Sudden death in a family can cover how much money the deceased has left behind and under whose name. The unrevealed treasure can be life insurance, forgotten bank accounts, stocks, or real estate. This unclaimed money is often taken under government custody if not claimed. So, now you know that you have an option to claim that money. Yes, you can claim the money, and you should. Why give away surprise money from a long-lost relative when it can boost your financial strength. Let us know ‘Unclaimed Money From Deceased Relatives’.
What type of unclaimed property or funds can you claim?
There can be a confusion relating to what kind of funds can be claimed; look below to find out:
- Bank Account
- Savings account
- Fixed Deposits
- Investments
- Long term investments
- Short term investments
- Stocks, bonds, and annuities
- Retirement benefits account
- Pension
- Gratuity
- Life insurance policies
- Cryptocurrencies
- Real Estate
Process of claiming the fortune
To claim the money, you should go about it systematically. Nothing comes easy so the process can be a bit overwhelming. But this should not be a worry, as it is worth the effort. Make sure you check all the points and don’t skip any. Here we go:-
- Find out if unclaimed money exists– About billions of dollars of unclaimed funds that rest with the government. So, it is essential to give it a shot and find out whether your family member or a distant relative has left something for you. If you’re not aware of how you can find the unclaimed amount, various websites allow you to search for it, even globally.
Also, there is an association known as The National Association of Unclaimed Property Administrators (NAUPA), which helps individuals or the claimant acquire their unclaimed property.
2. Make sure that you are the legal and rightful owner of the property– After you find out the unclaimed money, it is essential to find out if you are the legitimate owner. If you are not, the claiming process ends here. And if you are the legal owner, congratulations on your successful treasure hunt. Let’s move on with the process.
3. File your claim– You can easily file a claim through the state’s controller office, which deals in holding the assets or property. So, you need to fill out a complete claim affirmation form which requires you to submit additional or proof documents. The various documents which you need to offer can be as follows:-
- Relationship proof of the deceased and you.
- Relationship proof of the deceased’s estate and you.
- Death proof of the deceased.
- Your identification documents.
- Your mailing address proof.
- Proof that the estate belongs to the deceased.
- Trust Documents (if required).
4. Enjoy the claim – If the concerned authorities approve the claim, you will be the rightful owner of the property or unclaimed money.
What happens to the amount lying in the bank of your deceased relative?
After a person dies, their bank account does not remain active. The bank authorities close the account and distribute the money to the beneficiaries mentioned initially by the deceased while making the bank account.
- If the beneficiaries are not mentioned, the bank will distribute the money as per the will made by the deceased.
- Suppose there are no beneficiaries and no will. In that case, the bank will distribute the money to the spouse and the deceased’s children as they will be the deceased’s immediate successors as per the succession law.
- If there are no relatives of the deceased to claim the properties and funds, the government takes control over it, irrespective of the amount.
Conclusion
Many are not aware that money can be claimed from their deceased relatives, which is why billions of dollars are left with the government. First of all, people must be more aware of this benefit, as it improves their financial conditions. Some people think that the process involves legal hustles and difficulty, and they try to avoid the process altogether. However, if they knew it would be much easier and they could enjoy the benefits for a long time, the people’s standard of living would have increased.
Frequently asked questions
- Where do the funds get transferred if it is not claimed?
The unclaimed money are transferred to the Treasury department of that particular state in which the deceased relatives.
- Is there any time limit or time period for claiming the money?
No, there is no limit. You can easily search for your unclaimed money on the deceased relatives websites. All thanks to the internet and online database maintenance.
- When does the property of the deceased be declared abandoned?
It depends from state to state. Every state has its policy for dealing with the deceased’s property. It usually takes 1 to 5 years, after which the property is declared abandoned. However, you can always claim it by searching for it on the relevant websites.
- Why does the money from the deceased become abandoned?
There are various reasons for it. Sometimes they may simply forget, fail to make a will, fail to mention the beneficiary’s name, fail to update their contact details and address, etc.
