Did you know that over $70 billion in unclaimed property is currently held by state governments? These funds include forgotten bank accounts, uncashed checks, retirement savings, life insurance policies, and digital assets—all left behind because there was no estate planning in place. Without a clear plan, your hard-earned assets could be lost in legal limbo instead of benefiting your loved ones.
One of the best ways to protect your assets from becoming unclaimed property is by establishing and maintaining a properly funded living trust. A revocable living trust allows you to control your assets during your lifetime and ensures they are distributed according to your wishes when you pass away, avoiding probate and minimizing legal delays.
Here’s how a living trust can ensure everything goes to your intended beneficiaries:
How a Living Trust Helps Prevent Unclaimed Property
Clear Designation of Beneficiaries
- A living trust allows you to explicitly state who will inherit your assets, preventing confusion or delays that could lead to your property being classified as unclaimed.
Streamlined Asset Distribution
- Unlike a will, which requires probate, a trust enables a smooth, private transfer of assets to your beneficiaries—helping to avoid delays that could result in assets becoming lost.
Management by a Trustee
- Your appointed trustee is responsible for managing and distributing your assets, ensuring that nothing is overlooked or forgotten. This helps prevent assets from going unclaimed simply because heirs don’t know they exist.
Keep Your Asset Inventory Updated
- One of the most common reasons for lost or unclaimed assets is missing or outdated financial records. Using AmeriEstate’s Asset Inventory document and updating it regularly ensures that all retirement accounts, life insurance policies, and digital assets are properly tracked and included in your estate plan.
Without a comprehensive estate plan, assets can become lost, or forgotten, A properly funded revocable trust ensures that everything from your home, investments, cryptocurrency, and business assets to family heirlooms and keepsakes goes directly to the people you designated.
A living trust is more than just a legal document—it’s a critical tool for protecting avoiding probate. Ensure your trust is properly funded and your asset inventory is current to prevent your wealth from ending up in the state’s unclaimed property pool.
Contact AmeriEstate for free consultation 800-235-0963.