Every February 1st, we recognize National Unclaimed Property Day—a stark reminder of the staggering $60 billion in forgotten assets held by state governments across the country. And this isn’t just loose change. We’re talking about life insurance policies, uncashed checks, abandoned bank accounts, retirement savings, and other valuable financial assets that have become separated from their rightful owners.
In my Personal Family Lawyer® Firm, I regularly witness the chaos that results from lost assets and inadequate estate planning. Let’s break down how assets go missing, how you can keep your wealth from disappearing into that $60 billion abyss, and—most importantly—how to ensure your hard-earned assets actually reach your loved ones.
How Assets Disappear Into the Void
You might wonder how such a massive amount of money becomes unclaimed. The reality? It’s shockingly easy. Imagine this: You pass away or become incapacitated. Someone—either the person you legally named or a court-appointed stranger—is suddenly responsible for tracking down everything you owned.
Would they be able to find it all? Would you be able to locate every asset if you had to do it for someone else? Every old retirement account, insurance policy, investment, or forgotten bank account from a job you had years ago?
When someone dies without a current, detailed estate plan—including a comprehensive inventory of assets—their loved ones are often left guessing. And when no one knows what exists or where to find it, those assets don’t just vanish—they get absorbed into state custody, leaving your family without money that could have funded your child’s education, supported a loved one’s business, or secured your family’s future.
A major contributor to this issue? The outdated, “one-and-done” approach to estate planning. Many financial advisors and attorneys will sell you a will or trust—sometimes even an automated, AI-generated template—and call it a day. You take those documents home, file them away in a drawer, and never look at them again. But without an inventory of your assets, those legal documents can’t do much to prevent your wealth from slipping through the cracks.
Why a Living, Breathing Asset Inventory is Non-Negotiable
Estate planning isn’t a one-time task—it’s an ongoing process that demands regular updates to keep your financial picture accurate. That’s why, as a Personal Family Lawyer® Firm, my process starts with a Life & Legacy Planning® Session, where we create an up-to-date, detailed inventory of everything you own. This includes the obvious—like your home and bank accounts—but also:
- Life insurance policies
- Retirement funds from all past employers
- Investment portfolios
- Business ownership stakes
- Valuable personal belongings
- Intellectual property
- Digital assets and cryptocurrency
In today’s digital world, some of the most critical assets don’t exist in physical form. Cryptocurrency, online banking, social media profiles, and digital business records can be nearly impossible for your family to locate and access if you haven’t created a plan for them. Without clear documentation and access instructions, these digital assets can become permanently lost—even if your loved ones know they exist.
Working with me means you won’t just create an inventory once and forget about it. I’ll help you maintain and update your Life & Legacy Plan over time, ensuring your asset list always reflects your current financial landscape. This way, your wealth remains accounted for and directed exactly where you want it to go.
Beyond the Financial: Preserving What Truly Matters
Creating an asset inventory is essential, but it’s just the beginning. A true Life & Legacy Plan goes deeper—it ensures that your assets are properly titled, that your beneficiaries are up to date, and that your loved ones know how to access everything when the time comes. I don’t just hand you a set of legal documents and walk away—I provide the ongoing guidance and support your family needs, even after you’re gone.
There’s also a hidden element of estate planning that most people overlook: the priceless, non-financial assets.
Your family photos stored in the cloud. The emails that hold decades of memories and stories. The digital music or art collections that carry sentimental value. Without a plan, these too can become lost—another form of “unclaimed property” that isn’t measured in dollars but in irreplaceable memories.
At its core, estate planning isn’t just about legal paperwork. It’s about ensuring that your legacy—your wealth, your values, your traditions—doesn’t get buried under bureaucracy or forgotten in a government database.
Take the Next Step
As your Personal Family Lawyer® Firm, I’m here to help you create a comprehensive Life & Legacy Plan that keeps your assets out of the $60 billion lost property pile. With a detailed inventory, regular reviews, and an ongoing support system, we’ll make sure your wealth and your wisdom are preserved for the people who matter most.
Let’s work together to protect what you’ve built. Use the form below to schedule a complimentary 15-minute consultation and learn how we can help you create a Life & Legacy Plan that truly protects your family.
This article is a service of The Life and Legacy Law Center, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning® Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.