Would $23,000 Make a Difference to You?
Imagine discovering thousands of dollars that rightfully belong to you, only to be told you can’t have it. This frustrating reality struck Dale Benerofe, a Georgia resident, who found herself entangled in a bureaucratic nightmare after uncovering $23,000 in unclaimed property from her deceased parents. Her story sheds light on a common yet little-known issue that impacts millions of Americans: unclaimed property.
In this article, you’ll learn about unclaimed property, how to locate it, and why proper estate planning could have saved Ms. Benerofe from her unfortunate ordeal. But first, let’s explore what unclaimed property is and how it could affect you and your loved ones.
What Is Unclaimed Property?
Unclaimed property refers to financial assets that have been abandoned or forgotten for a specified period, typically ranging from three to five years. Financial institutions cannot hold onto your money indefinitely. If no one claims these assets, the law requires them to be turned over to the state for safekeeping.
Common types of unclaimed property include:
- Forgotten checking or savings accounts
- Uncashed dividends or payroll checks
- Abandoned stocks, bonds, or brokerage accounts
- Unclaimed life insurance proceeds
- Refunds and trust distributions
- Unclaimed certificates of deposit and annuities
Often, these assets become unclaimed when someone passes away, and their heirs are unaware of the assets’ existence. This scenario is more common than you might think, with approximately $60 billion in unclaimed property across the United States.
Ask yourself: If something were to happen to you tomorrow, would your family know where to find all your assets? If you’re like most people, you might not be certain. Chances are, your family could overlook some of your assets if you were to become incapacitated or pass away, potentially leaving those assets to end up in your state’s department of unclaimed property.
According to the National Association of Unclaimed Property Administrators, about one in seven Americans has some form of forgotten property owed to them. As of now, the total amount of unclaimed property nationwide is estimated to be between $50 billion and $70 billion. Yes, that’s billions with a “B.” With such a staggering amount, it’s possible that you, too, might have unclaimed property waiting to be claimed.
The Process of Finding Unclaimed Property
Tracking down unclaimed property can be a daunting process, even though much of it can be done online. Here’s a step-by-step guide to help you navigate the process:
Step 1: Search Multiple States
Conduct a search in your current state of residence and any other states where you’ve lived, worked, or conducted business.
Step 2: Search Variations of Your Name
Try different spellings and include your middle name or initial to ensure a thorough search. If your name has changed over the years, such as due to marriage or divorce, check all variations in every state where you’ve lived or worked.
Step 3: File a Claim
If you find property owed to you, you must file a claim form (usually online) with the state holding your assets. Remember, you’ll need to file a separate claim in every state where your assets are held—there’s no universal form.
Step 4: Gather Documentation
Be prepared to provide proof of your identity and your right to the property. This may include proof of address (at any address where you’ve lived), proof of name change, or proof of marriage or divorce. You’ll need similar documentation for your loved ones if you’re claiming their property.
Finally, be patient. Depending on the state and the complexity of your claim, the process can take weeks, months, or even years.
A Cautionary Tale: Dale Benerofe’s Struggle
Even if you follow the proper steps, receiving the money rightfully owed to you isn’t always guaranteed. Dale Benerofe’s story serves as a stark reminder of the challenges involved.
Ms. Benerofe discovered $23,000 that belonged to her deceased parents, money that should have been passed on to her. Excited by the prospect of receiving a life-changing sum, she filed a claim with the State of Georgia’s Department of Revenue in May 2023. As part of the process, she submitted her parents’ death certificates and other required documentation. However, when the department requested her father’s driver’s license, she was unable to provide it, as it had long since been discarded.
More than a year later, Ms. Benerofe is still fighting for her money. The process has been time-consuming, disheartening, and frustrating, far from what her parents would have wanted for her. In a news interview, she expressed her dismay, stating that her “mom would be livid” if she knew what her daughter was going through.
Protecting Your Assets: The Power of Life & Legacy Planning
There is an easy solution to ensure that your assets aren’t lost or turned over to the government—Life & Legacy Planning®. This type of estate planning goes beyond a simple will, providing a comprehensive inventory of your assets that stays updated over time so your loved ones know exactly what you have and where to find it.
If Ms. Benerofe’s parents had a Life & Legacy Plan, she would have received the $23,000 without the stress and time wasted fighting with the State of Georgia.
My Life & Legacy Planning process begins with educating you about what would happen to your assets and how you want them distributed after you pass away. We explore the options available so you can choose the right plan for you and your family.
Throughout the planning process, we work with you to create a thorough, private inventory of your assets, maintained and updated regularly, so your family won’t have to worry about losing your hard-earned money to the government.
And if you’ve already created your Life & Legacy Plan with us, you know how important it is to keep your asset inventory updated. We’ll send reminders to review and update your plan, but if you know you need to make changes due to a life event or a change in assets, don’t hesitate to contact us immediately.
Ready to Secure Your Assets? We’re Here to Help
With billions of dollars sitting unclaimed in State Treasury Departments, it’s crucial to take action now. By reading this article, you’ve already taken the first step in protecting your assets for your loved ones. We can guide you through the rest of the journey.
We specialize in creating Life & Legacy Plans that work when your family needs them most. Once your plan is in place, you can rest assured that your wishes will be honored, your loved ones cared for, and your property protected. It’s the last, greatest gift you can give to those you love most.
Click here to schedule a complimentary 15-minute consultation to learn more.
