Unclaimed Funds: What Executors Should Know

Many estates have forgotten money in state unclaimed funds. Learn how executors can search for and claim these hidden assets during estate settlement.

When someone dies, their money doesn’t always go where it’s supposed to.

Bank accounts, insurance payouts, refund checks, uncashed dividends—if no one claims them, they get turned over to the state. Most people don’t even realize this money exists, but it’s there. In fact, more than $70 billion is currently held in unclaimed property programs across the U.S., according to a 2023 article citing the National Association of Unclaimed Property Administrators (NAUPA), waiting to be claimed by rightful owners or their heirs.

If you’re settling an estate, unclaimed funds might be one of the few silver linings: a potential source of money that’s just waiting to be found. But you have to know where to look—and how to claim it.

What Are Unclaimed Funds?

Unclaimed funds (also called unclaimed property) refer to money or other financial assets that have been left untouched for a certain period of time and turned over to the state. This can include:

• Bank accounts and safe deposit boxes

• Stocks and dividends

• Insurance benefits (especially life insurance)

• Uncashed paychecks or refunds

• Utility security deposits

• Retirement accounts

• Royalties or rental income

Each state has its own unclaimed property program and time limits for when funds are considered “abandoned.” Once that happens, the money gets transferred to the state treasury, but it doesn’t disappear. It stays there until someone claims it.

How Funds End Up Unclaimed After Death

Even when someone has a will, assets can slip through the cracks. Here’s why:

• Outdated account information: If addresses or contact details were never updated, institutions can’t reach beneficiaries.

• No listed beneficiary: Accounts without beneficiaries or payable-on-death instructions may default to the estate or the state.

• Unknown or forgotten assets: People often forget small accounts, like old checking accounts or work benefits, and don’t include them in their estate plans.

• Paperless everything: In a digital world, if no one knows the login, assets can easily go unnoticed.

  
  

How Executors Can Search for Unclaimed Funds

The good news? These funds are searchable and claimable.

Start here:

• MissingMoney.com – A free, multi-state search tool backed by the National Association of Unclaimed Property Administrators (NAUPA).

• Individual state treasurers’ websites – If the person lived in multiple states, check each one individually.

Search under:

• The deceased’s full legal name (try common misspellings too)

• Known aliases or maiden names

• Prior addresses (especially if they moved frequently)

• The estate or trust name, if applicable

Keep in mind: Keep a record of everywhere you search and what you find. If you discover a claim, note the reference number and the institution that originally held the funds.

How to Claim Unclaimed Funds as an Executor

The process varies by state but generally involves:

• Submitting a claim form through the state’s unclaimed property division

• Providing legal documentation such as:

  • Death certificate

  • Proof of executor/administrator status (Letters Testamentary or Letters of Administration)

  • Valid ID for the executor

  • The will, if applicable

• Waiting for verification and processing – This can take several weeks or months

  
  

Some states allow online submission; others may require printed documents and notarized forms. In many cases, you’ll also need to show that the estate is entitled to the funds (not an individual heir, unless probate is closed and funds were distributed).

What to Watch Out For

• Third-party “finders” or locators may contact you offering to recover funds for a fee. These aren’t always scams, but know that you can claim funds yourself for free. If you use a locator, make sure they are licensed and that their fees are capped (some states limit them to 10% or less).

• Outdated websites or fake portals – Always use official state websites or MissingMoney.com, and never pay to search.

• Small dollar amounts – Even if it’s just $15 from an old utility refund, it still belongs to the estate. The law is on your side.

  
  

Why This Matters for Executors

Estate settlement is about more than paying debts and distributing known assets. It’s about tying up loose ends. Unclaimed property is one of those often-forgotten pieces, but it’s worth the time to check.

No dollar should go unaccounted for when you’re settling someone’s legacy. Hidden funds can help pay debts, cover final expenses, or simply provide more for heirs. All it takes is a little detective work.

Final Thought

You don’t need to be a financial expert to track down forgotten assets. You just need patience, paperwork, and a little curiosity. Billions are waiting. A few of those dollars might belong to the estate you’re settling.