Asset Recovery and Process in CA

[annr]

I recently received a letter stating that there are unclaimed assets in CA that may belong to me. I verified that the money is listed on the CA controller's website, and the owner of the account was my best friend who passed away a few years ago, possibly I was the beneficiary.

I'm investigating claiming the assets, and the CA website does not provide an option that applies to me.

An alternative is utilizing the firm that contacted me about the unclaimed money. They will take a 10% cut upon recovery of the money.

Does anyone have any thoughts or advice on this?

Note: I don't have any paperwork from my friend stating that I'm the beneficiary. I don't have his death certificate. He died with a trust from which I have received numerous assets. This bank account is not one of the listed assets in the trust.

 

[fishface5]

I'd do a thorough search on the company that contacted you, to see if they are legit.
AI says
To find unclaimed money in California, use the State Controller's Office free online database at claimit.ca.gov. Search using your name, and if you find a match, follow the instructions to submit a claim, which may be done electronically or by mail for more complex cases. You can also use the National Association of Unclaimed Property Administrators's website, MissingMoney.com, which partners with state governments to provide a free and secure way to search for unclaimed funds.

 

[annr]

I'd do a thorough search on the company that contacted you, to see if they are legit.
AI says
To find unclaimed money in California, use the State Controller's Office free online database at claimit.ca.gov. Search using your name, and if you find a match, follow the instructions to submit a claim, which may be done electronically or by mail for more complex cases. You can also use the National Association of Unclaimed Property Administrators's website, MissingMoney.com, which partners with state governments to provide a free and secure way to search for unclaimed funds.

Thanks for the info and research.

These are the things I'm doing, and I'm finding out it is difficult to file a claim as the friend of a deceased account holder. I don't have the authority to get a certified death certificate or find out if I am a beneficiary. I have a copy of his trust/will documents, and it looks like I may have to use a professional third party. (claiming looks straightforward when it is your own money.)

 

[fishface5]

Can you contact a family member to find out who was the executor of the estate? They might be able to assist.

 

[annr]

He died with no surviving family. I contacted the executor of the trust, and he has not gotten back to me.

A point of confusion: if I am the beneficiary (which is quite possible since he has no family and we were close friends) would this be mine to claim? or would the estate have a superseding claim?

I am in his trust and have received cash, investments, and personal items—and so have other beneficiaries. However, this savings account was not listed in the trust documents or distributed.

ETA There me may also be a statute of limitations. He passed away in 2019…

 

[fishface5]

Well the point of designating a beneficiary is to bypass the probate process, in which assets are distributed according to the will. Trusts are another means for doing that, but this account wasn't part of the trust. Do you know the bank? If they can verify they have the account and you are the beneficiary that would help. Then you need to find a way to get a certified copy of the birth certificate - the bank may have ideas since they have certainly faced this situation before.

 

[annr]

I called the credit union and they will not pursue it with me without the certified death certificate. This includes telling me if I’m the beneficiary or not. (The CA comptroller website says this credit union has his account.)

The credit union appeared to look up the account as they did not deny its existence and kept me on hold figuring out how to help me. They said to send them the death certificate and a letter stating my case. This makes me think they could still have the money under their control, not just the comptroller. I didn’t know at that point that I can’t get a copy of the certificate.

I didn’t find out why I was not notified by the credit union before they turned over, or listed, the funds to CA comptroller. Was it over-site, problem, or I’m not listed?

I also contacted the recovery agency asking on what basis I would be entitled to the funds and if they have proof I am the beneficiary. Still waiting to hear.

 

[annr]

Finally got something concrete: Asset recovery has no proof I am beneficiary. They were hoping I was executor, trustee or relative. Weird way to go about it. Too good to be true.

I guess I’ll contact those people myself…again in one case. To date they have been non-responsive.