...she died in 1986, and nobody seems to know what happened to the money. The bank has since been bought out by another, and I don't know how to go about trying to find this "lost" account. Any suggestions? Thanx.
2007-12-26 02:48:23 · 7 answers · asked by mama_lisa24 3 in Business & Finance ➔ Personal Finance
Many states have a department that banks must turn over unclaimed accounts to. You would only need to prove her death and that you were the heir.
2007-12-26 02:59:28 · answer #1 · answered by Tim C 7 · 0⤊ 1⤋
There is more to this. Regardless of when your mom died, you may be able to recover the funds in the account, but it may not be worth it. First be fore you do anything answer this, Did your mom have a will? Second did you or anyone in your family go through the courts to close her estate? The reason I ask, is because if this was done, then the person who was either the executor of the will, or appointed as the Administrator will know this. Second, if this was not done, there may be outstanding debts that have to be reconciled to close the estate. The bank may not even discuss this with you unless you are appointed by the court or have a Power of attorney. If there is a large sum of money in that account it may be worth it. And there is not guarantee that your mom named a beneficiary. Do you know if the account was a joint account with anyone? You may have to do a lot of work, and you need to decide if it is worth the effort. Good Luck and email me if you have more questions. I went through this with my mom's stuff a few years ago.
2007-12-26 11:05:49 · answer #2 · answered by catinthehat99 3 · 0⤊ 1⤋
The money will automatically be transferred to her estate; so go to the bank, tell them whats happened; take her death certificate with you including your birth certificate that shows your relationship to her.
If you have a copy of the will (assuming she named you in her estate), that will help; take that document with you too. The bank will close the account and transfer all monies to the estate. May take a week to work out as they will probably contact the witnesses on the will lawyer who prepared the will prior to transferring the money to the estate.
Once the money is transferred into her estate, you will receive whatever percentage you mum has willed you.
2007-12-26 10:59:30 · answer #3 · answered by Sri 4 · 0⤊ 0⤋
After x number of years of no activity the bank usually turns the money over to the state. You could start by researching through state agencies. I would contact the bank first, explain the situation and ask them how they handle inactive accounts. I would also take a death certificate with me. If you're able to find the money it will probably have to go back to the estate first.
2007-12-26 10:58:15 · answer #4 · answered by Bill 7 · 0⤊ 1⤋
Go to the new bank and tell them whats up. Your Mom had to put the name of someone when she opened the account that the money would go to, find out who that is.
2007-12-26 10:53:21 · answer #5 · answered by Special K 5 · 0⤊ 1⤋
Most states have an electronic database of unclaimed funds that you can search on the net. The site with the database will instruct you on what needs to be done to obtain the money.
e.g. NY - http://www.osc.state.ny.us/ouf/index.htm
2007-12-26 11:08:06 · answer #6 · answered by camlobell 2 · 0⤊ 1⤋
The $ has been escheated to the state. You can contact any bank in your state and ask them how to recover eschated monies. or you can simply google, Escheat search and your state.
2007-12-26 11:47:34 · answer #7 · answered by Shop-o-holic 2 · 0⤊ 1⤋