As the saying goes, death and taxes are the only two certainties in life. While death is inevitable, it can leave behind a trail of unclaimed assets, including money that belongs to you or your family. If you suspect that you may be entitled to unclaimed money from a deceased relative, it’s essential to understand your legal rights and take the necessary steps to claim it before it becomes lost forever. In this article, we’ll discuss everything you need to know about claiming unclaimed money from deceased relatives.
Understanding the Legal Rights to Unclaimed Money from Deceased Relatives
When someone dies, their assets are typically distributed according to their will or through the probate process. However, if there are unclaimed assets, such as bank accounts, stocks, or insurance proceeds, they may be turned over to the state government as unclaimed property. Each state has its laws regarding unclaimed property, but generally, after a certain period, usually five years, the state can sell the property at auction and use the proceeds for public purposes.
However, if you believe that the unclaimed property belongs to you or your family, you may have the legal right to claim it. The first step is to determine if you’re the rightful heir to the property. If the deceased person had a will, the property may have already been distributed according to their wishes. If there was no will, the state’s laws of intestacy will determine who inherits the property.
Who Can Claim Unclaimed Money from Deceased Relatives?
The laws regarding who can claim unclaimed money from deceased relatives vary from state to state. In general, the deceased person’s closest living relatives have the strongest claim to the property. This typically includes the spouse, children, and parents. If there are no living relatives, the property may be turned over to the state.
If you believe that you’re entitled to unclaimed property from a deceased relative, you’ll need to provide proof of your relationship to the deceased. This may include a death certificate, proof of your own identity, and documentation showing your relationship to the deceased, such as a birth certificate or marriage license.
How to Find Unclaimed Money from Deceased Relatives
If you suspect that you may be entitled to unclaimed property from a deceased relative, there are several resources you can use to search for it. The first is to search the state’s unclaimed property database. Each state has its database of unclaimed property, which you can search for free online. You’ll need to enter the deceased person’s name, and if there is any unclaimed property in their name, it will be listed.
Another resource is the National Association of Unclaimed Property Administrators (NAUPA). This organization maintains a national database of unclaimed property, including property from all 50 states. You can search this database for free on their website.
Finally, you may want to consider hiring a professional asset locator. These professionals specialize in finding unclaimed property and can help you navigate the legal process of claiming it. However, be wary of scams and only work with reputable asset locators.
Can You Claim Unclaimed Money from a Deceased Family Member?
If you’re the deceased person’s closest living relative, such as their spouse, child, or parent, you may have the legal right to claim their unclaimed property. However, you’ll need to provide documentation proving your relationship to the deceased, such as a death certificate and proof of your own identity.
If you’re not a close living relative of the deceased, it may be more challenging to claim their unclaimed property. In some cases, the state may require a court order before they’ll release the property to you.
Can You Claim Unclaimed Money from a Deceased Parent?
If you’re the child of a deceased parent, you may have the legal right to claim their unclaimed property. However, the laws regarding inheritance vary from state to state. In some cases, if the parent had a will, their property may have already been distributed according to their wishes. If there was no will, the state’s laws of intestacy will determine who inherits the property.
To claim your deceased parent’s unclaimed property, you’ll need to provide documentation proving your relationship to the deceased and that you’re entitled to the property. This may include a death certificate, proof of your identity, and documentation showing your relationship to the deceased.
How to Claim Unclaimed Money from Deceased Relatives
If you’ve determined that you’re entitled to unclaimed property from a deceased relative, the next step is to claim it. The process for claiming unclaimed property varies from state to state, but generally, you’ll need to fill out a claim form and provide documentation proving your identity and relationship to the deceased.
Once you’ve submitted your claim, the state will review it and determine if you’re entitled to the property. If your claim is approved, you’ll receive the property, minus any fees or taxes owed.
Tips to Prevent Unclaimed Money from Becoming Lost Forever
The best way to prevent unclaimed money from becoming lost forever is to ensure that your estate plan is up to date. This includes creating a will, updating beneficiary designations on accounts and insurance policies, and keeping track of your assets.
You should also inform your family members of your assets and how to access them in the event of your death. This can help prevent assets from being lost or forgotten.
Common Mistakes to Avoid When Claiming Unclaimed Money
When claiming unclaimed property, there are several common mistakes to avoid. These include:
- Failing to provide sufficient documentation proving your identity and relationship to the deceased.
- Waiting too long to claim the property, as it may be sold at auction by the state.
- Falling for scams or working with unscrupulous asset locators.
Conclusion and Final Thoughts
Claiming unclaimed money from deceased relatives can be a complicated process, but it’s essential to take the necessary steps to ensure that you receive what you’re entitled to. By understanding your legal rights, searching for unclaimed property, and providing sufficient documentation, you can claim your inheritance and prevent it from becoming lost forever.
If you suspect that you may be entitled to unclaimed property from a deceased relative, we encourage you to take action today. Search your state’s unclaimed property database, check the national database maintained by NAUPA, and consider hiring a reputable asset locator to help you navigate the legal process.
Don’t let your inheritance slip away. Take action today to claim what’s rightfully yours with the help of Inheritance Advance.
