|
|
| |
| |
| |
| How do I keep my property from escheating to the State in the future? Property is turned over to the state for safekeeping when a company or financial institution loses contact or communication with the property owner. There are several steps you can take to prevent your property from escheating to the state: |
| |
| |
- Keep accurate records of all financial accounts.
- Make a list of all your bank accounts, securities interests, stocks, mutual funds, insurance companies, safe deposit boxes, employers, rent and utility deposits and the financial institution’s or the company’s contact information.
- Maintain contact with financial institutions and companies by notifying them of address changes, name changes, or changes in ownership due to a death or divorce.
- Review your financial records at least once a year.
- Check bank statements or other correspondence received from financial institutions regularly for notices that require a response.
- Respond to proxies sent by securities industry.
- Maintain annual activity on accounts. Keep bank accounts active through withdrawals, deposits or written or electronic correspondence.
- Keep Uniform Gift to Minors Act (UGMA) accounts active through written or electronic contact with the holder.
- Provide your financial institutions with a secondary contact or beneficiary contact name.
- Declare beneficiaries of all your assets directly with the holders of your property and update them as needed.
- Inform your spouse, family and heirs of all your financial assets.
- Make photo copies of all important documents and make sure your family knows where they are located.
- Cash your dividend, interest, or refund checks without delay.
- Cashier’s checks should be cashed within three years of the date of issuance or returned to the bank for reissue.
- Money orders should be cashed within seven years of the date of issuance or returned to the bank for reissue.
- If you are the executor, trustee, or administrator of an estate, notify banks, insurance companies, employers, and any other financial institutions in possession of the deceased person’s property as soon as possible.
- Prepare and file a will detailing the disposition of your assets.
- Be aware of lease expiration dates and rental fees that may be due on a safe deposit box and pay them timely.
- Remain aware of your accounts. If something changes, such as you stop receiving dividend checks, contact the holder to ensure your account is still active.
|
| |
| |
|
| 
