Losing a loved one can be a difficult and emotional time for families. In addition to the emotional toll, families may also have to deal with the legal and financial aspects of settling their loved one’s estate. One of the challenges that families may face is recovering unclaimed inheritance money. According to Mark Fishbein, an estate planner with over 40 years of experience, and his team at Alta Estate, many individuals are unaware that they may have unclaimed inheritance money from a deceased relative or loved one. In the article below, Mark Fishbein and his team at Alta Estate will explore how to recover unclaimed inheritance money and the steps involved in the process.
What is Unclaimed Inheritance Money?
Unclaimed inheritance money refers to assets left behind by a deceased relative or loved one and not claimed by the rightful heirs. This situation can happen for various reasons, such as when the heirs are unaware of the inheritance or cannot locate the assets. According to Mark Fishbein and his team at Alta Estate, unclaimed inheritance money can include bank accounts, stocks and bonds, life insurance policies, and other assets.
Why Is It Important to Recover Unclaimed Inheritance Money?
Recovering unclaimed inheritance money can provide significant benefits for the heirs. For example, unclaimed bank accounts may accrue interest over time, and stocks and bonds may increase in value. Life insurance policies may also offer significant payouts, particularly when the policyholder took the policy out many years ago. Additionally, the heirs may need the inheritance money to pay for medical bills, education, or debt. Therefore, exploring all options for recovering unclaimed inheritance money is essential.
Steps to Recover Unclaimed Inheritance Money
If you suspect that you may have unclaimed inheritance money, there are several steps you can take to recover it. First, you should conduct a thorough search for any unclaimed assets. You can begin by searching state and federal unclaimed property databases and by checking with financial institutions and other organizations that may hold assets on behalf of the deceased relative or loved one.
After identifying unclaimed assets, the next step is establishing your legal right to claim these assets. This process involves providing proof of your relationship to the deceased relative or loved one, such as a birth certificate, marriage certificate, or other legal documents. Estate planning professionals, such as Mark Fishbein and his team at Alta Estate, can assist you with this process and help you gather the necessary documents to establish your legal right to claim the assets.
After establishing your legal right to claim the assets, you must submit a claim to the relevant organization or financial institution. Alta Estate can help you prepare and submit a claim that meets the specific requirements of the organization or financial institution holding the assets.
It’s important to note that recovering unclaimed inheritance money can be complex and time-consuming. Therefore, it is essential to seek professional guidance to ensure you follow the correct steps and procedures. The team at Alta Estate has the experience and knowledge to help you navigate the process of recovering unclaimed inheritance money and ensure that your legal rights are protected.
Working with an Estate Planner
If you are dealing with the estate of a deceased loved one, it is essential to work with an estate planner who has the experience and knowledge to guide you through the process. Mark Fishbein and the team at Alta Estate have over 40 years of experience in estate planning, and they can help you understand your legal rights and obligations as an heir or executor of an estate.
In addition to helping you recover unclaimed inheritance money, Alta Estate can assist you with other aspects of estate planning, such as creating a will or trust, probate administration, and asset protection. They can help you develop a comprehensive estate plan that meets your unique needs and goals and ensures that your assets are protected and distributed according to your wishes.
Mark Fishbein and his team at Alta Estate recommend conducting a thorough search for any unclaimed assets by checking with financial institutions and other organizations that may hold assets on behalf of the deceased relative or loved one, in addition to searching state and federal unclaimed property databases. It’s also essential to establish your legal right to claim the assets by providing proof of your relationship to the deceased relative or loved one, such as a birth certificate, marriage certificate, or other legal documents. They can assist you with this process and help you gather the necessary documents to establish your legal right to claim the assets.
After establishing your legal right to claim the assets, the next step is to submit a claim to the relevant organization or financial institution. This is where the process can become complex and time-consuming, so seeking professional guidance is essential to ensure that you follow the correct steps and procedures.
Conclusion
Recovering unclaimed inheritance money can provide significant benefits for the heirs of a deceased relative or loved one. However, recovering unclaimed inheritance money can take time and effort. Therefore, it is essential to seek professional guidance from an experienced estate planner like Mark Fishbein and his team at Alta Estate to ensure that you follow the correct steps and procedures and that your legal rights are protected.
In addition to helping you recover unclaimed inheritance money, Mark Fishbein and his team at Alta Estate can assist you with other aspects of estate planning, including creating a will or trust, probate administration, and asset protection. By working with an experienced estate planner, you can develop a comprehensive estate plan that meets your unique needs and goals and ensures that your assets are protected and distributed according to your wishes.
The text above is for general informational purposes and should not be considered legal advice.
Mark Fishbein, ALTA Estate Planner in Tucson AZ
Mark Fishbein, Tucson Estate Planner with ALTA Tucson, specializes in Estate Planning, living trusts, and family legacy planning. Visit our website to seek professional help, and Follow us on Facebook.