Inheritances gone amuck. What went wrong where the State ends up with the goods and financial assets instead of the rightful heirs? Even more astounding is when the State gets stuff and money even when the owner is still alive! How’s that happen?!
In short – carelessness, forgetfulness, and for many financial assets, lack of account activity (so it seems abandoned).
The very last segment in Claudia Buck’s column (link below) is a short list how to avoid these problems. Stuff and money goes to all the States all the time. How do you avoid this?
The biggest hints? Keep records of what you have and where it is. At least have a will so your intentions are known.
Abandoned property and inheritances often go hand in hand because the heir is not aware of the property the owner intended for them.
When it comes to your retirement assets … how do your heirs properly receive those (hint: wills and trusts do not apply to retirement accounts like 401k’s , 403b’s, IRAs and Roths)? They receive those through proper beneficiary designations. However, if the beneficiary is not aware of the money so they can claim it … guess where it goes!
The short article below explains what heirs may expect as a designated beneficiary on someone else’s retirement money.
Note: The above is not legal advice. Before going to an outside party to claim or hunt down property for you, go to the State’s office or website first.