When someone passes away and does not open up an estate, assets that belong to the deceased get transferred to the State of Ohio. After a relatively short period of time, the assets go the state. The department of unclaimed funds is a vehicle to recover funds that have belonged to a loved one.
Unclaimed assets are funds in an individual’s name and were never transferred out. Some common examples of these assets can include:
- bank accounts,
- federal or state income tax refunds,
- uncashed dividends, and
- Insurance premium refunds.
If unclaimed funds are located in your name, only you, your spouse (or other family member if none) or your estate is entitled to collect the money from your state’s unclaimed funds depository.
The National Association of Unclaimed Property Administrators website has useful material on each state, including Ohio, and offers instructions on how to search for unclaimed money in your name and the corresponding state.
Retrieving unclaimed funds is an intricate process. Often, individuals who survive a loved one are made aware, years later, of unclaimed funds that they may be entitled to. This makes the process much more complex as it involves opening an estate with the probate court.
To learn more about collecting unclaimed funds, you can schedule a consultation with a member of our estate planning team by calling (740)346-2899.