When a loved one passes away, the emotional toll can be overwhelming. But what if you suspect they may have left you some form of inheritance or financial assets? Whether or not they had a will, discovering if someone left you money after their death is crucial to securing any unclaimed inheritance and preventing those assets from going unnoticed. This guide will walk you through the steps to locate and claim money that may have been left to you.
Key Takeaways
- Start by collecting details about the deceased, including their full name, date of birth, Social Security number, and any known financial documents.
- Explore state unclaimed property databases and national platforms to search for potential assets.
- If you encounter difficulties or need specialized assistance, consider consulting with an estate attorney, genealogist, or heir search firm.
Can You Receive Unclaimed Money from Deceased Relatives?
Yes, it’s possible to receive unclaimed money from deceased relatives. When a person passes away, they may leave behind financial assets that go unnoticed or unclaimed by their heirs. It’s essential to take proactive steps to locate these assets, as many may be lost or turned over to the state after a certain period if not claimed.
Remember
The process of claiming unclaimed inheritance may vary depending on state laws and the specific circumstances of the deceased’s estate.
Types of Financial Assets That Can Be Claimed
Here’s a list of financial assets that you might be able to claim from deceased relatives:
- Bank and savings accounts: Checking, savings, certificates of deposit (CDs)
- Cars and other vehicles: Automobiles, trucks, motorcycles, boats
- Stocks, bonds, and annuities: Equities, fixed-income securities, annuities
- Cryptocurrency: Bitcoin, Ethereum, and other digital currencies
- Certificates of Deposit: CDs with various terms and interest rates
- Real estate: Property, land, homes, commercial buildings
- Employer-sponsored retirement accounts: 401(k)s, 403(b)s, pension plans
- Individual retirement accounts: IRAs (traditional, Roth, SEP, SIMPLE)
- Payable on death accounts: POD accounts for bank accounts, life insurance policies
- Safety deposit box contents: Cash, jewelry, valuables, documents
- Utility company deposits and refunds: Deposits for utilities like electricity, gas, water
- Insurance policy proceeds: Life insurance, health insurance, disability insurance
- Royalties: Income from intellectual property, creative works, or natural resources
- Proceeds from lawsuits: Settlements or awards from legal actions
How to Search for Unclaimed Inheritances and Assets
Tracking down unclaimed inheritances is essential to ensure that no financial assets left behind by the deceased go unnoticed. Additionally, it helps honor the deceased’s wishes by ensuring that their assets are distributed as intended.
By claiming your rightful inheritance, you can also prevent fraudulent activities and ensure a fair distribution of the estate. Ultimately, taking proactive steps to locate and claim unclaimed inheritance can have significant benefits for both you and your family.
Begin by compiling a list of potential assets that the deceased may have owned. This could include bank accounts, real estate, insurance policies, retirement plans, investment accounts, and other financial holdings.
With this list in hand, you can then start your search for unclaimed inheritance.
Collecting Relevant Details About the Deceased
Gather as much information as possible about the deceased’s finances, including their full name, date of birth, Social Security number, and the state where they resided. Additionally, collect documents such as:
- Copies of the death certificate
- Any wills or trusts
- Financial statements (bank, investment accounts)
- Tax returns from previous years
This information will be invaluable when searching databases or consulting with professionals.
Using Online Unclaimed Property Databases
Many states have unclaimed property websites that allow you to search for any assets left behind. National databases like the National Association of Unclaimed Property Administrators (NAUPA) provide a unified search platform, while specific states offer their own resources.
Key databases to check include:
- Missing Money
- Bureau of The Fiscal Service
- Treasury Direct: For unclaimed Treasury securities
- Unclaimed Retirement Benefits: For unclaimed 401(k)s and other retirement plans
- American Council of Life Insurers (ACLI): For unclaimed group life insurance policy benefits
- Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA): For accounts held at failed financial institutions
- Pension Benefit Guaranty Corporation (PBGC): Locate unclaimed pension benefits from private companies through the Pension Benefit Guaranty Corporation (PBGC.gov)
Regularly check these specialized resources, as unclaimed assets may appear later.
How to Protect Yourself from Fraud
- Verify the legitimacy of any unclaimed property website.
- Avoid third-party companies that ask for upfront fees—most searches are free or low-cost.
- Be cautious of individuals or firms claiming to help you “unlock” assets for a fee—research their credentials thoroughly.
Consulting with the Executor or Attorney of the Deceased
The executor or attorney of the estate is responsible for managing the distribution of the deceased’s assets.
If you’re a potential heir, contacting the executor will provide insight into the estate’s financial holdings and ensure you’re informed of any assets left for you and on the necessary steps to claim your inheritance.
