Finding Missing Assets
You may have more assets than you realize, and you may not know they exist. When a financial institution loses contact with an account owner, the asset may eventually be turned over to the state. This process is often called escheatment. States then become the custodian for the unclaimed property, subject to the owner’s eventual claim.
Unclaimed financial property can come in many forms, including forgotten bank accounts, investment accounts, insurance proceeds, uncashed checks, and security deposits. You could also have unclaimed assets from a former employer if you changed jobs and moved without updating your contact information.
All 50 states maintain an unclaimed property program. A good place to start is the National Association of Unclaimed Property Administrators (NAUPA). The NAUPA website at https://unclaimed.org/ provides general information about unclaimed property and links to official state government unclaimed property websites. NAUPA also provides a multi-state search tool at https://missingmoney.com/.
In addition to your current name, consider trying variations like maiden name, former married name, middle initial, or different spellings. Consider searching for previous addresses in addition to your current one. It could also be worth searching for property belonging to deceased family members. An executor, personal representative or other authorized heir may be able to claim property that belonged to a parent, spouse or other relative.
If you do find a potential match, that is only the first step. You will then need to submit a claim, and the state will generally require some amount of documentation to prove you are the rightful owner of the property. Prior to submitting a claim and providing sensitive personal information, verify that you are dealing with the legitimate state organization or official government website. Claiming your own unclaimed property is generally free when you go directly through the appropriate government program. Be cautious if someone contacts you unexpectedly and tells you that they can recover lost money for you for a fee.
Workplace retirement accounts can present another possibility for missing assets. If you have worked for multiple employers, you could have an old retirement plan that you’ve forgotten about, especially if you didn’t update your address following a move.
For private-sector workplace retirement assets, you can check the Retirement Savings Lost and Found Database that was established as part of the SECURE 2.0 Act of 2022. The website is located at https://lostandfound.dol.gov and it is administered by the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA). The Lost and Found Database website can help you find retirement plans linked to your Social Security number that were sponsored by private-sector employers and unions, including: • Defined-benefit pension plans: These guarantee a lifetime monthly payment option, such as an annuity, or a lump-sum payment at retirement. • Defined-contribution plans: These include plans like 401(k)s, which are primarily funded through individual employees’ accounts which grow during their working years.
Another place to check is the Pension Benefit Guaranty Corporation (PBGC) unclaimed retirement benefits database. The PBGC holds unclaimed benefits for missing participants from private-sector employer retirement benefit plans that have been terminated. The PBGC website is located at https://www.pbgc.gov/workers-retirees/ find-unclaimed-retirement-benefits/search-unclaimed and the database is updated quarterly.
If you have never searched for unclaimed property, it could be worth a few minutes of your time to potentially uncover assets that belong to you. If you find nothing, you can be happy that none of your assets are missing. If you do discover potential missing assets, you can go through the appropriate claim process, update your records, and make sure your financial institutions have your current address and contact information.
