How to Prevent Property from Getting Lost and “Unclaimed”
In the last few blogs, we discussed the process of finding and claiming lost property. However, there are safeguards and steps to follow in order to prevent your property from getting lost.
Because property goes unclaimed due to the absence of communication between the financial institution and the owner of the account, you should contact the institutions each year and notify them of any changes to your address, financial matters, or marital status.
It is also imperative to maintain detailed and accurate financial records. These records should also include records of bank account numbers, types of accounts, insurance policies, and stock certificates.
After receiving checks such as for wages, dividends, and insurance settlements, make sure to cash them without delay. Also, if you have a safe deposit box, record its number, bank name, and provide the extra key to a person you trust.
Lastly, you should prepare a Last Will and Testament that sets up the distribution of your assets. To create or update these documents, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
