Unclaimed Assets: How to Get Your Money Back
What are Unclaimed or Abandoned Assets?
Unclaimed Assets (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period.
Common forms of Unclaimed Assets include:
- Savings or checking accounts, stocks;
- Uncashed dividends or payroll checks, refunds, traveler’s checks,
- Trust distributions, unredeemed money orders;
- Insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
What Happens to These Accounts that Have No Activity?
Laws instruct companies what needs to be done with forgotten funds. Sometimes, the company or state will attempt to find the right party, but often, the assets just sit unclaimed.
How Can Schwechter Law Group Help?
Through our investigate tools, Schwechter Law Group will determine:
- Who we believe is the rightful owner
- How much money needs to be returned;
- Where the funds came from and how long the funds have been “unclaimed”
- The fastest, most effective way to get those funds back into your hands.
How Fast Can I Get the Funds?
After Schwechter Law Group is hired, we can have the funds back to the client in approximately 60 days.
What if the Rightful Owner of the Assets Is Now Deceased?
This happens all the time. Normally, a person has passed without a will that details what assets there are and where they are located. Therefore, the executor of the will typically have no idea that those assets exist. As a result, by the time we get involved, the estate has been closed. At Schwechter Law Group, we will use the court system to reopen the estate and work with the executor to ensure the assets are returned to the rightful owners under the will, or under intestate rules.
Do I Have to Pay Anything to Schwechter Law Group Upfront?
No, NEVER. We take cases like Unclaimed Asset cases on a contingency fee basis. Therefore, if we are unable to get your assets back to you, you pay us nothing. We only receive compensation if we were successful in retrieving your long-lost funds.
What Steps Can I Take in the Future to Avoid This Happening Again?
Property becomes lost due to a financial institution having no communication with the owner. Consequently, if you stay in contact with institutions that hold your money or property every year. You should also notify them if your marital status (especially when a spouse takes on a new last name) or address has changed.
For security reasons, most financial institutions do not forward mail so you need to contact the institution directly. Also, keep accurate financial records and record all insurance policies, bank account numbers with bank names and addresses, types of accounts, stock certificates, and rent and utility deposits.
Cash all checks for dividends, wages, and insurance settlements without delay.