Perils of Forgetting Your Assets!
January 2010

Perils of forgetting your assets! What perils? How about the long reach of Unclaimed Property Laws in all of the States! Very few people are even aware there are laws which can claim assets such as: bank accounts, stocks, bonds, safety deposit boxes or oil and gas royalties. Each of the States have specific abandonment periods relating to the assets which Corporate America is required to follow. There are over 350 Billion dollars of assets that have been forgotten. The States keep the assets until the lost owners are found, either by publishing the new names each year in the local newspapers, having booths at the local fairs and finally on their individual websites. The likely that all lost owners will make fast steps to the States to claim their assets is “slim to none” as most people are totally unaware of Unclaimed Property until Dateline does a show once or twice a year, and then they all head to www.missingmoney.com to see if they have any “lost assets!” This website is the most helpful as it lists all of the States and their contact information.

Can you identify all of your assets and where they are? There are five steps that you need to be aware of in order to keep better track of your assets. Time to Inventory or create a history of what is known in key areas: Family, Work & Military Service, Banking, Insurance and Investments. Investigate or create a roadmap by using the Asset Tracker to review past financial or work experiences, such as savings accounts, pensions or missing employment benefit documents. Review and complete your documented Records by using the Asset Tracker and update each time there is any change in the key areas noted above. Communicate by sharing with your family and key professionals as to the records you have gathered relating to your assets. Update your Asset Tracker records, annually, at a set date or time of year, or again, if there is a significant change in any of the key areas noted.

By taking these five steps to asset awareness and tracking, you will protect your assets and reduce the financial stress you and your loved ones will have to indure if something happens to you unexpectedly!

For convenience, the Asset Tracker is now in eBook format and can be readily downloaded on our website.