Are your ducks in a row?
$58 Billion in Unclaimed financial assets in the US plus another $4-$6 Billion in Canada should be enough of a reason to get organized. These financial assets were no doubt hard-earned. A good majority of these assets are also for the most part, tax paid. $63 Billion or so waiting to be claimed by the individual that lost track or the legal beneficiaries of those assets; It’s a lot of money that could make a really BIG difference to many families and loved ones.
Unclaimed financial assets come in a variety of forms:
- Bank or Credit Union accounts
- Uncashed dividends
- Utility deposits or refunds
- Other prepaids, deposits or refunds
- Trust distributions
- Education funds
- Prepaid funeral contracts
- Mineral royalties such as oil, gas, or mining
- Insurance policy claims/refunds
- Contents of abandoned safe-deposit boxes
Unclaimed financial assets also reside in a variety of places:
While held initially by a variety of different financial organizations or institutions, if you live in the US, after a set period of time, unclaimed financial assets will be gathered up by each State Treasury for safeguarding while at the same time, entered into an online search base where hopefully the legal owners or heirs will find those assets and make a claim.
Unclaimed Property legislation in the US is a win/win for the State and for the legal owners of those assets as the State is able to use those funds until they are claimed.
Check out MissingMoney.com
The US estimates that 1 in 10 Americans has unclaimed funds belonging to them. Unfortunately, only 2 provinces in Canada (Alberta and Quebec) have comprehensive unclaimed property legislation in place and provide searchable databases. BC has a voluntary system in place.
Check out some links that can help you locate unclaimed financial assets in Canada Where to look in Canada
The staggering amount of unclaimed financial assets and the alarming rate at which unclaimed assets are increasing should be sufficient evidence of why all individuals and families need to properly safeguard their financial assets and the information about those assets appropriately. Helping with that challenge, is one of the core missions behind LegacyTracker.
Getting organized means centralizing information about your assets and sharing that information in case of an emergency or what we call a “What if” situation.
LegacyTracker enables you to keep track of your assets on an ongoing basis and share that information with loved ones (or advisors) as you wish when you wish.