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Sunday, July 12, 2015

Texas Unclaimed Property Lawyer Helps Families Claim Assets From The State of Texas by Texas Unclaimed Property Lawyer Jason S. Coomer

Texas Unclaimed Property Probate Lawyer Helps Families Claim Assets That Have Been Sent to Texas Unclaimed Property by Texas Unclaimed Property Probate Lawyer Jason S. Coomer

Many families are losing a significant amount of wealth to corporations and unclaimed property after the loss of a family member.  This lost wealth can include unclaimed bank accounts, retirement accounts, proceeds from sold houses and other real property, oil royalties, safety deposit boxes, stocks, and other wealth that is forgotten about or is unclaimed.  Much of this wealth is collected by the states after a loved one dies and held for rightful owners including heirs and beneficiaries.

Unfortunately, many heirs and beneficiaries are not aware of the lost wealth or are unable to provide proper verification to prove that they are the rightful heir or beneficiary.

Identifying Lost Wealth

In identifying lost wealth, it is usually best to start by checking with the state where the decedent was living to determine if any of that person's assets have been collected by the state.  The following link can be used to check Texas Unclaimed Property.  However, this is not the only place that should be investigated as many financial institutions, oil companies, banks, trusts, large corporations, and insurance companies, keep assets for an extended period of time or send the property to other states.  It also can be helpful to speak with other family members and review financial documents to determine what wealth may exist.  Please keep in mind that large corporations including financial institutes do not always know when someone passes away and in some instances some corporations are more than willing to absorb assets of people that have died or forgotten about assets.

Claiming Lost Wealth

Once wealth is identified, it can be extremely difficult to collect family wealth.  It is not uncommon for large corporations or the State of Texas to refuse to communication with anyone who is not the original account or policy holder.  In these situations, proof of death and verification of rightful inheritance must often be proven.  To do this families often have to go through formal legal probate procedures which can be expensive.

In most cases, the decedent's estate will need to go through a will probate or a suit to determine heirship.  This probate process can be expensive, but if there are significant assets in the estate, the investment can be well worth the cost.  Further, if there are significant assets in the estate, the probate process or collection process can sometimes be handled on a contingent contract or a hybrid contract by a Texas Probate Lawyer.  For more information, please see the follow web page: Texas Contingent Contract Probate Lawyer and Texas Contingent Contract Inheritance Lawyer.
Over $2 Billion In Unclaimed Property Is Being Held by the State of Texas

In Texas, the state is currently safekeeping over $2 billion in assets entrusted to it from a variety of sources, including unclaimed utility deposits, dormant bank accounts, unclaimed wages, safety deposit boxes, insurance policies and uncashed checks.  In fiscal year 2010, the state returned more than $160 million in such assets.  Many assets held by the State of Texas and other states will require probate before they can be distributed to the heirs of estate or beneficiaries of an estate. 

Texas Unclaimed Property Probate Lawyer, Jason S. Coomer, works with heirs and beneficiaries of significant sized estates to help them gain control of their loved one's estate to be able to claim unclaimed property. For more information on collection of unclaimed property, please follow this link to Texas Estate and Probate Unclaimed Property Lawyer.

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