Is Your Money Waiting for the State?
This past February 1 was National Unclaimed Property Day and serves as a reminder that state governments currently hold over $70 billion in forgotten assets. This isn’t abandoned real estate; it’s usually dormant bank accounts, uncashed paychecks, utility refunds, or forgotten stocks that were turned over to the state after a period of inactivity.
Assets often disappear due to simple life changes like moving, changing a name, or the death of a family member without a clear financial record. With so many of us juggling multiple bank accounts, retirement funds, PayPal, Venmo, old 401(k)s from previous jobs, and who knows what else, it’s easier than ever to lose track of where all your money actually is.
Check and Claim
The first step is to Search. Visit unclaimed.org to search for your name in every state where you’ve lived or worked. The process is free, though you will need to provide identification to prove ownership.
Prevention
The second, and more vital step is to prevent. You can protect your family by consolidating accounts, updating your contact information whenever you move, and maintaining a comprehensive inventory of your assets. Working with a professional to create an Estate Plan ensures that your hard-earned money stays with the people you love rather than becoming a statistic gathering dust in a state vault somewhere.
Consult a professional who has your best interests in mind, not someone who only focuses on after death documents. Estate Planning is also about what happens while you’re still living. Learn the best way to protect yourself and your family while you’re still living and after you’re gone and keep everyone out of court and conflict.
