One of the duties of a guardian or an executor of an estate is to locate and collect assets, including unclaimed funds. When financial accounts are inactive for too long, they are eventually turned over to the Office of the New York State Comptroller.
Currently, the Comptroller holds over $15 billion in unclaimed funds! Unclaimed funds can be bank accounts, uncashed checks, stock dividends, life insurance policies, and other financial accounts.
Recently, Cona Elder Law served as counsel to the guardian of an 86 year old woman who resided in a nursing home. The guardian was aware that the elderly woman owned some stock holdings, but he did not know what they were or their worth.
Using what little information was available, Cona Elder Law launched an investigation and was able to locate numerous accounts held by the Office of the New York State Comptroller as unclaimed funds. After tracking several leads so that claims could be filed, almost $250,000 was collected for the elderly woman.
Do you or your loved ones have unclaimed funds? It is easy to find out if you have any unclaimed funds by searching online at: https://www.osc.state.ny.us/ouf/index.htm.
Many people may find a forgotten utility deposit or rebate check. However, for friends and relatives who have passed away or are incapacitated, there may be larger assets waiting to be claimed.
Claiming funds for a deceased or incapacitated person can often be more difficult than claiming assets for yourself. Contact an attorney at Cona Elder Law to learn how we can assist you in locating unclaimed funds for you or your loved ones.
As always, contact us if you have any questions. Our Elder Law attorneys are always available to address your questions and concerns. Call us at 631.390.5000 or click here.