deposited), still lingering there. Examples include:
- Checking and savings accounts
- Brokerage and retirement accounts
- Insurance benefits (including cash values, death benefits, and annuity payments)
- Escrow accounts
- Business profits
- Dividends
- Pension payments
- Tax refunds
- Utility deposits
- Contents of safe deposit boxes
- Certificates of deposit that matured years ago
- And more
Source: https://www.thebalancemoney.com/find-missing-money-315471
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