Skip to content

Unclaimed Money From Deceased Relatives

Can You Claim Unclaimed Money From Deceased Relatives?

If you get an inheritance, whether it’s expected or not, it can help you improve your financial situation. But through poor oversight or lack of planning, an inheritance could be temporarily displaced. It’s possible that you have money from dead relatives that you don’t even know about. But how do you get to it? And what happens to it if you don’t do that? If you think you might have money that your relatives left behind, it’s important to know how to find it.

Can You Claim Unclaimed Money From Deceased Relatives?

The short answer is that you can get money from your deceased relatives. It’s possible to make a legal claim for the money left by a dead relative under the laws in your state. The types of money you might be able to get back:

  • Bank accounts
  • Real estate
  • Vehicles
  • Certificates of deposit
  • Bonds
  • Stocks
  • Retirement accounts
  • Insurance policies
  • Annuities
  • Contents from safe deposit boxes
  • Royalties
  • Utility deposits

Sometimes, you may be named as a beneficiary to a piece of money. As an example, your parents might name you as the beneficiary of a life insurance policy that they own. In that case, you’d have a claim to the money from the policy, no matter what state inheritance laws say.

Life insurance policies usually require proof of identity and a copy of the death certificate when you want to make a claim on one of the policies. If you haven’t already, you’ll need to get that first. People can also name beneficiaries for 401(k) plans, IRAs, payable on death accounts, and trusts, which are other types of accounts that can have them.

The only time you wouldn’t be able to automatically claim an asset or unclaimed money is if your relative wrote in their will that someone else should get it for them. If the will is legally valid, you would have to go to court to change its terms. A judge would then decide whether to uphold the will or honor your claim to those assets.

What Happens to Unclaimed Money From Dead Relatives?

There are many reasons why money may not be claimed after someone dies. It’s possible that parents could buy life insurance policies without telling their kids because they don’t like talking about money or planning for the future. There is a policy, but you may not even know about it. This isn’t the only thing that could have happened. A relative could have opened bank accounts and then forgotten about them. That’s not very common in people who have dementia or Alzheimer’s. If they don’t have a conservator or someone else they trust to look after their money, it’s possible that assets could fall through the gaps. The end result is that those accounts become money that can’t be found.

The good news is that money that hasn’t been claimed doesn’t go away. The state could, however, end up taking it if no one claims it. When it comes to unclaimed property, each state has its own set of rules. Financial institutions are required to turn over any assets that haven’t been claimed after a certain amount of time has passed. For example, if no one comes forward after five years, then the state may get the unclaimed assets from the people who didn’t want them.

As long as no one claims them, the state will keep them. In most states, there aren’t any time limits on how long you have to work on this. So you don’t have to worry about not having a chance to get your hands on some money that was left behind. So, even if you never look for money that has been left behind by family members who have died, your estate may still be able to get it when you die if state inheritance laws allow it.

How to Find Unclaimed Money From Deceased Relatives

Making a list of the types of assets you think you need to look for is the first step in finding money from dead relatives. There are many different types of assets that can be in your bank account or real estate, as well as insurance policies, retirement plans, investment accounts, and more.

As soon as you have a list of assets you want to find, you can start looking for them. The good news is that there are a lot of websites and tools that make this part of the process easier. Some of the places you can look online for money that has been lost or stolen:

You can check with your state’s office of the treasurer if you want to look for money that has been left behind by deceased relatives. Your state may have a special department that deals with unclaimed assets. This department can help you find assets that you might be owed.

You can also look at local and state property tax records to see if your deceased relative owned any cars, land, or homes. This won’t tell you for sure if you can get those assets. That’s up to your state’s inheritance laws. But it could help you figure out how to make a claim if you think you should inherit.

Finally, think about what you can do now to avoid having to look for unclaimed money from deceased relatives. To avoid losing money, life insurance policies, or other assets, later on, talk to your parents about their estate plan now.

The Verdict

Finding unclaimed money from deceased relatives may require some detective work, but it may be less difficult than you think. If you suspect that you have unclaimed inheritance money, it is critical that you take action to locate it. Otherwise, it could remain the state’s property indefinitely. The good news is that there are numerous resources available to assist you in determining whether your deceased relatives have left unclaimed money, whether you are entitled to it, and how to access it.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *

Dom Lucre

Dom Lucre