GAC Recordings

It is estimated unclaimed inheritance from Wills generates billions in surplus revenue each year. Financial experts claim one of every ten U.S. citizens is entitled to inheritance assets bequeathed to them by deceased relatives. The main reason inheritance assets are unclaimed stems from the beneficiary moving or legally changing their name. State laws require unclaimed inheritance from Wills be held for a specified period of time before considered legally abandoned. Dormancy periods extend between one and five years and can vary by state and type of assets involved. When dormancy periods expire unclaimed property is transferred to an escheat; a government property trust account. In 2008, more than $22 billion of unclaimed property was transferred to escheat. Of that amount only $916 million was claimed. Idaho and Indiana residents should be aware of how escheat laws work in th Mis Sold PPI eir states. When dormancy periods expire, unclaimed inheritance from wills automatically becomes property of the state. The owner loses all rights to the cash or property and is unable to claim assets once the dormancy period ends. Much of the unclaimed inheritance from wills stems from life insurance proceeds. When a policyholder dies, their estate is required to contact the issuing company to claim death benefits. If the policy is not mentioned in decedents’ last wills, the estate administrator has no way of knowing the policy exists and the life insurance company has no way of knowing the policyholder has passed away. Many people are not informed they were named as a beneficiary in a person’s Will. Unless decedents’ protect inheritance assets through a trust, their estate must pass through probate. An estate executor manages the estate and is required to locate missing heirs.