If you die without a Trust or Will of any kind, your estate will enter intestacy and will be subject to your state's probate and succession rules. This means that your assets could be distributed in a way that goes against your wishes.
What happens to unclaimed assets?
Typically unclaimed funds and property are handed over to the state the assets are located in after a dormancy period has passed. If you claim property, it will be treated as ordinary income and taxed accordingly unless the property is related to a tax refund.
Is unclaimed assets a real thing?
Actually, it's legit. By law, states become custodians of unclaimed property and hold it until its rightful owners step up and make a claim.
How does money end up in unclaimed property?
Individuals may have unused money left on gift cards, positive account balances with banks and other financial institutions, and uncollected sales commissions with previous employers. Also, beneficiaries of life insurance policies and other investments are common claimants to unclaimed funds.
What is an unclaimed fund?
Unclaimed funds are money and other assets whose rightful owner cannot be located. Unclaimed funds are typically turned over to the government after a specific period of time has passed.
What is the best website to find unclaimed money?
www.unclaimed.org
How do I find unclaimed money online for free?
Do a free search on the websites MissingMoney.com and Unclaimed.org, which are both endorsed by NAUPA. The sites feature collective records from all state-held unclaimed property. Check the treasury website for the state you live in and any other ones you have resided in in the past.