Sometimes when a loved one dies, the heirs might not be aware of some of the funds that are in the deceased person's name. This is especially likely for loved ones who kept poor financial records. This is also potentially likely for individuals who have not updated their will.
If the family doesn't make an effort to claim this money then this will become the property of the state. This could be a great financial loss. If you think that there may be some money that may be unclaimed, there are ways that you can search for it.
Some of the unclaimed assets may include bank accounts, bonds, certificates of deposit, dividend or payroll checks, life insurance policies, retirement accounts, safe deposit box contents, stocks, and securities and utility deposits. The holder of this property is required by law to contact the owner. Most of the time they do not make this effort. In some cases where the owner has passed away, the holder may be unable to locate the heirs. This may be because of a change of address or a name change.
It is easy for individuals to search for unclaimed inheritance money. There is a variety of website that you can begin your search on. Check the source below for more information about these databases. When you are searching these databases, you will want to try searching your loved one's name in a variety of ways. (ex: with the maiden name, add a prefix or suffix)
There are also services that offer to search for unclaimed inheritance for you for the fee, according to Legal Zoom. It makes more sense to do this search on your own unless you suspect that there is a large-some amount of money that is unclaimed. According to NAUPA, most of the unclaimed accounts have very little money in it anyways. If you do find assets that are unclaimed, the state will walk you through how to claim these.
Source: Legal Zoom