Is the State Holding Money That Belongs to You? A Closer Look at Unclaimed Property

17 February 2026

There’s a good chance the answer is yes.   Roughly 1 out of every 7 Americans has unclaimed property sitting in a state account right now.  That puts millions of people in the same situation—unaware that money or assets they earned, saved, or were entitled to are waiting to be claimed.


Across the country, state governments collectively hold nearly $70 billions in unclaimed assets.  These funds aren’t fines or forfeitures—they belong to individuals and families who simply lost track of them over time.  Learning how unclaimed property works, how assets end up there, and how to prevent it from happening in the future can help you recover what is yours and make sure your family never loses sight of what you have built.


What “Unclaimed Property” Really Means


The phrase unclaimed property often sounds more dramatic than the reality. People imagine abandoned homes or hidden valuables, but in most cases, unclaimed property is made up of very ordinary financial assets.


In legal terms, unclaimed property is money or assets that have had no activity or owner contact with institutions for a certain period of time, usually between 1 and 5 years, depending on state law.  When the institution holding the asset—such as a bank, employer, or insurance company—cannot locate the owner after making required attempts, the property is transferred to the state through a process known as escheatment.  The state does not take ownership in the traditional sense.  Rather, it holds the property in trust until the rightful owner or heirs come forward.


The Most Common Types of Unclaimed Assets


Unclaimed property often comes from accounts or payments people forgot about or did not realize existed.  Common examples include old checking or savings accounts with small balances, uncashed refund or rebate checks, and security deposits from prior residences.


Other sources include investment accounts, dividends, or mutual funds opened years ago and never revisited, life insurance benefits that beneficiaries didn’t know they were entitled to receive, and the contents of abandoned safe-deposit boxes. Even unpaid wages can become unclaimed property—such as a final paycheck or class action payout sent to an outdated address after a job change. 

  • Slide title

    Write your caption here
    Button

How Assets Get Lost—and Why It Happens So Easily


Most unclaimed property isn’t the result of negligence.  It’s the byproduct of normal life transitions.  Changing jobs, moving to a new home, getting married or divorced, or consolidating financial accounts can all disrupt the paper trail that connects you to your assets. 


When someone passes away, the problem often compounds.  Family members may be unaware of every bank account, policy, or investment the deceased owned.  Without a clear asset inventory or system for tracking assets, accounts can be overlooked entirely, even when the intent was for loved ones to benefit from them. 

 

The scale of this issue is enormous.  States currently hold an estimated $70 billion in unclaimed property nationwide, and while billions are returned to owners each year, the total continues to rise.  Modern financial life is increasingly fragmented—multiple banks, investment platforms, insurance carriers, digital-only accounts, and cold storage cryptocurrency wallets—all of which increase the likelihood that something gets missed. 

Steps You Can Take Right Now


The simplest first step is to search or check for unclaimed property in your name.  Every state operates a free, official database where residents can search by name.  You can usually find it by visiting your state treasurer or controller’s website and navigating to the unclaimed property section. 


If you’ve lived or worked in multiple states, it’s important to search each one individually. There is no single nationwide database, but the National Association of Unclaimed Property Administrators provides links to all state sites in one place (unclaimed.org).  When searching, try variations of your name—such as prior last names, initials, or common misspellings—to capture all possibilities. 


If you locate property that belongs to you, the claim process itself is free. States don’t charge to return assets, though you’ll need to submit identification and documentation to verify ownership.  Claims involving a deceased family member typically require additional paperwork, such as a death certificate and proof of your legal authority to act on behalf of the estate. 


Why Prevention Matters More Than Recovery


While recovering unclaimed property can be worthwhile, preventing assets from becoming lost in the first place is even more important.  The claim process can be slow, paperwork-heavy, and sometimes unsuccessful. 


This is where thoughtful estate planning makes a real difference.  I work with clients to create and maintain a comprehensive inventory of their assets, including financial institutions, account details, beneficiary designations, and approximate values.  We also build systems to review and update this information over time, so it stays current as life changes. 


Equally important is storing this information securely while ensuring at least one trusted person knows how to access it in the event of incapacity or death.  Keeping contact information updated with financial institutions and consolidating accounts where appropriate can further reduce the risk of assets slipping through the cracks. 

How I Help You Protect What You’ve Built 


Even highly organized people can lose track of assets in today’s complex financial environment.  You don’t have to rely on memory, spreadsheets, or good intentions alone. 


Through a customized Life & Legacy Plan, I help ensure your assets end up with the people you love—not sitting in a state account years from now.  Your plan is designed to reflect your wishes, protect your family, and adapt as your circumstances evolve.  With regular reviews and built-in safeguards, you can move forward with confidence knowing nothing important has been overlooked. 


Searching for unclaimed property is a good start.   Take steps to prevent future losses and truly protect your family’s future.

  • Slide title

    Write your caption here
    Button

Schedule a complimentary 15-minute discovery call to get started.


