Let’s talk about how to keep your money from becoming unclaimed money! According to the National Association of Unclaimed Property Administers, property becomes lost when a company has no communication with the owner.
You should contact institutions that hold your money or property every year and especially when there is an address change or change in marital status. For security reasons, most financial firms don’t forward mail.
Also keep a list of all your insurance policies, bank accounts (with bank name and account number), investment accounts, real estate holdings and any other property of value so that your heirs can claim all of it if you die.
Other ways to keep the government from seizing your money as unclaimed:
• Cash all checks for dividends, wages, and insurance settlements without delay.
• Respond to requests for confirmation of account balances and stockholder proxies.
• If you have a safe deposit box, record its number, bank name and address, and give the extra key to a trusted person.
• Finally, prepare and file a will detailing what you want down with all of your assets.