Google Alerts fuels my obsession with the problem of Unclaimed funds

Google Alerts has been fueling my obsession with the problem of unclaimed funds for a long time. Every day in my inbox appears stories related to the reporting of unclaimed assets or the actual reuniting of long lost owners with those assets.

These stories all come out of the US primarily and not from Canada. While the stories are heartwarming they are also troubling since 1) it confirms the very real problem that exists related to unclaimed property and 2) it makes me wonder how Canada could be so far behind in legislating unclaimed property regulations when those regulations have been in place in the USA for 40+ years and 3) I fear that no one in Canada really has any proper handle on the extent of the problem here and finally, 4) given a multitude of factors, the problem of unclaimed funds will continue to rise at an ever faster pace. The problem is global and will grow unabated without a 'multi-pronged approach' of awareness, legislation and a financial organizing solution that individuals can put to use to safeguard their hard earned, tax paid financial assets.

Here are 3 stories from 3 different States to give you a sampling of what I read every day.

Feb 5 2013

Report from KLKNTV news/Nebraska:

The State of Nebraska paid out more than $1,215M to residents in in January 2013 made up of $560,000 in cash and more than $655,000 in stock and safekeeping items including:

·        A woman from Lincoln, Nebraska received $60,404 in cash and more than $232,000 of valuables from a safety deposit box.

·        A couple from Omaha were paid out a claim worth $101,000

·        A man originally from Nebraska now living in Colorado received $60,000 in cash and more than $217,000 in valuables

·        Two brothers from Omaha each received more than $33,000 from an abandoned chequing account owned by their uncle who died in 2008

The unusually high amount was a result of additional effort put into finding owners and returning as much money as possible, as expeditiously as possible reported the State Treasurer. The State is holding more than $125 Million owed to 350,000 residents or former residents from Nebraska. The list of owners for property added to the database for 2012 will be published in all 16 Nebraska newspapers and to the online database provided by the State.

January 16 2013
Report from the Quad City Times/Illinois

The total amount of cash and assets returned to Illinoisans through the state treasurer’s office last year increased by 27 percent over 2011; to a total of $129 Million up from $101 Million the year prior. Amounts returned ranged from a couple of dollars to an individual claim of $9 million. The Illinois state treasurer (Dan Rutherford) was thrilled “it’s pretty big when you can put $129 Million back into the economy of Illinois without raising taxes.” The state currently has $1.7 Billion in cash and contents from Illinois bank safety deposit boxes that have been abandoned for 5 or more years that is looking to reunite owners with. In Illinois, one in eight people has an asset to be claimed.

January 8 2013

Report from AOL Finance/Wisconsin

 

54 year old Daniel DeMeuse from Porterfield Wisconsin awoke $28,000 richer when he found out that a friend had left him money years earlier but the inheritance had been delayed by probate. At the time that the Office of the State Treasurer of New Jersey contacted him he was an unemployed studio artist and used the money to take care of his elderly mother

 

After reading just a sampling of some of the many stories I read each week,  you will have a better understanding of the 'why 'behind Legacy Tracker.  I think it is imperative that individuals and families have a secure and simple solution to better organize their financial and estate information which will help reduce the risk of their assets being lost. But it’s just as imperative that each Canadian province recognize the problem, shine a light on it and legislate some protection. Please.