What Could $23,000 Mean for You?
Imagine discovering thousands of dollars that belong to you, only to be told you can't access them. This frustrating experience happened to Dale Benerofe, a Georgia resident, when she discovered $23,000 in unclaimed property from her late parents. Her tragic story sheds light on a little-known issue that affects millions of Americans: unclaimed property.
In this article, we’ll explore what unclaimed property is, how you can find it, and how thoughtful estate planning could have ensured Ms. Benerofe received her inheritance. But first, let’s take a moment to understand what unclaimed property really is and how it could impact you and your loved ones.
What Is Unclaimed Property?
Unclaimed property refers to financial assets that have been left behind or forgotten, often over a period of three to five years. When these assets go unclaimed, financial institutions can’t hold onto them forever. By law, they must eventually transfer these funds to the state for safekeeping.
Some common examples of unclaimed property include:
Forgotten checking or savings accounts
Uncashed dividend or payroll checks
Abandoned stocks, bonds, or brokerage accounts
Unclaimed life insurance proceeds
Refunds and trust distributions
Misplaced certificates of deposit and annuities
It’s surprisingly easy for assets to become unclaimed, especially when someone passes away without their loved ones knowing about these accounts. In fact, unclaimed property is more common than you might think—totaling around $60 billion across the United States.
Take a moment to think about your own situation. If something unexpected were to happen to you tomorrow, would your family know exactly what you have and where to find it? Are you confident they wouldn’t miss anything? If you’re like most people, you’re probably not entirely sure. The reality is that your family might overlook some of your assets if you were to become incapacitated or pass away. And if they do, those assets could either disappear entirely or 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, billions of dollars. With a figure that staggering, there’s a good chance you, too, might have unclaimed property waiting for you.
How to Find Unclaimed Property
Finding out if you have unclaimed property can feel a bit daunting, but knowing the steps ahead of time can make the journey smoother. Here’s how it works:
Step 1: Check Multiple States
Start by searching in your current state of residence, as well as any other states where you’ve lived, worked, or conducted business. Each state handles unclaimed property differently, so it’s important to be thorough.
Step 2: Search Variations of Your Name
To ensure a comprehensive search, try different spellings of your name, and don’t forget to include your middle name or initial. If your name has changed over the years, such as through marriage or divorce, make sure to search under all previous names. Repeat this process for each state where you’ve lived, worked, or done business.
Step 3: File a Claim
If you find property owed to you, you’ll need to file a claim form, usually online, with the state holding your assets. Keep in mind that you’ll have to file a separate claim in every state where your assets are held—there’s no single form that covers everything.
Step 4: Gather Documentation
To prove your identity and your right to the property, you’ll need to gather documentation. This might include proof of address (from any place you’ve lived), proof of a name change, or proof of marriage or divorce. If you’re claiming property on behalf of a loved one, you’ll need similar documentation for them.
Finally, be patient. Depending on the state and the complexity of your claim, the process can take anywhere from a few weeks to several months, or even longer.
A Real-Life Experience and Cautionary Tale
Even if you take all the right steps to find unclaimed property and make a claim, there’s still a chance you might not receive the money that rightfully belongs to you. Dale Benerofe’s story is a powerful reminder of how challenging this process can be.
Ms. Benerofe discovered $23,000 that had belonged to her parents—money that should have been passed on to her after their deaths. Understandably, she was both surprised and excited, knowing how much this sum could help her and her family. So, in May 2023, she filed a claim with the State of Georgia’s Department of Revenue, providing her parents’ death certificates and other documentation as requested. But when the department asked for her father’s driver's license, she hit a roadblock—it had been lost years ago.
As of now—more than a year since Ms. Benerofe filed her claim—she’s still waiting for a resolution. The process has been frustrating and disheartening for her, a far cry from what her parents would have wanted. In a news interview, she shared her feelings, saying that her “mom would be livid” if she knew what her daughter has been through.
This story highlights the importance of being prepared and understanding that, even with all the right steps, the journey to claim unclaimed property can be complex and emotionally taxing.
The Easy Way to Ensure Your Assets Aren’t Lost
There’s a simple solution to avoid the stress and uncertainty of losing assets to the government—it’s called life and legacy planning, and it’s the type of estate planning I specialize in. A well-designed life and legacy plan includes a detailed inventory of your assets, kept up-to-date over time, so your loved ones know exactly what you have when the unexpected happens. If Ms. Benerofe’s parents had a life and legacy plan, she would have received that $23,000 without the hassle and heartache of dealing with the State of Georgia.
Our process begins with education. We’ll start by discussing what would happen to your assets and how you want them distributed after you pass away. From there, we’ll explore the many options available to you, helping you choose the plan that best fits your needs and those of your family.
Throughout the planning process, we’ll work together to create a comprehensive inventory of your assets. This inventory is kept private and maintained over time, ensuring it’s always up-to-date when your family needs it. With a life and legacy plan, you can rest easy knowing that your loved ones won’t have access to your money while you’re alive (unless you choose to give them access), but they’ll be able to get to it easily after you’re gone—no worries about your hard-earned money getting lost to the government.
If you’ve already created your life and legacy plan with us, you understand the importance of keeping your asset inventory updated. Be sure to watch for our reminders to review and update your plan. But if you know that a recent life change or new assets require an update, don’t hesitate to reach out to us right away. We’re here to help you every step of the way.
Ready to Secure Your Assets? We Can Help.
There’s a surprising amount of money sitting in State Treasury Departments that could belong to people like you. By reading this article and learning more, you’re already taking a crucial step toward safeguarding your assets for your loved ones. We’re here to help guide you through the rest of the process.
We specialize in creating estate plans that ensure everything works smoothly when your family needs it most. Once your plan is in place, you can have peace of mind knowing that your wishes will be honored, your loved ones will be cared for, and your property will be protected. It’s truly the last and greatest gift you can give to those you love.
Click here to schedule a complimentary 15-minute consultation and learn more about how we can help.
This article is a service of Cedar Counsel. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.