I had a Zoom meeting with a recently widowed friend and client. She was heading to a "celebration of life" for her late husband after our conversation. While she is resilient and will be okay long-term, she shared concerns about meeting some short-term cash needs. Understandably so — losing a spouse can bring with it a wave of financial unknowns, from paperwork delays to uneven cash flow.
Toward the end of our meeting, we decided to check the state’s unclaimed property database—mostly on a whim. It wasn’t part of the agenda, just a “might as well” moment.
To our surprise, we discovered an old savings account in her and her late husband's name worth $22,000.
The moment was powerful. Not only did it ease her immediate concerns, but it gave her something unexpected and affirming in a time of transition. The privilege of sharing it with her live on Zoom was one of those moments I won’t forget.
This kind of windfall is rare, but it’s far from a one-time story.
Each time I’ve posted about this on Facebook or LinkedIn, I’ve received messages from people who searched and actually found money, sometimes for themselves and sometimes for family members. One person told me they found just $68 for themselves, but upwards of $1,000 for their family members.
Me? I found a whopping $5 from my alma mater, but I’m happy I’ve been able to help others.
What is Unclaimed Property?
Unclaimed property refers to financial assets that have been abandoned or forgotten by their owner. These can include:
• Dormant bank or brokerage accounts
• Uncashed checks
• Insurance payouts
• Utility deposits
• Stock dividends
• Forgotten 401(k) balances
When these assets sit untouched for a set period (usually three to five years), financial institutions are required by law to turn them over to the state. The idea is that the government becomes a custodian of the money until the rightful owner claims it.
The National Association of Unclaimed Property Administrators (NAUPA) coordinates efforts across states and maintains a central search tool: MissingMoney.com. Most states participate in this database, making it a quick and reliable place to start your search.
According to the NAUPA:
• Over $3 billion worth of claims were paid in the last year
• The average claim value was $2,080
• One in seven people have unclaimed property.
When and How to Search for Missing Property
There’s no wrong time to check for unclaimed property, but I’ve found it especially worthwhile after a major life event. Maybe a loved one has passed away, like in my example. Maybe you’ve moved, retired or changed jobs. Often, that is when accounts and assets get lost in the shuffle.
These transitions are when assets most commonly slip through the cracks. Mail forwarding ends. Paperwork gets buried. A refund gets issued to a long-forgotten address. A life insurance policy matures and no one is notified.
How do you search for missing property?
1. Go to www.missingmoney.com
2. Enter your name and state you live (or have lived) in
3. Review the results and look for accounts you recognize
4. Submit a claim and upload any documentation requested
I’ve worked with several people who were searching on behalf of a deceased relative. It’s completely possible and a smart step to take. Just be prepared for a few additional requirements, like providing a death certificate and proof that you're the rightful heir or estate representative.
It’s rare for financial advice to be this quick, this simple, and this potentially valuable. So go check. Then tell your spouse. Then check for your parents, your grandparents, or someone you’ve lost.
Maybe you’ll just find $5 like me. But maybe, just maybe, there will be real life-changing money.