Update Those Accounts!
The beginning of the New Year will see many of us making numerous resolutions. One thing to put on your 2015 agenda is a memo to update your accounts and find your title insurance policies. Why those two things?
According to numerous websites there are billions (yes, billions) of unclaimed dollars and property value placed into the hands of local governments (see my previous post on my website http://www.attorneybarbaradalvano.weebly.com of Oct. 28, 2014 titled “Don’t Lose Your Money!” about the legal term ‘escheatment’), funds and property that have been unclaimed for years. These funds range from bank accounts; valuables from safe deposit boxes; stocks and bonds; mutual fund accounts; uncashed money orders, certificates of deposit; 401(k) funds and insurance policies. How does this happen? Well, in many cases the owner has passed away and no beneficiary can be located; or people simply forget – as they move from place to place- to close an account; a bank account can go ‘dormant’ if not accessed within a certain period of time (this “dormancy” time period varies from bank to bank and state to state); or the owner of the property cannot be located (address, email, contact information has not been updated). Whatever the reason, it certainly pays to do an annual review of all your existing accounts to make sure that you are not missing out on access to your own money/property. Make sure all contact information for yourself and all beneficiaries is up to date.
In addition, if you have created a trust account and placed property/real estate into the trust, review your title insurance to make sure that the property remains covered under the original title policy. If you have transferred real estate property, check the title insurance policy.Search for the original title insurance policy or title deed and contact the title company about any transferred property. Their response about whether the property still remains under the original title insurance should be in writing. If there is ever any claim/dispute about the title to the property (for example a boundary dispute), you will want to make sure your existing title policy covers the situation.