The Cost of Unclaimed Assets

Each year, a substantial amount of money escheats to the state due to abandoned accounts and unclaimed assets. In the United States, it's estimated that over $70 billion in unclaimed property is currently held by state governments. This includes funds from bank accounts, insurance policies, and other financial instruments that have gone unclaimed because beneficiaries or executors were unaware of their existence.

Keep Records

Maintaining a detailed record of your assets is a crucial aspect of effective estate planning. Without clear documentation, your executor may struggle to locate and distribute your assets according to your wishes, potentially leading to unnecessary complications and financial loss. If an executor does not know the extent of your assets or where they are being held, they will be ignored and paid over to the government, something no one plans for.

Accessibility for Executors

An executor's primary responsibility is to manage and distribute your estate after your passing. If they are unaware of all your assets, or if they don't know how to access them, significant portions of your estate could go unclaimed. This could include everything from bank accounts and retirement funds to real estate and personal property. A comprehensive record, including account numbers, passwords, and the locations of physical assets, ensures that your executor can fulfill their duties efficiently.

Protecting Your Legacy

By keeping a clear, updated record of your assets and how they can be accessed, you not only protect your legacy but also spare your loved ones the stress and potential financial loss associated with unclaimed property. Ensuring your executor knows where to find all your assets is a critical step in preserving the value of your estate for your beneficiaries.