This material is provided for educational and informational purposes only and does not constitute ERISA, tax, legal, or investment advice. Legal advice specific to your situation must be obtained separately. 

by Paul Suh 10 February 2026
What really happens during probate after a loved one dies? Learn why accounts get frozen, why court delays happen, and how probate impacts grieving families—and how planning can help.
by Paul Suh 3 February 2026
You've spent a lifetime collecting memories, treasures, and possessions, but without proper planning, these items could become an overwhelming burden for your loved ones.
by Paul Suh 27 January 2026
Learn the key differences, how each tool works, and how to choose the right estate planning strategy to protect your loved ones and avoid court.
by Paul Suh 20 January 2026
SECURE Act 2.0 reshaped the rules for inherited retirement accounts. Learn how outdated estate plans can create higher taxes, distribution problems, and unintended consequences for your heirs—and what steps families should take now to protect loved ones.
by Paul Suh 13 January 2026
A sudden death at 39 reveals why estate planning matters at every age. Learn how proper planning protects your family from financial chaos and uncertainty.
by Paul Suh 6 January 2026
When adult siblings come together to care for aging parents, something unexpected often happens. Instead of bringing families closer, the experience frequently exposes old wounds and creates new rifts that never fully heal. What should be a time of unity becomes a source of lasting conflict. With over 37 million Americans providing unpaid eldercare , these painful dynamics play out across the country every single day. And while you may be focused on caring for your own parents right now, there's an uncomfortable truth you need to face: someday, your children might be in this exact position, trying to coordinate your care. The question is, will you leave them a roadmap or a minefield? Why Family Caregiving Brings Out the Worst in Siblings When adult children must coordinate care for aging parents, even the most harmonious families can find themselves in conflict. One sibling often ends up shouldering most of the burden, either because they live closest, lack other family obligations, or simply feel they have no choice. Meanwhile, other siblings may remain distant, physically or emotionally, leaving one person to manage the daily challenges alone. The resentment that builds isn't really about logistics. According to experts in family psychology, caregiving can trigger long-dormant family dynamics. Questions that were never resolved suddenly demand answers: Who was the favorite child? Who always got more attention? Who was expected to carry more responsibilities while others got a free pass? These aren't new wounds. They're old ones, reopened under the stress and exhaustion of caregiving. Think about your own family for a moment. Are there unresolved tensions lurking beneath the surface? Unequal treatment that was never addressed? Resentments that have been quietly building for decades? If so, the pressure of caring for aging parents will almost certainly bring them roaring back to life. Some adult children find themselves confronting family patterns they've tolerated their whole lives, but can no longer accept as caregivers. Others discover that siblings they thought they knew reveal unexpected sides of themselves under pressure. And many realize too late that assumptions about who would help and how much were never actually discussed - leaving everyone frustrated and disappointed. But here's the part most people miss while they're caught up in managing their parents' care: this isn't just about the present. The way you and your siblings navigate this challenge is setting the stage for how your own children will handle your care someday.
Family Estate Disputes
by Paul Suh 17 December 2025
Start the new year with clarity. Learn how a comprehensive estate plan prevents family conflict, protects sentimental items, and ensures your wishes are honored.
Man in a blue suit gestures while seated at a wooden table with a laptop, smiling in an office setting.
by Josh Neimark 6 November 2025
For decades, I’ve worked for my family's funeral business. We emphasized the "fun" in funerals to highlight that funerals are about celebrating the beautiful life of loved ones as they have passed on. Jokes aside, the loss and grieving of a family member are extremely difficult and taxing experiences to go through. I’ve seen firsthand how the absence of clear guidance can compound that burden for the people left behind. There is nothing more gratifying than serving families in need during such profound and challenging life transition. After law school, I worked for boutique firms litigating against Fortune 500 companies for illegal business practices but ended up working for one of the largest law firms defending the same companies in high stakes class action litigation at $720/hour (or $12/minute!). The work tested me intellectually but felt devoid of purpose and was far from the kind of meaningful practice I’d envisioned – connecting with people and their families, creating lifelong relationships with them and protecting their legacy. Eight years later, after the birth of my third child, I could no longer sustain 80-hour workweeks while raising a family. The importance of planning became even more personal when a close friend with two minor children died without an estate plan. I witnessed firsthand the chaos and heartbreak his family endured as they were dragged through the courts for years—and lost hundreds of thousands of dollars due to the absence of a financial inventory, including his cryptocurrency holdings. That experience prompted me to leave Big Law and open my own estate planning practice. I now serve families in my community because I deeply care about what happens to them—and I’m committed to ensuring that what happened to my friend’s family doesn’t happen to anyone else’s. 
Family wading in ocean waves; sunny day, reflections on wet sand.
by Josh Neimark 6 November 2025
Like buying a cheap car, bargain-priced or DIY estate planning can leave your loved ones stranded without protection when they need it the most. Cost is an understandable concern, especially for legal services. The lowest price, however, often carries the highest and hidden costs in the end – both financially and emotionally. Here’s why a comprehensive Life & Legacy Plan® is worth the investment instead.
by Josh Neimark 6 November 2025
Picture this: life takes an unexpected turn, and you’re suddenly unable to care for your children. Every parent’s greatest fear is something happening to them before their kids are grown — and yet, most haven’t taken the right legal steps to make sure their children would be raised by the people they trust most. Many parents assume that naming guardians in their will is enough to keep their kids safe. Unfortunately, that’s not always true. Without a complete guardianship plan, your children could face unnecessary uncertainty, family conflict, or even temporary placement with people you don’t know. If something happened tomorrow, who would care for your kids immediately? Would the authorities know your wishes — or would your children end up in the care of strangers until the courts decided?  You can prevent that outcome. By working with an estate planning attorney who focuses on families, you can put a clear, legally binding guardianship plan in place that protects your children in every possible scenario — and gives you true peace of mind.