Every year on February 1, National Unclaimed Property Day serves as a reminder of the more than $60 billion in forgotten or abandoned assets currently held by state governments across the country. And this isn’t just spare change. These assets include life insurance policies, old bank accounts, uncashed checks, retirement funds, and other valuable property that has simply lost its connection to the people who own it.
In my work as a Personal Family Lawyer® Firm, I regularly see what happens when assets are overlooked or estate plans fall short. In this post, we’ll look at how assets become “unclaimed,” what you can do to keep yours from ending up in that $60 billion pool, and—most importantly—how to make sure the assets you’ve worked hard for end up in the hands of the people you care about, exactly as you intend.
How Assets Become “Lost”
You might wonder how billions of dollars in assets could simply go missing. The truth is, it happens more easily than you’d think. Imagine becoming incapacitated or passing away, and a family member – either someone you legally named or someone appointed by a judge – is suddenly responsible for finding all of your assets. Would they know where to look?
Even for you, it might not be easy. You know what you’ve earned, the accounts you’ve opened, the job you had years ago that came with a retirement plan, or the insurance policy you set up and haven’t thought about since. Without a clear plan and good records, it’s surprisingly easy for things to be overlooked.
What we see all too often is that when someone passes away without an updated estate plan – especially one that includes a clear, comprehensive asset inventory – their loved ones are left guessing about what assets exist and where to find them. When that happens, those assets can eventually end up in state custody instead of with the people you intended to benefit.
And that matters. That money could help pay for a child’s education, support a loved one’s business, or simply make life a little easier for the people you care about most.
“Traditional” or “old-school” estate planning can unintentionally contribute to this problem. When an estate plan is created by a financial advisor or lawyer who focuses on selling a will or trust – rather than building a truly comprehensive plan – or through a DIY option like an online legal service or AI tool, you often end up with a stack of documents to sign and file away.
Those documents may get tucked onto a shelf or into a drawer and never revisited. And because there’s usually no complete inventory of your assets, it’s easy for accounts or policies to be overlooked – eventually becoming part of that $60 billion in unclaimed property instead of benefiting the people you love.
Why an Asset Inventory and Regular Review is Crucial
As a Personal Family Lawyer® firm leader, I know that effective estate planning isn’t a one-time event—it’s an ongoing process. It starts with a clear inventory of what you have and continues with regular updates to both that inventory and the legal documents that support it.
My process begins with a Life & Legacy Planning® Session, where we work together to create a complete inventory of your assets so nothing gets overlooked or forgotten. That inventory includes not just the obvious things, like your home and bank accounts, but also:
- Life insurance policies
- Retirement accounts from all previous employers
- Investment accounts
- Business interests
- Valuable personal property
- Intellectual property rights
- Digital assets and cryptocurrency
Digital assets present a unique challenge in today’s world. Things like cryptocurrency, online bank accounts, social media profiles, and digital business assets can be especially difficult for loved ones to locate and access without proper planning.
Many people don’t realize that without clear documentation and access instructions, digital assets can become effectively lost—even when family members know they exist.
When you work with me, I’ll also help you keep your inventory up to date throughout your life. We do this through regular reviews of your Life & Legacy Plan, making sure your asset inventory stays current and aligned with your goals, wishes, and values as life changes.
This comprehensive, ongoing approach helps ensure your assets don’t get lost along the way—and instead go to the people you care about, in the way you intend.
Beyond the Financial Impact
While creating an asset inventory is an essential first step, my Life & Legacy Planning process goes several steps further. It’s not enough to simply list what you own—you also need to make sure assets are properly titled, beneficiary designations are up to date, and your loved ones know how to access everything when the time comes.
I guide you through all of it. And when you’re no longer able to be there, I’ll be there for the people you love.
There’s also another important part of planning that’s often missing from traditional or DIY estate plans: recognizing that not everything of value can be measured in dollars. Family photographs stored in the cloud, emails that capture pieces of your family history, and digital collections of music or art often carry deep sentimental meaning.
Without proper planning, these items can become effectively “unclaimed property,” inaccessible to the very people meant to receive them. When that happens, priceless family legacies are lost—not because they weren’t important, but because no one knew how to access them. Their value may not show up on a balance sheet, but it’s no less real.
Remember, good estate planning isn’t just about having the right documents in place—it’s about taking the extra steps that make things easier for the people you love. At its core, it’s one of the most meaningful acts of care you can offer the people who matter most to you.
Your Next Step
As your Personal Family Lawyer® Firm, I can help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, along with regular reviews and updates to make sure nothing gets lost or forgotten. I’ll also support you in creating a Life & Legacy Interview, so your most meaningful assets—your values, traditions, and love—are passed on alongside everything else.
Let’s work together to protect your legacy.
Click here to schedule a complimentary 15-minute consultation and learn more about how I can help:
Schedule your free 15 minute consultation with Molly today
This content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms and modified by Packsaddle Law PLLC. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, consult a qualified professional.