After someone passes, their estate will usually be handled through probate courts. Assets should typically be discovered, inventoried and distributed among beneficiaries in an equitable fashion; however, in some instances assets may go overlooked or beneficiaries fail to claim them and end up falling into what’s known as “Unclaimed Inheritances”, including past wages, life insurance policies or tax refunds that remain due.
Banks and other financial institutions in Maryland will turn over assets held for three years to the Comptroller of Maryland; this can include cash held in accounts, stocks and personal property left behind in safe deposit boxes. These assets are known as maryland unclaimed funds and their rightful owners can come forward at any time to claim them – there is no statute of limitations set; Maryland’s unclaimed property law is custodial which means there’s no time limit on claiming what rightfully belongs to you – you or even after someone has died legitimate heirs may do the same if necessary.
The Comptroller’s office employs several strategies in its efforts to locate rightful heirs of unclaimed inheritances and other assets, including maintaining a website with search functions; advertising in newspapers; mass mailings being sent out; using social media like Facebook or Twitter for outreach; attending trade shows or setting up booths at shopping malls to identify rightful owners; attending trade shows/marketplace booths as well as trade show booths/booths in shopping malls for gathering information about rightful owners/holders – over the years Maryland Comptroller has helped return over $1 Billion worth of assets back into their rightful owners – over time!
Are You Holding Unclaimed Property?
Anyone in possession of unclaimed property must report it promptly to the Comptroller. As of July 1st 2005, due diligence letters will be sent out in an effort to notify those oweing $100 or more of any unclaimed funds in their accounts/owners last known addresses and notify them accordingly.
In Possession of Unclaimed Property?
As soon as an individual or business discovers unclaimed money, they should take steps to retrieve it by filing out a claim form and emailing the Comptroller’s office at unclaim@marylandtaxes.gov with details.
How to Prevent Your Property and Unclaimed Inheritances from Getting Lost
As part of your comprehensive estate plan, thorough attorneys will assist in taking an asset inventory and creating language that incorporates future assets and residual property to prevent being left out during probate proceedings. They also help evaluate beneficiaries named to your plan by providing contact details as well as distinguishing information so they can be located easily later. Furthermore, they can assist you with claiming any unclaimed inheritances you may be entitled to from relatives or ancestors. For assistance creating one today in Greater Baltimore contact Stouffer Legal by phone (443) 470-3599 or email [email protected] for an appointment now!
