Losing a loved one is tough, and sorting through their finances can feel daunting, but they might have left behind unclaimed money that you may be entitled to recover such as forgotten bank accounts, insurance payouts, or tax refunds. Below is a guide to help you track down and claim these assets efficiently.
Why Search for Unclaimed Assets?
Unclaimed money and property pile up when accounts go dormant, payments are forgotten, or heirs aren’t notified. Billions of dollars sit unclaimed in the U.S., from old utility deposits to retirement funds. Finding these assets preserves your loved one’s legacy and ensures their money doesn’t slip away to state coffers or businesses.
Steps to Find and Claim Unclaimed Money
(1) Check your state’s unclaimed property website
Every state has a database for unclaimed property — think dormant bank accounts, uncashed checks, or safe deposit box contents.
- How to Do It: Visit your state’s unclaimed property site. For example, if they lived in Georgia, go to the Georgia Unclaimed Property website. For other states, use the National Association of Unclaimed Property Administrators (NAUPA) to find the right portal.
- What to Look For: Search using their full name, variations (e.g., with/without middle initial), and past addresses. You’ll need proof of identity and relationship (e.g., death certificate, will) to claim funds.
(2) Use Multi-State Search Tools
If your loved one lived or worked in multiple states, multi-state tools save time.
- Unclaimed.org: NAUPA’s official site links to every state’s database.
- MissingMoney.com: A free, nationwide search tool backed by NAUPA, scanning records across states in one go.
- Tip: Check annually—new unclaimed assets get added as companies report dormant accounts.
(3) Check with the Social Security Administration
Unclaimed Social Security benefits—like survivor payments or backlogged disability funds—might be waiting.
- How to Check: Visit the Social Security Administration website or call 1-800-772-1213. Provide their Social Security number and proof of death.
- What’s Possible: Survivors (spouses, kids) could claim up to $255 as a lump-sum death benefit, plus ongoing payments if eligible.
(4) Search for Unclaimed Tax Refunds
The IRS holds unclaimed refunds for three years before they’re forfeited.
- How to Do It: Use the IRS “Where’s My Refund” tool. You’ll need their Social Security number, filing status, and refund amount (check old returns if possible).
- Next Steps: File a claim with Form 1040 for the relevant year—act fast to beat the deadline.
(5) Look for Unclaimed Life Insurance Policies
Unclaimed life insurance benefits are common if beneficiaries weren’t informed.
- How to Search: Use the NAIC Life Insurance Policy Locator. Submit their name and date of death; insurers respond within 90 days.
- Expand the Search: Check old paperwork or contact insurers they used directly—look for premium notices or policy numbers.
(6) Search for Unclaimed Retirement Accounts
Forgotten 401(k)s or pensions could be sitting in limbo.
- How to Check: Use the National Registry of Unclaimed Retirement Benefits. Search with their Social Security number or employer name.
- Extra Step: Contact past employers or plan administrators—small accounts might not be in the registry.
(7) Review Their Credit Report
Credit reports reveal active accounts or debts that might hold assets.
- How to Access: Request a free report from AnnualCreditReport.com as the executor or next of kin (provide legal docs).
- What to Find: Look for bank accounts, credit cards, or loans—open balances could mean unclaimed funds.
(8) Check for Unpaid Wages
Unpaid wages or final paychecks might be owed from their last job.
- How to Search: Use the Department of Labor’s Wage and Hour Division tool. Search by employer name or state.
- Follow Up: Contact the employer’s HR department with proof of death to claim back pay or bonuses.
Tips for Success
- Gather Documents: Death certificates, wills, and IDs speed up claims.
- Be Persistent: Some searches take weeks or months—follow up if responses lag.
- Seek Help: If overwhelmed, hire an estate attorney or financial advisor to navigate complex claims or legal hurdles.
BOTTOM LINE:
Tracking down a deceased loved one’s unclaimed money and assets takes effort, but it’s worth it to secure their financial legacy. Use state databases, multi-state tools, and federal resources like the IRS or SSA (Social Security Administration) to uncover forgotten funds; then, claim them with proper documentation. From life insurance to unpaid wages, these steps help you recover what may be rightfully yours.
