Simple actions such as moving house without updating your details or ignoring mailed notices can ultimately result in unclaimed assets in your name. An unclaimed asset, also known as unclaimed money can include funds that are from lost bank accounts, property, superannuation, shares, investments and life insurance policies.
When the rightful owner (often this is the next of kin) cannot be located the funds or property may be transferred to the relevant government agency or held by other types of custodians of the funds or property. The rightful owner can make a claim from the relevant government agency, or in most cases the funds or property go unclaimed by the rightful owners.
Each category of unclaimed asset, and each custodian, has different claiming procedures, requiring proof the rightful owner has a claim over the funds or property. The claim process can often be complicated and overwhelming for the rightful owner.
Worthington Clark offers services to identify unclaimed assets and the rightful owners and assists in the recovery of funds or property through the many claim processes.