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Beth Kaufman Quoted in Reuters, How to Claim Unclaimed Money Without Getting Scammed

October 7, 2011, Reuters

Excerpt taken from article.

Nearly $33 billion in 117 million accounts. That is how much money is currently held by state treasurers and other agencies and awaiting someone to claim it, according to the National Association of Unclaimed Property Administrators (NAUPA).

An estimated $1.75 billion from 1.93 million accounts was returned during the 2006 fiscal year – the most recent data available, according to NAUPA. Here are search tactics that might make easier for you to find out if you're the heir to some unclaimed funds:

  • Search the websites: If someone has recently died, "tell your executor to go to the unclaimed money site and run the names to see what there is," Gagnon says. Do it annually. Just one site is multi-state: www.missingmoney.com but it only includes those participating states or provinces. Otherwise, you'll need to search each state. NAUPA's site is also quite informative www.unclaimedmoney.org. The site has additional links to other agencies and programs.

  • Search public records: If there was will and it was filed, then it is a matter of public record and can be found, says Beth Kaufman, an attorney with Caplin & Drysdale in Washington, D.C. With elderly clients who may have had stock portfolios, Kaufman recommends contacting the registered agent.

Click here to read the full article about unclaimed funds.

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