It's hard to believe, but people forget about funds
that they have on deposit in banks, trust companies and loan
companies. They also forget to notify banks, brokers, and others
when they have a change of address, or a change of name due to marriage,
In order to avoid any of your assets becoming part of
the massive unclaimed property amounts, it is important to:
keep good records of
bank and savings accounts
stock certificates, if held personally
any deposits paid, such as utility or telephone
deposit or cash all checks as soon as possible
keep a list of accounts that would have to be
notified of a change of address. This list is also invaluable to
the executor of your estate, so make sure they have access to it.
notify everyone on the list promptly if you change
your address, or if for some reason your name changes.
If you believe you have unclaimed property somewhere,
here are some resources for trying to find it:
Canadian Financial Institutions
Bank of Canada
database of unclaimed amounts. When funds held by financial institution have seen no
activity for over 10 years, and the rightful owners cannot be found, the
funds are transferred to the Bank of Canada.
For those of you who may have unclaimed property in the
US, a free searchable database is available at MissingMoney.org.
The database provides access to unclaimed property in most states.
Another resource is the National
Association of Unclaimed Property Administrators (NAUPA) which provides
links to databases for all 50 states, the District of Columbia, a few
Canadian provinces, and Guam and Puerto Rico.