Stepping in to assist a parent is an overwhelming task. Trying to organize my parents medical, financial, personal and household papers was a job requirement. I needed an easy way to collect and document the information so I could easily find it as well as hand it off to a sibling who came to town to give me a break from caregiving. The experience fueled me to launch MemoryBanc
Many people are unaware that $58 billion is sitting in state and federal treasuries — it’s money that got lost in the shuffle of a move, crisis and even death. As a caregiver, you should know about the MissingMoney.org website. You can do one search and see if any of your loved ones money ended up in a state treasury. Every year, I do a quick search to see if anything slipped through the cracks. Last year, we found several accounts – one was in the name of my Grandfather, and the second was in the name of my Dad.
My sister started digging and learned that we could just go right to the state where the money was lost to claim our money. If you use the service on MissingMoney, they will take a cut or “finder’s fee” of your money. See additional information on this topic below.
We find that my Granddad’s money is less than $100 and requesting the forms we’d need to claim would cost more than we would recoup, so we leave that money alone. However, when we learn that my Dad had money that was left in Kansas — and we have all the forms with the exception of the a proof of residency for their home in 1968 — my sister finds out how to get the old title to prove his residency.
Within weeks, we get a check for $2,500. We moved from Kansas in 1969 and grew up hearing stories about how my parents had to borrow the down payment to buy our home. The idea that there were assets that got left in Kansas more than 40 years ago that ended up being worth $2,500 is a little mind-blowing.
Given the amount of accounts you accumulate today, it’s easy to understand how easy it might be to forget about a stock certificate, utility deposit, or even a small retirement account. Enriched.
HOW TO SEARCH FOR MISSING MONEY
To do a quick search to see if you are entitled to missing funds, visit MissingMoney.org. Enter your name and state and you will get back a list of possible matches. You can use their services to collect your money, or:
1) Go to the state web site where you believe you may have missing money
2) Search the state web site for “missing” or “unclaimed money”
3) Make a direct claim following the web site instructions.
MissingMoney does not include all states and not all the information — in particular some very old records. To learn more about this topic, check out Mary Pitman who wrote a book on the topic https://www.facebook.com/TheMissingMoneyLady