How Do I Find Out If I Had an Inheritance?

Discovering if you've received an inheritance typically involves checking official records, contacting relevant parties, and searching for unclaimed assets.

Key Steps to Discovering an Inheritance

To determine if you are a beneficiary of an estate, follow these methodical steps:

1. Check State Unclaimed Property Databases

Many states hold vast amounts of unclaimed property, which can include forgotten bank accounts, stock dividends, uncashed insurance payouts, and other financial assets that belong to individuals. If a person passed away and left behind such assets that were never claimed by their beneficiaries, these funds might be held by the state.

• Thorough Search: For a comprehensive search, you should check the state government database for any state in which the deceased person lived or did business. This is crucial because assets might be held in a state where they last resided or had financial dealings.
• How to Search: You can typically find these state databases by performing an online search for terms like "unclaimed funds database" or "unclaimed property search" followed by the name of the specific state you're interested in (e.g., "unclaimed funds database California"). These databases are usually maintained by the state's treasury, comptroller's office, or revenue department. You'll typically enter the name of the deceased to see if any property is listed under their name.

2. Contact the Estate Executor or Administrator

If a will was created, an executor is named to manage the deceased's estate. If there was no will, a court might appoint an administrator. This individual is legally responsible for identifying and distributing assets according to the will or state law.

• How to Find Them: The executor or administrator's name might be mentioned in the obituary, or their appointment will be a matter of public record in the probate court where the estate is being settled.
• Their Role: They can inform you if you are a named beneficiary, what assets are part of the estate, and when distributions are expected.

3. Review Probate Court Records

When a person passes away, their estate often goes through a legal process called probate. This is where a court validates the will (if one exists), inventories the deceased's assets, pays debts, and distributes remaining assets to beneficiaries.

• Public Access: Probate records are generally public. You can usually access these records at the county clerk's office or the probate court in the county where the deceased lived. Many courts also offer online portals for searching these records.
• What to Look For: These records can contain copies of the will, lists of assets, and details about the beneficiaries.

4. Examine the Deceased's Financial and Legal Documents

If you have legal access to the deceased's personal papers, look for documents that indicate financial holdings or estate plans.

• Key Documents: Search for wills, trust agreements, bank statements, investment account statements, insurance policies, and safe deposit box keys. These documents can directly name beneficiaries or lead you to accounts that might hold an inheritance.

5. Consult with an Estate or Probate Attorney

If you're having difficulty finding information or suspect a complex estate, an attorney specializing in estate law or probate can provide invaluable assistance.

• Professional Guidance: An attorney can help you navigate legal processes, access difficult-to-find records, interpret estate documents, and advise on your rights as a potential heir. They often have experience with common places where unclaimed inheritances might be found.

Understanding Unclaimed Property

Unclaimed property refers to accounts or items of value where the owner has not initiated any activity or contact for a prolonged period, typically between one and five years. These assets are then turned over to the state by financial institutions, corporations, and other entities for safekeeping. Examples include:

• Bank Accounts: Checking, savings, or CDs that have been inactive.
• Stocks and Dividends: Shares of stock or uncashed dividend checks.
• Insurance Proceeds: Life insurance policy payouts where the beneficiary hasn't been found.
• Utility Deposits: Refunds for overpaid utility bills.
• Safe Deposit Box Contents: Physical items held in a safe deposit box that was abandoned.

By systematically checking these avenues, you can significantly increase your chances of finding out if you are due an inheritance.