Losing a loved one is a difficult and emotional experience. In the midst of grieving, you may also wonder if your relative or friend left you money in their will. It can feel uncomfortable to bring up such a sensitive topic with the immediate family, but it’s natural to have questions. In this article, we’ll explore the steps you can take to find out if someone left you money in their will and how you can claim what rightfully belongs to you.
Ways to Discover If You Were Named in a Will
There are three main avenues you can pursue to determine if you are a beneficiary of someone’s will:
- Reach out to the personal representative or attorney who is the executor of the will if you have that information: The executor of the will is responsible for overseeing the probate process and locating the will. They often work with an estate planning attorney. Contacting the personal representative or attorney is the fastest way to find out if you were named as a beneficiary.
- Contact the Court Clerk’s Office: When someone dies and leaves a valid will, it is typically filed in the court clerk’s office of the county where they lived. These filed wills become public documents. You can contact the court clerk’s office to inquire about the existence of a will and obtain a copy for a fee. Some areas even offer online search options.
- Understand your state’s intestacy laws: If the deceased did not have a will, their assets will be distributed according to the intestacy laws of the state. Familiarize yourself with these laws to determine if you might inherit money or property as a close blood relative.
What to Do If You Discover You Were Named in a Will
If you find out that someone left you money in their will, it’s essential to understand the process and take appropriate steps:
- Communicate with the personal representative who is in charge of the will: Contact the personal representative or executor of the estate to request a copy of the will and inquire about any settlement meetings. As a beneficiary, you have the right to receive your inheritance. Also, wills most often become public information after someone has passed away.
- Consider tax implications: You may be subject to taxes on any earnings generated from the inheritance. For example, interest earned on a savings account may be taxable. It’s important to consult with a tax professional to understand your specific tax obligations.
- Seek legal advice if necessary: While hiring an attorney is not mandatory as a beneficiary, it can be beneficial to consult with one, especially if the inheritance involves complex assets or if you have concerns about the will’s validity.
Unclaimed Money and Other Sources of Inheritance
In addition to being named in a will, there are other sources of unclaimed money or inheritance that you may be entitled to:
Unclaimed Money
According to SmartAsset, there is approximately $49 billion in unclaimed funds in the United States. This includes forgotten bank accounts, unclaimed tax refunds, insurance policy payouts, and assets from individuals who died without a will or trust.
To find out if you have any unclaimed money, you can utilize online resources such as unclaimed.org or MissingMoney.com or state specific platforms. These platforms provide links to each state’s unclaimed property offices, allowing you to conduct searches and reclaim any funds that may be rightfully yours.
Old Bank Accounts
It’s not uncommon to open a bank account or certificate of deposit and forget about it over time. If you suspect that you have money in a forgotten bank account, you can use the Federal Deposit Insurance Corporation’s (FDIC) Unclaimed Property Information site to search for unclaimed bank account funds. This resource provides links to each state, including the District of Columbia, to assist in your search.
U.S. Savings Bonds
U.S. Savings Bonds can take years to mature, and it’s easy to forget about them once purchased. The U.S. Treasury created the Treasury Hunt site to help individuals locate matured and uncashed bonds issued in 1973 or later. By using this tool, you can determine if you have any forgotten savings bonds.
Social Security Survivor Benefits
If you suspect that you may be entitled to these benefits as an heir, you can use resources like https://www.ssa.gov/benefits/survivors/. Additionally, if a deceased beneficiary was due a Social Security payment, the next of kin may be eligible to claim it. Visit the Social Security Administration’s website to find information and file a claim.
Unpaid Wages
If you believe that your current or previous employer violated labor laws and owe you back wages, you can turn to the Department of Labor Wage and Hour Division’s Owed Wages page for assistance. This resource provides information on how to file a claim for unpaid wages.
Unclaimed Pensions
More than 80,000 people have unclaimed pensions. The Pension Benefit Guaranty Corporation (PBGC) can help individuals locate pensions of employees from companies that went out of business or ended their pension programs. If you suspect you have an unclaimed pension, you can reach out to the PBGC for assistance.
Tax Refunds
Believe it or not, there is approximately $1.5 billion in unclaimed federal tax refunds. Some refunds go undelivered or get lost in the process. The Internal Revenue Service (IRS) offers a “Where’s My Refund” tool to check if you are owed a refund. For unclaimed state income tax refunds, the IRS provides a state government site with links to each state for further investigation.
Bank Failures
In the event of a financial institution failure, individuals may have unclaimed funds. The FDIC’s Unclaimed Funds database allows you to search for unclaimed money resulting from bank failures. Similarly, the National Credit Union Administration’s Unclaimed Deposits database can help you locate unclaimed money from liquidated credit unions.
Life Insurance
It’s not uncommon for individuals to name beneficiaries on life insurance policies without informing them. If you suspect that you are a beneficiary of a life insurance policy, you can use the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service to initiate a search.
The Importance of Estate Planning
While discovering unclaimed money or being named in a will can provide unexpected financial resources, it’s crucial to emphasize the importance of estate planning. By creating a will and possibly establishing a trust, you can ensure that your assets are distributed according to your wishes and minimize the likelihood of unclaimed funds.
Estate planning allows you to choose how your assets will be distributed and who will inherit them. It also helps minimize potential conflicts among family members and ensures a smoother transition of wealth. Moreover, estate planning can help reduce the burden on your loved ones during an already challenging time.
If you haven’t already done so, consider working with an attorney or using online estate planning services to create a comprehensive estate plan. Platforms like Gentreo, www.gentreo.com, offer affordable and state-specific estate planning solutions. With Gentreo’s Digital Family Vault, you can securely store and share your estate planning documents, making it easier for your loved ones to access and manage your estate when the time comes.
Conclusion
Discovering if someone left you money in their will or finding unclaimed funds can provide unexpected financial relief. By reaching out to the personal representative, contacting the court clerk’s office, and understanding your state’s intestacy laws, you can determine if you are entitled to an inheritance. Additionally, exploring sources of unclaimed money, such as old bank accounts, U.S. Savings Bonds, and unclaimed benefits, can potentially uncover overlooked funds
It’s essential to remember that estate planning is crucial for everyone. By creating a will and considering the establishment of a trust, you can ensure that your assets are distributed according to your wishes and minimize the likelihood of unclaimed funds. Take proactive steps to plan your estate, and consider seeking professional legal advice to navigate the complexities of the process.
Don’t wait until it’s too late; start your estate planning journey with Gentreo today. By doing so, you’ll not only protect your loved ones but also gain the peace of mind that comes with knowing your legacy is secure. Click here to join now https://private.gentreo.com/auth/register.
