Inheritances gone amuck

unclaimed propertyInheritances 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).

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.

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5 Responses to Inheritances gone amuck

  1. Larry Frank, Sr. August 29, 2013 at 6:59 pm #

    You can do a free search for unclaimed property through http://missingmoney.com/ endorsed by the National Association of Unclaimed Property Administrators (http://www.unclaimed.org/).

  2. Larry Frank, Sr. January 31, 2014 at 8:14 am #

    Changes to CA unclaimed property law http://www.sco.ca.gov/Files-UPD/upd_2013_winter_newsletter.pdf

  3. Larry Frank, Sr. March 1, 2014 at 2:14 pm #

    Believe it or not, some people haven’t claimed their pensions! You may track down an unclaimed pension using “Find an Unclaimed Pension ” tool http://pbgc.gov/ (link to tool here too http://search.pbgc.gov/mp/mp.aspx )

  4. Larry Frank, Sr. September 16, 2016 at 1:49 pm #

    Protect client assets from aggressive unclaimed property rules
    http://www.investmentnews.com/article/20160901/FREE/160839976/protect-client-assets-from-aggressive-unclaimed-property-rules

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