Every year on February 1st, we observe National Unclaimed Property Day—a crucial reminder of the staggering $60 billion in forgotten and abandoned assets held by state governments across the U.S. These aren’t just small, misplaced sums; they include life insurance policies, unclaimed bank accounts, uncashed checks, retirement funds, and other valuable assets that have become disconnected from their rightful owners.
At Your Family’s Lawyer for Life, we frequently see the impact of overlooked assets and inadequate estate planning. Let’s explore how assets become lost, how to prevent your wealth from ending up in this $60 billion pool, and, most importantly, how to ensure your hard-earned assets reach your loved ones according to your wishes.
How Assets Become “Lost”
You might wonder how billions of dollars in assets could go missing. The truth is, it happens more easily than you might think. Imagine you become incapacitated or pass away—would your loved ones be able to locate all of your assets? Even you might struggle to track everything: bank accounts, retirement funds from past employers, life insurance policies, and other financial holdings.
When someone passes away without an updated estate plan—including a comprehensive asset inventory—their loved ones often have no idea what assets exist or where to find them. As a result, these assets may eventually end up in state custody rather than benefiting the people you love. That money could have been used for your children’s education, invested in a family business, or otherwise enriched the lives of your heirs.
Traditional estate planning methods often contribute to this problem. Many financial advisors and attorneys focus on drafting a will or trust rather than creating a comprehensive, ongoing plan. Often, families receive legal documents, file them away, and never revisit them. Without an up-to-date asset inventory, some assets may be lost or forgotten—ultimately becoming part of that $60 billion in unclaimed property.
Why an Asset Inventory and Regular Review Are Crucial
At Your Family’s Lawyer for Life, we understand that estate planning is not a one-time event—it’s a lifelong process. A truly effective plan includes a thorough inventory of your assets, regular updates, and aligned legal documents.
Our process begins with a Life & Legacy Planning® Session, during which you’ll create an inventory of your assets to ensure nothing is overlooked. This inventory includes not just the obvious assets, such as your home and bank accounts, but also:
- Life insurance policies
- Retirement accounts from all previous employers
- Investment accounts
- Business interests
- Valuable personal property
- Intellectual property rights
- Digital assets and cryptocurrency
Digital assets present a particular challenge in today’s world. Cryptocurrency, online banking accounts, social media profiles, and digital business assets can be difficult for loved ones to locate and access without proper planning. Without clear documentation and access instructions, these assets can be lost forever—even if your family knows they exist.
When you work with us, we’ll help you keep your asset inventory updated throughout your life. We conduct regular reviews of your Life & Legacy Plan to ensure your asset inventory remains current and aligned with your goals, wishes, and values. This proactive approach prevents your assets from being lost, ensuring they reach the people you intend in the way you desire.
Beyond the Financial Impact
While creating an asset inventory is essential, our Life & Legacy Planning process goes even further. Simply listing what you own isn’t enough—you need to ensure that assets are properly titled, beneficiary designations are up to date, and your loved ones know how to access them when needed. We provide comprehensive support to ensure everything is in place, and we will be there to guide your loved ones when you no longer can.
Another often-overlooked aspect of estate planning is the recognition that not all assets are financial. Family photographs stored in the cloud, emails containing cherished family history, and digital collections of music or art hold immense sentimental value. Without proper planning, these precious family legacies can become another kind of unclaimed property—lost to future generations, even though their worth is immeasurable.
Proper estate planning isn’t just about having the right documents—it’s about making things as seamless as possible for your loved ones. Taking these steps is one of the greatest acts of love you can provide for those you cherish most.
Your Next Step
As Your Family’s Lawyer for Life, we can help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, regular reviews, and ongoing updates to ensure nothing gets lost or forgotten. We also support you in creating a Life & Legacy Interview, ensuring your most valuable assets—your values, traditions, and love—are passed on to the people who matter most.
Let’s work together to protect your legacy. Click here to schedule a complimentary 15-minute consultation and learn more about how we can help.
