Posted by m_fl on 9/7/06 5:39pm
Msg #144264

Asset Recovery?

Anyone know anything about this process?

I got a call for one on Monday and was wondering if anyone can give me some details. I do know there needs to be 2 witnesses and they need to supply a death cert and will.

Thats all i know of at this moment.

Melda

Reply by BrendaTx on 9/7/06 5:43pm
Msg #144268

Yep. I do work for a company who does this.

They actually send you a check ahead.

What's going on here is there are people (asset recovery specialists) who use the lists of "lost money" sitting around in the gov't accounts. They track the money owner down, take a ten-25% cut, send a notary out with the agreement stating such, and then the notary sends back the agreement to the company.

The company gets the money from the state treasurer, or whatever office is holding it, and that's that.

Reply by Beth/MD on 9/7/06 5:44pm
Msg #144269

Re: Asset Recovery? R U speaking of safety deposit boxes? n/m

Reply by Beth/MD on 9/7/06 5:48pm
Msg #144271

I've done some of this for banks. Heirs needing to get into safety deposit boxes. I worked directly for the bank, not a company.

Reply by Charles_Ca on 9/7/06 6:01pm
Msg #144273

Actually I believe that Brenda is talking about money and

items that are forgotten or lost. Things left in safety deposit boxes or bank accounts escheat to the State after a certain time. There are lists one can search in the State archives which give the last known details in the account. There are companies who search out accounts and then find the owners or heirs or assignees and share the wealth. Some of these "lost" accounts are worth a lot of money since interest continues to accrue. In the cases of property this includes old stock certificates as well as other things of value that may have been in safe deposit boxes.

Reply by BrendaTx on 9/7/06 7:40pm
Msg #144287

Re: Actually I believe that Brenda is talking about money and

There is one sitting out there right now with my late husband's name on it. It's for an insurance policy which was cancelled when his house was sold. Around $500, I think.

Unless it is found by someone else, I intend to keep my little secret until his children are old enough to go and get it for themselves. No need to involve myself with their mother -- she is their legal guardian. And, I do not want my portion of it. I could provide the state a death certificate and go through the motions, but I'd rather just wait until the kids are older and waive my right to it.

Reply by Becca_FL on 9/7/06 10:03pm
Msg #144333

Re: Actually I believe that Brenda is talking about money an

I found my Grandmother $300 in old insurance policies issued to my late Uncle. I downloaded the forms, sent them to Granny, my Mother helped her fill them out then sent them to the CA Comptroller and whalah a check was sent 60 days latter.

It's kinda fun searching the state comptroller’s sites for money. Most every state is online so you don't have to go through a middle man.

Reply by m_fl on 9/7/06 6:50pm
Msg #144282

Re: Asset Recovery? R U speaking of safety deposit boxes?

no ... i am thinking it is similar to what Brenda is talking about.

I guess i will see what its all about when i get the paperwork ..