Unclaimed Deceased Estates

The nature of unclaimed Estates/Properties can be very varied. They can be the contents of safety deposit boxes, all kinds of insurances, health, accidents, gift certificates, different deposits such as security and utility etc, all types of unclaimed properties exists.

Most properties become unclaimed simply because of negligent abandonment. There are other causes but abandonment is the most prominent cause. Suppose you had a distant relative who has left behind a lot of estate, wouldn’t hurt to check whether it has gone unclaimed, would it? Who knows, you or your family might be the surprise beneficiary.

To illustrate one instance, most of the times insurance policies go unclaimed because of ‘demutualization’.

Many mutual life insurance companies are owned by the policy holders. At some time these companies are bound to be converted to publically traded firms. When this occurs the ownership interest is given in terms of shares to the policy holders.

ownership interest is given in terms of shares to the policy holders. All that needs to go wrong over here is the current address. If the policy holder is not residing in his current registered address and the company is not able to trace the policy holder, the shares go into a gestation period. If the policy holder does not come forward to claim it in that gestation period, then the shares became unclaimed property.