The end result is that those accounts become unclaimed money. Unless they have a conservator or someone else they trust to manage their financial affairs, it’s entirely possible that assets could slip through the cracks. That’s not uncommon among seniors with dementia or Alzheimer’s. So you may not even know the policy exists. Another possibility is that a relative could have opened bank accounts, then forgotten about them. Going back to the previous example, it’s possible that parents could take out life insurance policies without informing their children simply because they aren’t comfortable talking about money or estate planning. There are different reasons that money may go unclaimed when someone passes away. What Happens to Unclaimed Money From Dead Relatives? A judge would then decide whether to uphold the will or honor your claim to those assets. If the will is legally valid, you’d have to challenge its terms in court.

The only time you wouldn’t be able to automatically claim an asset or unclaimed money is if your relative specifically named someone else to receive in their will. Other types of accounts that can have named beneficiaries include 401(k) plans, IRAs, payable on death accounts and trusts. So if you haven’t obtained that yet, then you’d need to do so first. In that case, you’d automatically have a claim to the proceeds of the policy, regardless of state inheritance laws.įiling a claim for a life insurance policy that you’re the beneficiary usually means presenting proof of identity as well as a copy of the death certificate. For instance, your parents might name you as the beneficiary to a life insurance policy. In some cases, you may be named as a beneficiary to an asset.

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