Justbecause you have deposited your in the bank does not mean it iscompletely safe. There have been innumerable instances of in the bankaccount of the individual being handed over to the state or the federalgovernment because the same had become unclaimedmoney. It is imperative to safeguard one’s to ensure that it does notbecome unclaimed money.
Escheatlaws shall apply to your account if two conditions are fulfilled.
One- theinstitution must be unable to contact you at the contact information placed onrecord in the file created by the institution. If you can be contacted, the money does not become unclaimed money.
Two- theaccount must have been idle for at least three years. Three years of inactivitycompels the institution to hand over the to the government.
If yourinheritance becomes unclaimed money,you cannot enjoy the same as it would then be in the possession of the government.Same is the case with bank accounts, stocks, safety deposit boxes and othersuch assets. Your being operated by strangers simply because it hasbecome unclaimed money! Shocking!
Inculcatingcertain habits and rules as far as your finances are concerned should besufficient to ensure that your does not end up with the government in theform of unclaimed money.
If youknow where and how your can become unclaimed money, you would have won halfthe battle. becomes unclaimed only when the account remains idlefor more than three years. The account remains idle because the account holderis no longer aware of its existence. Maintaining proper records can ensure thisproblem does not arise. Keep track of all savings and checking accounts thatyou have opened for yourself or your kids, all investment accounts, allinsurance policies, all employers who may still owe you money, all pensionaccounts, all retirement accounts, all stocks purchased, all utility depositsand escrow accounts.
To ensurethat your efforts do not waste in the event of your sudden demise, provide acopy of the list to your executor, spouse and/ or heir. This will ensure thatyour property does not become unclaimed property simply because the informationrelated to all your accounts was not in possession of your survivors.
Moneybecomes unclaimed money when theaccount remains idle for three years AND the account holder is untraceable.Ensure that you are never untraceable by informing the institutions andorganizations that are holding on your behalf or that owe you money. Copythe format given below, fill in the relevant information and you will have theletter that you ought to send after change in contact address.
((INSERT Date))
((INSERT Company Name))
((INSERT Department You AreContacting i.e. Customer Service))
((INSERT Company Address))
((INSERT Company City, State & Zip))
RE: Records and Information forAccount # ((Insert Account Number))
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