Estate Planning is More Than Just Paperwork, Folks: National Unclaimed Property Day
Did you know there’s around $60 BILLION in unclaimed property sitting with state governments right now?
Yep, $60 billion—just hanging out, waiting for someone to claim it. As we gear up for National Unclaimed Property Day on February 1st, let me remind you: proper estate planning can ensure your assets never end up in that pile of forgotten funds.
Let’s make sure your legacy goes exactly where you want it—not into the state’s pocket. Read more now.
Estate Planning is More Than Just Paperwork, Folks: National Unclaimed Property Day
Every February 1st, we’re reminded that there’s a jaw-dropping $60 billion in forgotten assets sitting in state coffers. And we're not talking about spare change, folks—think life insurance policies, bank accounts, uncashed checks, retirement funds—real money that’s slipped through the cracks.
At 20West Legal, I see all too often how inadequate estate planning leads to these lost assets. So, let’s get real: How do these assets become “unclaimed”? How do you keep your hard-earned money from joining that $60 billion pool? And most importantly, how do you make sure your assets get to your loved ones, without detours?
Join me as we dive into the ins and outs of protecting what’s yours. Your legacy shouldn’t end up as unclaimed property—let’s make sure it goes where it’s meant to.
How Assets Get "Lost"—And How to Avoid It
You’d think it’d be hard to misplace billions of dollars, right? Wrong. Here’s how it happens—faster than you’d expect:
Picture this: You become incapacitated or pass away. Someone in your family (either someone you named or a judge chose) has to track down every asset you own. Think they’d find it all? Honestly, could you even find it all? From long-forgotten retirement accounts and insurance policies to that bank account you opened a decade ago, things slip through the cracks.
Without an updated estate plan—including a detailed asset inventory—your loved ones often don’t know what assets exist or where to find them. The result? Your hard-earned money could end up in state custody instead of funding your kids’ education, investing in a loved one’s future, or enhancing the lives of the people you care about most.
What’s worse? “Traditional” estate planning often fuels the problem. Old-school wills or trusts (whether drafted by a lawyer, financial advisor, or DIY tool) focus on documents, not comprehensive planning. You take those papers home, stick them in a drawer, and that’s the end of it—no asset inventory, no tracking. And guess what? That’s how assets get overlooked and join the $60 billion pool of unclaimed property.
It doesn’t have to be this way. A proactive, comprehensive estate plan ensures nothing gets lost and your legacy lands exactly where it belongs—with the people you love most.
Why an Asset Inventory (and Regular Updates) Are Essential
Estate planning isn’t a one-and-done deal—it’s a lifelong process. As the leader of a Personal Family Lawyer® firm, I know that keeping track of your assets is just as important as creating the legal documents to protect them. That’s why my process begins with a Planning Session, where we create a comprehensive inventory of your assets to ensure nothing is forgotten or overlooked.
This inventory includes the obvious things like your home and bank accounts, but also:
Life insurance policies
Retirement accounts (even from previous employers)
Investment accounts
Business interests
Valuable personal property
Intellectual property rights
Digital assets and cryptocurrency
Speaking of digital assets… In today’s world, cryptocurrency, online banking accounts, social media profiles, and digital business assets can be particularly tricky. Without proper documentation and access instructions, these assets could be lost forever—even if your loved ones know they exist.
When you work with me, I don’t just help you create an inventory—I help you keep it updated. Through regular reviews of your Estate Plan, we ensure your asset inventory stays current and aligned with your goals, wishes, and values.
This isn’t just about keeping track of what you own; it’s about preventing your assets from becoming lost or forgotten. With a proactive approach, you can rest easy knowing everything you’ve worked for will go to the people you want, in the way you want.
Beyond Dollars: The True Value of Estate Planning
Estate planning isn’t just about listing what you own—it’s about ensuring every piece of your legacy is protected, accessible, and properly prepared for your loved ones when the time comes. That’s where my Estate Planning process steps in.
It’s not enough to have an asset inventory. You also need to:
Ensure your assets are properly titled.
Update beneficiary designations regularly.
Make sure your loved ones know exactly how to access what you’ve worked so hard for.
But here’s the part most traditional or DIY estate plans miss: Not all assets are about money. Think about your family photographs stored in the cloud, emails that tell your family’s history, or digital collections of music and art. These priceless pieces of your life carry incredible sentimental value—and without the right planning, they can become just as inaccessible as unclaimed bank accounts.
Losing those personal treasures means losing the stories, memories, and love that connect generations. That’s a loss no dollar amount can measure.
Estate planning done right isn’t just about signing the right documents—it’s about making things as easy as possible for the people you cherish most. It’s the ultimate act of love, ensuring your legacy, both financial and sentimental, is secure and accessible for your family.
Your Next Step
Estate Planning in Sudbury, Massachusetts: Protect What Matters Most: At 20West Legal, estate planning isn’t just about documents—it’s about protecting your legacy and everything you hold dear. With our Estate Plan, we go beyond the basics to ensure your assets and values are secured for generations to come.
Here’s what we do:
Complete and Updated Asset Inventory: Know exactly what you own and where it’s going.
Regular Reviews: Life changes, and so should your plan. We’ll make sure nothing slips through the cracks.
Legacy Planning Session: Pass down your values, traditions, and love—not just your assets—to the people who matter most.
Let’s work together to create a plan that’s as unique as you are and ensures your loved ones stay protected.
Schedule your complimentary 15-minute consultation today: 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.