Could $23,000 Change Your Life?
Imagine finding out that thousands of dollars belong to you, only to be told you can't access it. This frustrating reality hit Dale Benerofe, a Georgia resident, when she discovered $23,000 in unclaimed property from her deceased parents. Her story highlights a little-known issue affecting millions of Americans: unclaimed property.
In this article, you'll learn what unclaimed property is, how to find it, and how proper estate planning could have ensured Ms. Benerofe received her inheritance. But first, let's clarify what unclaimed property is and how it might affect you and your family.
What’s the Scoop on Unclaimed Property?
Unclaimed property is money or assets that have been left behind or forgotten for a set period, usually three to five years. Financial institutions can’t keep your funds forever. If no one steps up to claim these assets, the law mandates they be handed over to the state for safekeeping.
Common examples of unclaimed property include:
Forgotten checking or savings accounts
Uncashed dividends or payroll checks
Abandoned stocks, bonds, or brokerage accounts
Unclaimed life insurance proceeds
Refunds and trust distributions
Forgotten certificates of deposit and annuities
Many times, these assets go unclaimed because someone has passed away, leaving their loved ones unaware of their existence. Surprisingly, this issue is widespread, with around $60 billion in unclaimed assets across the US.
Take a moment to reflect: if something happened to you tomorrow, would your family know precisely what you own and where to find it? Most likely, the answer is no. If your family misses any of your assets, they could either vanish or end up in your state’s “unclaimed property” department. According to the National Association of Unclaimed Property Administrators, about one in seven Americans has forgotten property waiting to be claimed. With billions of dollars at stake, it’s not far-fetched to think you might have unclaimed property just waiting for you.
Navigating the Unclaimed Property Maze
Discovering if you have unclaimed property involves a multi-step journey. Although online searches can help, the process may still be lengthy. Here’s a breakdown of what to expect:
Step 1: Search Across States
Start by checking not only your current state but also any other states where you've lived, worked, or done business.
Step 2: Try Different Name Variations
Explore various spellings of your name, including middle names or initials. Don’t forget to check former names if they’ve changed over the years. Search all these variations in the states relevant to your history.
Step 3: File a Claim
If you find assets in your name, you'll need to fill out a claim form (often online) with the state holding those assets. Each state requires its own form, so be prepared to file separately in every state where you’ve found unclaimed property.
Step 4: Gather Proof
Be ready to supply documentation to verify both your identity and your right to the property. This could include proof of address, name changes, or marriage/divorce records. If claiming assets from a loved one, similar documentation will be required.
Step 5: Exercise Patience
The process can vary greatly. Depending on the state and complexity of your claim, it may take weeks, months, or even years to resolve.
A True Story of Struggle and Warning
Even if you follow all the steps to locate and claim unclaimed property, you might still hit obstacles. Dale Benefore's experience is a prime example of this.
Dale found $23,000 in unclaimed assets that were rightfully hers after her parents’ passing. Thrilled at the prospect of this windfall making a real difference for her family, she filed a claim with Georgia’s Department of Revenue in May 2023. She submitted her parents' death certificates and all required documents, but when asked for her father's driver's license—a document she no longer had—she was unable to provide it.
More than a year later, Dale is still battling for her rightful funds. The lengthy and frustrating process has left her disheartened, and she feels this is not what her parents would have wished for her. In a recent interview, she shared that her mother would be "livid" if she knew the difficulties Dale has faced.
The Simple Solution to Safeguard Your Assets
Avoid the hassle and potential loss of assets with a straightforward solution: Planning Session. This proactive estate planning approach ensures that your assets are never lost or handed over to the government.
With a well-designed Planning Session, you maintain a detailed and regularly updated inventory of your assets. This means your loved ones will know exactly what you have and where it’s located if something happens to you. For instance, if Ms. Benefore’s parents had implemented a Planning Session, she would have received the $23,000 years ago, without the ongoing struggle with the State of Georgia.
Our Planning Session process begins with a thorough education about how your assets will be managed and distributed after your passing. We guide you through various options to create a plan that fits your family's needs perfectly.
Throughout the process, we help you compile a confidential and continuously updated asset inventory, ensuring that your money is protected while you’re alive (unless you choose otherwise) and easily accessible to your family when you’re gone. This eliminates the worry of losing your assets to the government.
If you’ve already set up your Planning Session with us, remember the importance of keeping your asset inventory up-to-date. Look out for Planning Session our reminders to review and refresh your plan. If you experience any significant life changes or asset adjustments, contact us immediately to update your plan accordingly.
Ready to Safeguard Your Assets? We’re Here to Help
With billions in state treasuries, it’s vital to act now. By reading this, you’re already on the path to securing your assets for your loved ones. We’re here to help you complete the journey.
As a Personal Family LawyerⓇ Firm, we specialize in creating planning sessions that ensure your wishes are honored and your family is protected. Once your plan is in place, you can relax knowing your legacy is secure and your loved ones are cared for. It’s the ultimate gift you can give.
Ready to learn more? Click here to book a free 15-minute consultation: https://go.20westlegal.com/meeting-scheduler
This article is a service of 20WestLegal LLC. We don't just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. That's why we offer a Planning Session, during which you will get more financially organized than you've ever been before and make all the best choices for the people you love. You can begin by calling our office in Sudbury, Massachusetts today to schedule an Estate Planning Session and mention this article to find out how to get this $750 session at no charge.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.