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An unclaimed inheritance is an asset that has not been distributed due to the heir not being found. It is the responsibility of the person seeking the inheritance to find it. Once found, the appropriate procedures must be followed in the given jurisdiction to request distribution. Some unclaimed assets may not appear in public records for some time. The Treasury holds unclaimed assets until the heirs are identified. Most unclaimed legacy databases are searched based on the name of the deceased party.
An unclaimed inheritance is an amount that has been bequeathed to one or more people but has not been distributed as part of the inheritance for some reason. The property in question has not usually been included as part of the estate when it has undergone probate and distribution. An asset may have been included in an estate, but the heir entitled to the distribution has not been found. Under these circumstances, a specific Treasury government holds the asset until it is properly claimed.
It may be difficult to find an unclaimed inheritance. There are many databases that track unclaimed assets belonging to a deceased party. Each database includes different types of assets or information for a variety of jurisdictions. It is the responsibility of the person seeking an unclaimed inheritance to find such an asset.
Once unclaimed property is found, the party claiming such inheritance must follow the appropriate procedures in the given jurisdiction to request a distribution of the unclaimed inheritance. Each jurisdiction’s procedures are different. In some jurisdictions, the heir must reopen the estate to complete a further distribution and must demonstrate entitlement to the unclaimed estate. Following procedures accurately is extremely important if you hope to have unclaimed property distributed in a timely manner.
Some unclaimed hereditary assets will not appear in public records for some time, as the broker who held the assets may not release them to the public treasury for several years after the original owner’s death. Such companies have policies on how these assets are to be distributed to a property. If the original estate does not claim the assets, they are transferred to the public treasury for safekeeping until the heirs are identified. The Treasury is not responsible for identifying the heirs; it just has to safeguard the assets.
Most unclaimed legacy databases are searched based on the name of the deceased party. One must know that there has been a death and that one must inherit something from the deceased to begin the search for an unclaimed inheritance. Few, if any, of these databases allow an heir to search using their own name to determine if there is any pending inheritance in the database.
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