Unclaimed property


There’s a total of more than $32 billion in the nation’s unclaimed property pools representing more than 117 million accounts. It’s mostly money or assets that were either forgotten or abandoned – and in many cases, the abandonment occurred when the account holder died and nobody else knew the account(s) existed. Don’t let your property become part of that pot!
We’ve previously talked about the importance of updating your beneficiaries on insurance polices and other financial records. Just like changing batteries in your smoke detector and getting your car inspected, you should set a routine time to do this annually – failing to do so might leave your loved ones wrangling with court proceedings – or even totally unprotected. The importance of planning cannot be overemphasized. Not to be grim, but you simply never know when your time will be up. For a statistical assessment, see our prior post What are the Odds where we have a lot of risk tools that you can play with. They range from actuarial tables to to calculators for finding out your relative risk of dying in the next year or being attacked by a shark.
OK, you get the point. Planning is important. This past week, the Wall St. Journal featured an excellent and very helpful article in their finance section about The 25 Documents You Need Before You Die – alternately titled as “Designing your death dossier,” which makes it sound pretty fancy. The article makes the point that it is not simply enough to ensure that your policies are updated – it’s also critical that somebody in your family knows what and where all your important documents are.
We counted more than 25 important documents referenced in the article – but it is unlikely that all will be relevant to your situation. Nevertheless, it’s a great reference article to bookmark and keep as a checklist for your annual planning.
Oh, and about that unclaimed $32 billion, if you think any of it might rightfully belong to you, here’s a good place to check: The National Association of Unclaimed Property Administrators will let you conduct a free search.

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