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Did you know state governments across the U.S. currently hold $60 billion in unclaimed property? This staggering amount highlights the importance of proactive estate planning. By taking the right steps now, you can ensure your assets don’t become part of this growing pile of unclaimed property.
What is Unclaimed Property?
Unclaimed property refers to a variety of forgotten or abandoned assets, including life insurance policies, uncashed checks, old bank accounts, retirement funds, and valuable personal items. When people pass away or become incapacitated without an updated estate plan, these assets often end up in state custody. Without proper planning, your hard-earned property could be lost forever.
The Limits of Traditional Estate Planning
While traditional estate plans typically include essential documents like wills or trusts, many overlook a critical component: an asset inventory. Without a detailed list of all your assets, valuable items can easily be forgotten or overlooked. This can result in your assets becoming unclaimed property and being lost to the state.
Why an Asset Inventory is Essential
One of the most crucial steps in estate planning is creating and maintaining an updated inventory of all your assets. This goes beyond just listing your home or bank accounts—it should include:
Life insurance policies
Retirement accounts
Business interests
Digital assets (e.g., cryptocurrencies, online accounts)
In today’s digital age, ensuring your digital property is documented correctly is more important than ever. Without proper instructions, assets like cryptocurrency or online accounts could become inaccessible to your loved ones.
How to Prevent Your Assets from Becoming Unclaimed Property
To avoid having your assets become unclaimed property, ensure your estate plan includes:
A comprehensive and regularly updated asset inventory
Properly titled property and up-to-date beneficiary designations
Clear instructions on how to access everything, including digital assets
This proactive approach helps protect your legacy, and your loved ones can access everything you’ve worked hard for.
This article is a service of The Ambitious Legacy Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by using the link below to schedule a call with our Client Services Director, who will be able to guide you on scheduling your Legacy Planning Session, or by emailing us at legacy@franco-lawfirm.com. Mention this article when you contact us to find out how to get this $750 session at no charge.
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