The bad news … money and assets are lost and never recovered by loved ones of the departed in a high frequency of estates.
The good news (or at least not so bad news) … the total value of money and assets lost is likely less than $1,000.
Here is the scenario: parents pass away and one or more of the following asset classes are not claimed or marshaled by the Executor or loved ones:
We encourage clients to create a binder containing instructions to Executor and/or loved ones that lists accounts, assets, reward partners, outstanding deposits, insurance policies, and trusted advisers (e.g. CPA, attorney, financial adviser). The lists guidance goes a long way in allowing family members to discover all of the property in marshaling the assets for distribution.
In some cases, there are processes imposed on the holders of unclaimed property. Executors should search the website www.missingmoney.com to capture any funds recorded as unclaimed. In addition, the Executor would just need to forward the mail, carefully review all financial records, and get appraisals for anything not obviously worthless.
If you have any questions on protecting your assets and how this information may apply to you or one of your loved ones please call us at 404-909-8842 or email at firstname.lastname@example.org.
Bryson Law Firm: Suwanee, Georgia. Attorney Richard Bryson has over 15 years experience with estate law, elder law, estate planning, probate avoidance, wills and trusts, tax planning, asset protection, personal injury and business formation. Contact our Gwinnett County law firm at 404-909-8842.
The information on this website is not legal advice and is intended for informational purposes only. You should not act or rely on information on this website without consulting an attorney for legal advice regarding your individual situation. Our firm enters into an attorney-client relationship by written fee agreement or an express verbal fee agreement. An attorney-client relationship is not established by visiting this website or by sending or receiving any information from this site.