Unclaimed assets: Uncover the Value of Hidden Assets




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unclaimed assets

Uncover the Value of Hidden Assets

Everyone likes to find money of course, whether it is a long forgotten $20 bill in a pants pocket or a dime found on the street. This desire for easy money is perhaps one of the factors responsible for the influx of companies promising to help consumers find hidden assets.

Every year, there are perhaps millions of dollars worth of unclaimed and hidden assets that go unclaimed and unnoticed. Unfortunately for the legitimate owners of these forgotten bank accounts, brokerage accounts, safety deposit boxes and other financial assets, after a period of time ownership reverts to a state or local agency, and claim to those assets is lost forever. That is why it is so important for every person to periodically check the various directories for hidden assets to which they may be entitled.

There are many reasons why people may lose track of these hidden assets. For instance, many people move and neglect to fill out change of address cards for everyone who sends them mail. This can cause bank statements, brokerage statements and similar documents to be returned to the sender as undeliverable. This in turn can cause those assets to be turned over to the hidden asset directories. It can be quite easy to lose track of bank accounts or brokerage accounts, especially those with low balances, so the owners may never realize the loss.

Even though thousands or even tens of thousands of ordinary people lose track of hidden assets every year, some hidden assets do not even belong to the person in question. In the event a relative passes away, for instance, the will may stipulate a certain amount of money, or a particular asset, go to you. If the inheritance court is unable to track you down, those assets may well be classified as hidden assets. Even if you are absolutely certain you know where all your bank accounts and other financial assets are, it never hurts to check the various hidden asset directories for the proceeds of any possible wills or trusts.

Retirement accounts and 401(k) proceeds are another class of assets that often fall into the category of hidden assets. When changing jobs, it can be all too easy to lose track of any retirement funds to which you may be entitled, and if those assets are not claimed within a set period of time they may be classified as hidden assets. Unlike many forgotten bank accounts, the balances in these retirement programs can be significant.

No matter what the balance involved, it is important to check the directories of hidden assets on a consistent basis in order to make sure you do not miss out on any funds to which you may be entitled. Finding free money is always a fun experience, and just browsing through those hidden assets directories can be entertaining and fun. Finding long lost funds, or the proceeds of an unknown will, can make the search for hidden assets more than worthwhile.

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