According to an article published by CNBC, beneficiaries miss out on life insurance benefits all too often. The odds that you’re owed money from a lost, forgotten or unknown policy are about one in 600. Which is the reason that unclaimed life insurance proceeds now exceeds $1 Billion dollars!
Besides life insurance, there may be other assets a deceased person might have that family members may be totally unaware of. Without an organized list, your loved ones and beneficiaries may be missing out on things such as:
- Prepaid funeral arrangements or plots
- Savings or checking accounts
- Savings bonds, CDs or Mutual Funds
Many of these accounts are established to pay for final expenses, such as the deceased’s funeral and burial. But beyond that, these accounts were created to benefit their loved ones.
And, insurance and financial accounts aren’t the only assets that go unclaimed. Let your loved ones know about such things as;
- Items held in a Safe Deposit Box
- Family Heirlooms or Collectibles
- Cash and Inheritances (It’s not uncommon for people to stash their valuables throughout their homes. Cash stashed in mattresses or hidden in books is a popular practice.)
If family members are unable to locate assets, many times they turn to an attorney for help. In cases where family members have no idea where accounts are or what accounts are active, the attorney’s office will do the investigating. The hourly rate or fee for this type of service can be costly for the family.
Most people try to figure things out on their own, without the help of an attorney. Doing your own detective work will save money. But, it can take an exhaustive amount of time and effort for search and discovery. Especially if family members live in different cities or states.
So how can you make sure your loved ones will locate everything?
- Do it Yourself. Create a record of all your accounts and assets. Click on the following links to download our planning tools:
- Use a Guide. Utilize a pre-printed guide. Click on the link below for the most comprehensive planning organizer and guide:
- Utilize a Digital Planning Program. By using a cloud based program, you can easily update your information, upload copies of documents and safely share access with family or a trusted advisor.
Make sure your loved ones know what to look for, and how to access the information and documents. Don’t let your important stuff or property be left unclaimed!