3 Things 6-01-26

Thing One

You Could Have Money Out There Somewhere 

Most people assume that if someone owes them money, they'll eventually receive a phone call, letter, or email. Unfortunately, that's not always the case. Every year, billions of dollars in unclaimed property are transferred to state governments because businesses, banks, insurance companies, and other organizations lose contact with the rightful owners.

What many people don't realize is that this money can come from a surprising number of sources. Forgotten bank accounts, uncashed payroll checks, insurance proceeds, utility deposits, stock dividends, escrow refunds, retirement accounts, and even tax refunds can all end up sitting in unclaimed property accounts waiting to be claimed.

And the best part? Finding out whether any of that money belongs to you is completely free.

There are countless stories of people discovering money they had no idea existed. Some individuals have recovered a few hundred dollars from forgotten utility deposits or old checking accounts. Others have found thousands of dollars tied to investment accounts, insurance policies, or retirement benefits from former employers. Families have even uncovered stock dividends that accumulated for decades, life insurance proceeds they never knew they were entitled to receive, and pension benefits worth tens of thousands of dollars.

One of the easiest places to start your search is https://www.missingmoney.com. This website allows you to search participating state unclaimed property databases using your name. It takes only a few minutes and has helped millions of people identify funds that may belong to them. When searching, it's a good idea to try previous addresses, maiden names, former business names, and even the names of family members.

Another valuable resource is https://www.unclaimed.org, the official website of the National Association of Unclaimed Property Administrators. The site provides direct links to every state's official unclaimed property office. This is especially helpful if you've lived in multiple states over the years, since money can be reported to the state where the account was originally held.

For those who want a broader search of federal resources, the U.S. government's website at https://www.usa.gov/unclaimed-money provides links to numerous programs that can help locate lost assets. In addition to state-held property, the site offers information about tax refunds, savings bonds, pension benefits, bankruptcy funds, and other federal sources of unclaimed money.

Many people are particularly surprised to learn how often retirement accounts go missing. In today's workforce, employees frequently change jobs, and old retirement plans can easily be forgotten. The Department of Labor's retirement account search tool at https://lostandfound.dol.gov was created to help workers reconnect with retirement accounts from former employers. Likewise, the Pension Benefit Guaranty Corporation maintains a searchable database at https://www.pbgc.gov/search-unclaimed-pensions that helps individuals locate pension benefits they may have earned years ago.

There are also specialized resources for other types of assets. The U.S. Treasury's Treasury Hunt program at https://www.treasurydirect.gov/treasuryhunt helps people locate matured savings bonds, while the Federal Deposit Insurance Corporation offers a search tool at https://closedbanks.fdic.gov/funds for unclaimed funds from failed banks.

If you do find property that appears to belong to you, the claims process is usually straightforward. Most states allow claims to be submitted online, and you'll typically be asked to provide identification and proof connecting you to the address or account associated with the property. While processing times vary, there is generally no fee to file a claim yourself.

One important thing to remember is that you should never have to pay someone just to conduct a search. Although there are companies that offer recovery services, the same information is often available directly from official government websites at no cost. Starting with the free resources listed above can save you money and help you avoid unnecessary fees.

The reality is that many people have money waiting for them and simply don't know it. Whether you've moved, changed jobs, closed old accounts, inherited assets from a family member, or haven't checked in years, spending a few minutes searching these databases could prove worthwhile.

Thing Two  

The Day Your Legal Rights as a Parent Disappear: Why Every Family Needs Powers of Attorney

(The following is adapted from a post by Kurt Supe, CPA)

"...The phone rang at 11:47 on a Tuesday.

Their daughter Emma had been hit by a car crossing campus. The voice on the other end belonged to a charge nurse. "Your daughter is in our emergency room. She was struck by a vehicle. We need you to get here as soon as you can." "That's all I'm able to tell you over the phone."

Emma was 19. A legal adult. No HIPAA release on file. No medical power of attorney. No financial power of attorney. For the entire 90-minute drive, her parents didn’t know if their daughter was alive or dead. She survived. But the lesson was painful. The forms took 20 minutes the next morning in the ICU — with a notary they had to hunt down on a Sunday..."

The Hard Truth Most Families Miss

The day your child turns 18, your automatic legal access to their medical and financial information ends. Hospitals aren’t being difficult — they’re following strict federal law (HIPAA). The system assumes you’ve already prepared the necessary documents.

This cuts both ways:

• For your adult children (college students especially): One accident, illness, or emergency and you’re locked out.

• For your aging parents: A stroke or sudden decline can close the window forever if they haven’t signed while still competent.

• For yourself and your spouse: Don’t assume your spouse has legal authority to make decisions for you in a crisis.

The Three Essential Documents Every Adult Needs

1. HIPAA Release – Allows designated people (parents, spouse, adult children) to access your medical information.

2. Medical Power of Attorney – Names someone to make healthcare decisions if you’re unable.

3. Financial Power of Attorney – Grants authority to handle financial matters (bills, banking, taxes, etc.).

These are inexpensive, straightforward documents — but they’re often the most important estate planning tools you’ll ever create.

When to Get Them Done

• The day your child turns 18 (or before they head off to college)

• For aging parents while they’re still mentally sharp

• For yourself — ideally updated every few years

Many estate planning attorneys offer these as part of a basic package. There are also reputable online services, but for something this important, a quick consultation with a qualified professional is usually worth it.

This isn’t about being pessimistic — it’s about protecting the people you love on the worst day of your life. The cost is minimal. The risk of not doing it is enormous.

If you have adult children, aging parents, or a spouse, make sure these documents are in place.

Thing Three

Just A Thought  

“Discipline is doing what you hate to do, like you love doing it.” - Cus D'Amato