Imagine working hard your entire life, only for your money or property to end up in a government database, forgotten and unclaimed. Sounds frustrating, right? Yet, billions of dollars sit unclaimed every year simply because people fail to organize their finances properly. 

From old bank accounts to uncollected insurance payouts, these assets can easily slip through the cracks. The good news? A few proactive steps can ensure your money stays where it belongs—with your loved ones.

What Is Unclaimed Property?

Unclaimed property refers to money or assets left untouched for an extended period, often due to forgetfulness or lost records. These can include forgotten bank accounts, uncashed paychecks, unclaimed tax refunds, or abandoned insurance benefits. 

According to the National Association of Unclaimed Property Administrators (NAUPA), 1 in 10 Americans has unclaimed property, totaling billions of dollars nationwide.

Why Does Property Become Unclaimed?

Life moves fast, and in the process, financial assets can slip through the cracks. Here’s why property often goes unclaimed:

  • Outdated or missing beneficiary designations: Many forget to update beneficiaries after major life changes.
  • Lack of estate planning documents: Without a will or trust, assets may not reach intended heirs.
  • Changes in address, name, or contact information: Moved recently? Your funds might be sitting in an old account.
  • Failure to inform heirs about financial accounts: If loved ones don’t know an account exists, they can’t claim it.

Strategies to Prevent Your Property from Becoming Unclaimed

Avoiding unclaimed property is easier than reclaiming lost assets. A few simple habits can ensure your money reaches the right hands. Here are key strategies to keep your property accessible to your loved ones.

1. Keep Beneficiaries Updated

Life events like marriage, divorce, or having children require updating your beneficiaries. Many forget to remove an ex-spouse or add new family members to bank accounts, retirement plans, and insurance policies. 

Reviewing designations annually ensures assets reach the right people. Without updates, funds may end up unclaimed or distributed incorrectly, causing unnecessary delays and legal complications for your loved ones.

Colorful files with labels

2. Maintain Organized Financial Records

Keeping financial records in one secure place helps prevent assets from being forgotten. List all bank accounts, investments, real estate holdings, and insurance policies in a document accessible to your executor. 

Digital tools or estate planning apps can simplify tracking. Without organization, heirs may struggle to locate funds, leading to delays and increasing the risk of assets becoming unclaimed property.

3. Communicate with Family & Heirs

An estate plan is only useful if someone knows about it. Inform trusted family members or your executor about key financial details and document locations. Many assets go unclaimed simply because heirs are unaware they exist. 

Discussing your estate plan avoids confusion, reduces the risk of unclaimed property, and ensures your wealth is transferred smoothly without unnecessary legal obstacles or financial hardship.

A living trust document with pen and glasses

4. Use a Living Trust

A living trust allows assets to transfer directly to beneficiaries, bypassing probate. Unlike a will, which requires court approval, a trust ensures property is distributed without delays. Probate can take months or even years, increasing the risk of assets being unclaimed. 

Setting up a living trust protects your estate, simplifies the inheritance process, and provides financial security for your loved ones immediately.

5. Set Up a Digital Estate Plan

Online financial accounts, cryptocurrency, and digital wallets require special planning. Assign a trusted digital executor who can access your online assets after your passing. Store login credentials securely using a password manager or legal document. 

Without a digital estate plan, heirs may struggle to access accounts, leading to lost funds. Managing online assets ensures nothing is forgotten or left unclaimed unnecessarily.

Image of a man's hands holding a phone and credit card with a warning icon floating in the foreground

6. Automate Account Monitoring

Dormant accounts are often turned over to the state as unclaimed property. Setting up automatic bank notifications helps track account activity and prevents inactivity. Consider using unclaimed property monitoring services like Finderish.com to check for lost assets. 

Regular account activity, such as small deposits or transfers, keeps accounts active, ensuring your funds remain accessible rather than becoming part of an unclaimed property database.

7. Regularly Review & Update Your Estate Plan

An outdated estate plan can lead to unclaimed assets. Life changes like marriage, divorce, or having children should trigger immediate updates. Schedule an annual review with a financial planner or attorney to ensure all documents reflect your current wishes. 

Failing to update your estate plan increases the risk of complications, making it harder for your loved ones to claim what is rightfully theirs.

What to Do If You Suspect Lost or Unclaimed Property?

If you think you have unclaimed property, don’t worry—it’s easy to check. Follow these simple steps to find and claim what’s rightfully yours:

  1. Search Official Databases: Start your search here on Finderish to find each state’s official database. 
  2. Enter Your Information: Use your full name, past addresses, and Social Security number to locate unclaimed assets.
  3. Verify the Claim: If you find a match, follow the instructions to verify your identity and confirm ownership.
  4. Submit Required Documents: Some claims may require proof of identity, past addresses, or legal documentation.
  5. Claim Your Property: Once verified, the state will process your claim and send you a check.

Preventing unclaimed property starts with simple habits like updating beneficiaries and tracking your finances. Stay proactive, communicate with your family, and review your estate plan regularly.