Every year on February 1st, National Unclaimed Property Day serves as a reminder that over $60 billion in unclaimed assets are currently held by state governments across the U.S. These aren’t just small amounts of forgotten change – they include life insurance payouts, retirement accounts, uncashed checks, and bank accounts that have lost their connection to their rightful owners.
The reason? Poor or incomplete estate planning. Without a well-organized plan, your assets could end up among this massive pool of unclaimed property instead of reaching your loved ones. Let’s explore how assets become lost, how to prevent this from happening to your family, and why estate planning is about much more than just signing documents.
How Do Assets Become Lost?
You may wonder how billions of dollars in assets could go missing. The truth is, it happens more easily than you think. Imagine something happens to you – whether due to incapacity or passing away—and your loved ones need to gather all your assets.
Would they know where to find everything?
Think about all the accounts you’ve opened over the years, old retirement plans from previous employers, insurance policies you signed up for long ago, or even digital assets like cryptocurrency, online banking, and cloud storage. If you don’t have a clear inventory, these assets can easily slip through the cracks.
Traditional estate planning often contributes to the problem. Many people create a will or trust and then set it aside without keeping an updated list of their assets. Over time, accounts get forgotten, beneficiaries aren’t updated, and money gets lost. This is how assets end up in state custody instead of benefiting your loved ones.
Why an Asset Inventory and Regular Updates Matter
At Cheever Law, APC, we believe estate planning is not a one-time event – it’s a lifelong process. A proper plan includes a detailed inventory of your assets that is regularly updated to ensure everything is accounted for.
A complete asset inventory should include:
- Bank accounts and investment accounts
- Retirement accounts (IRA, 401(k), pensions, etc.)
- Life insurance policies
- Real estate and business interests
- Valuable personal property (jewelry, collectibles, vehicles, etc.)
- Digital assets (cryptocurrency, online banking, cloud storage, social media, etc.)
Digital assets are especially easy to lose. Without proper planning, your loved ones may not even know they exist – let alone how to access them. Ensuring these accounts are properly documented and accessible is an essential part of modern estate planning.
By working with Cheever Law, APC, we help you keep your inventory updated throughout your life. Our approach includes ongoing reviews to make sure your assets are properly titled, beneficiaries are current, and nothing is overlooked.
Estate Planning Is More Than Just Financial Assets
While ensuring financial assets don’t go unclaimed is critical, estate planning is also about preserving your legacy.
Many of the most valuable things we leave behind aren’t financial. Family photographs, letters, videos, and heirlooms carry deep sentimental value. If not properly accounted for, these meaningful items can be lost forever.
Our estate planning process goes beyond just legal documents – we help you preserve your stories, traditions, and values through our Life & Legacy Planning process. This ensures that not only your wealth but also your wisdom and memories are passed down to future generations.
Protecting Your Loved Ones Starts Now
Proper estate planning isn’t just about having a will or trust – it’s about making things as easy as possible for your loved ones. Without a clear plan, assets can be lost, families can face unnecessary stress, and your legacy may not be passed on the way you intended.
At Cheever Law, APC, we specialize in comprehensive estate planning that includes:
- A complete and updated asset inventory
- Clear instructions for accessing digital and financial assets
- Regular reviews to keep your plan current
- Guidance for preserving your family’s legacy
Don’t let your hard-earned assets become part of the $60 billion in unclaimed property. Let’s create a plan that protects what matters most.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.