Getting in Touch with the Court
If probate is involved, contacting the probate court in the county where the deceased lived is essential. Probate records can provide valuable information about the deceased’s estate, including whether a will was left, the details of the estate, and any legal claims to assets.
If a will exists, request a copy. You may need to pay a fee for this service. If you’re unsure about the next steps or have questions about the probate process, consult with the court clerk or a probate attorney.
Hiring a Probate or Estate Attorney
For more complex estates or if you encounter legal challenges, consult with a probate attorney. They can help you track down assets and advise on potential tax liabilities associated with the inheritance.
Using Genealogical and Heir Search Firms
Professional heir search firms or genealogists can assist in tracking down unclaimed assets, particularly when the deceased had a complicated family history or owned assets abroad.
Be sure to check the firm’s reputation before committing.
Checking if There Is a Will Available
One of the most important documents to locate is the last will and testament. If the will isn’t readily available, check with local probate courts or search for it through the executor.
Without a will, state intestacy laws dictate how assets are distributed, and you may need legal help to claim your share.
How to Challenge a Last Will and Testament
If you believe that the will does not represent the deceased’s true intentions or was executed under undue influence, you may consider challenging it. Common reasons for contesting a will include:
- Lack of capacity at the time of signing
- Undue influence or fraud
- Improper execution according to state law
Challenging a will can be a complex and costly process. You’ll need to bear the burden of proof by providing evidence that the will is invalid or was created under questionable circumstances. Consulting with an attorney is highly recommended to assess your case and understand the legal grounds for contesting the will.
Inheritance in Cases of Intestate (No Will)
When someone dies without a will (intestate), state laws determine how their assets are distributed. In most cases, the estate is first distributed to the closest surviving relatives. If no spouse or children are present, the estate is passed down to other family members, such as parents, siblings, or more distant relatives, depending on the state’s specific rules.
Without a will, the probate court appoints an administrator to manage and distribute the deceased’s estate. This individual may be a family member or, in some cases, a government official tasked with overseeing the settlement of debts, taxes, and the distribution of the remaining assets. To claim an inheritance in such cases, you’ll need to file a claim with the probate court. The process varies by state, so consulting an attorney can ensure you follow the right procedures.
Dying intestate leaves key decisions about your estate in the hands of the state, which may not align with your wishes. That’s why having a legally binding will or trust in place is critical. A will allows you to name your beneficiaries and specify exactly how your assets should be distributed, while a trust offers the added benefit of potentially bypassing probate altogether.
Conclusion: Taking Action to Secure Your Inheritance
Taking the proper steps to secure any potential inheritance is essential to ensure that no financial assets go unclaimed. Start by gathering the necessary details about the deceased, use available online tools, and seek legal guidance if needed. This way, you can make sure that the legacy left behind reaches its rightful heirs.
Equally important is the need for estate planning to prevent potential challenges. By creating a will or trust, you ensure your assets are distributed according to your wishes and your family’s future is secure.
Frequently Asked Questions
How long does it take to claim an inheritance?
The time it takes to claim an inheritance varies but generally ranges from six months to over a year, depending on factors like the complexity of the estate and the state’s probate laws.
In cases where there is no will (intestate) or if unclaimed assets are involved, the process may take longer due to the need for the court to identify heirs or process claims. Consulting a probate attorney can help avoid delays, ensuring the inheritance is claimed as efficiently as possible.
What happens to unclaimed inheritances?
Unclaimed inheritances typically go through a legal process known as escheatment, where the assets are transferred to the state if no rightful heir claims them within a certain period. Each state has specific escheatment laws and timelines, which can range from a few years to several decades. Before escheating to the state, the court or appointed estate administrator makes efforts to locate and notify potential heirs.
Once assets are escheated, they don’t disappear entirely. States often maintain unclaimed property registries, allowing heirs to claim the inheritance later by proving their entitlement.
Can you lose your inheritance?
Yes, it is possible to lose your inheritance under certain circumstances:
- Failure to Claim: If you don’t claim your inheritance within a specific timeframe, the assets may be subject to escheatment, where they are transferred to the state. While many states allow heirs to reclaim these assets later, the process can be complicated and time-consuming.
- Debts and Taxes: Inherited assets can be lost if the deceased had significant debts, such as unpaid loans, taxes, or other liabilities. Creditors have the right to be paid from the estate before any inheritance is distributed.
- Disputes and Contests: Legal disputes among heirs or a challenge to the will can delay or prevent you from receiving your inheritance. In some cases, a court ruling can reduce or eliminate your share.
