Can unclaimed assets be legit if they don't show up in a state-run site?
May 23, 2012 6:20 AM Subscribe
I received a letter from a shady-sounding Legal Claimant Services, a 'division of Keane' claiming that my recently-deceased father has some assets in a Georgia bank. Of course, for a fee, they would help me recover the assets. Immediately, I performed an unclaimed property search in Georgia; the search yielded no results. Since I didn't see any unclaimed property in Georgia, I disregarded the letter...
My brother received the same letter and decided to look into it. He told me that both his attorney and accountant both think its legitimate. He then contacted Legal Claimant Services and found out that my father does in fact have some money in a Georgia account and they would help us recover it. For a whopping thirty percent!
He wants to go forward with their offer because it's 'found money'. As a skeptic, I told him that I'd look a little more closely to determine whether or not this is legitimate.
From what I understand, a third-party is never necessary to collect unclaimed property.
How legitimate is this? I assumed companies like 'Legal Claimant Services' simply screen-scrape the state-run unclaimed property sites and then mass-mail people, trying to capitalize off off people who don't realize that legitimate unclaimed property can be claimed at no cost.
Since this doesn't seem to be the case, how does this company know that I potentially have unclaimed assets to claim? Are there other(read: less expensive) means of retrieving these assets?
I called the Georgia Department of Revenue to ask the same; they had no record that match either my Father's name nor his SSN.
My father did live in Georgia for a few years. He primarily lived (and died) in Florida.
My brother received the same letter and decided to look into it. He told me that both his attorney and accountant both think its legitimate. He then contacted Legal Claimant Services and found out that my father does in fact have some money in a Georgia account and they would help us recover it. For a whopping thirty percent!
He wants to go forward with their offer because it's 'found money'. As a skeptic, I told him that I'd look a little more closely to determine whether or not this is legitimate.
From what I understand, a third-party is never necessary to collect unclaimed property.
How legitimate is this? I assumed companies like 'Legal Claimant Services' simply screen-scrape the state-run unclaimed property sites and then mass-mail people, trying to capitalize off off people who don't realize that legitimate unclaimed property can be claimed at no cost.
Since this doesn't seem to be the case, how does this company know that I potentially have unclaimed assets to claim? Are there other(read: less expensive) means of retrieving these assets?
I called the Georgia Department of Revenue to ask the same; they had no record that match either my Father's name nor his SSN.
My father did live in Georgia for a few years. He primarily lived (and died) in Florida.
Contact a legitimate lawyer who bills by the hour.
posted by moammargaret at 6:36 AM on May 23, 2012 [2 favorites]
posted by moammargaret at 6:36 AM on May 23, 2012 [2 favorites]
I received basically the same thing from a law firm in Florida, regarding a deceased relative. I looked into it. It was real, there was interest from an old bank account sitting around waiting to be claimed.
I did *not* need the law firm. I went through the relevant Florida website, filled out the documents, got the death certificate, etc, did the work myself, and claimed the interest on behalf of my family. (sadly I didn't get a cent, but at least my relatives did.)
There are law firms who are basically watching these databases, figuring out who you are, and trying to horn in by taking a cut. There is no need to involve them, you can probably do it yourself. I spent maybe $40-$50 getting the relevant documents I needed together and fedexing them down.
The trick will be to figure out the right department/website for Georgia to get in contact with.
posted by instead of three wishes at 6:50 AM on May 23, 2012 [4 favorites]
I did *not* need the law firm. I went through the relevant Florida website, filled out the documents, got the death certificate, etc, did the work myself, and claimed the interest on behalf of my family. (sadly I didn't get a cent, but at least my relatives did.)
There are law firms who are basically watching these databases, figuring out who you are, and trying to horn in by taking a cut. There is no need to involve them, you can probably do it yourself. I spent maybe $40-$50 getting the relevant documents I needed together and fedexing them down.
The trick will be to figure out the right department/website for Georgia to get in contact with.
posted by instead of three wishes at 6:50 AM on May 23, 2012 [4 favorites]
Hmmm. Actually, since your father lived and died in Florida, here is the Florida site to check, just in case:
https://www.fltreasurehunt.org/
posted by instead of three wishes at 7:00 AM on May 23, 2012
https://www.fltreasurehunt.org/
posted by instead of three wishes at 7:00 AM on May 23, 2012
Tell your brother you'll get the money for a 25% cut.
posted by fatbird at 7:26 AM on May 23, 2012 [4 favorites]
posted by fatbird at 7:26 AM on May 23, 2012 [4 favorites]
Contact a legitimate lawyer who bills by the hour.
Or charges a flat fee. I think you'll find that this sort of job is a flat rate rather than a per-hour basis.
posted by valkyryn at 7:31 AM on May 23, 2012
Or charges a flat fee. I think you'll find that this sort of job is a flat rate rather than a per-hour basis.
posted by valkyryn at 7:31 AM on May 23, 2012
Response by poster: Thanks for the suggestions. I already checked the Florida and Georgia state-run unclaimed property sites. This company obviously knows something that I do not. I'm also not willing to pay 30% for any 'recovery services'.
I was able to find out that its a securities account. How does the process from account-holder to deceased to public record actually work? Can this shady company get information before its made public?
posted by neilkod at 7:51 AM on May 23, 2012
I was able to find out that its a securities account. How does the process from account-holder to deceased to public record actually work? Can this shady company get information before its made public?
posted by neilkod at 7:51 AM on May 23, 2012
If you know its in a securities account, its just a matter of determining which bank / broker / underwriter your dad purchased his securities through. I'd dig through all of his filing cabinets / paperwork / computer files / safety deposit boxes / time capsules / loose floorboards / etc. before paying 30% to those jackals. Worst case, call each and every financial establishment in your father's hometown(s) and see if any of them have accounts for him, not sure what info you'd have to provide to verify you're his heir. Figure it this way, the money won't vanish into thin air, so if you spend a month or two and get no-where, the law firm will still gladly do the work for you (for the 30%.)
When my grandfather died, we found $6000 rolled up in the thumb of a winter glove, right before it went into the Goodwill bin. Never underestimate where he may have hidden paperwork referring to securities or other investments.
posted by el_yucateco at 9:22 AM on May 23, 2012
When my grandfather died, we found $6000 rolled up in the thumb of a winter glove, right before it went into the Goodwill bin. Never underestimate where he may have hidden paperwork referring to securities or other investments.
posted by el_yucateco at 9:22 AM on May 23, 2012
Or charges a flat fee.
That too. My point was that a contingency arrangement should be avoided at all costs.
posted by moammargaret at 9:44 AM on May 23, 2012
That too. My point was that a contingency arrangement should be avoided at all costs.
posted by moammargaret at 9:44 AM on May 23, 2012
This thread is closed to new comments.
posted by neilkod at 6:32 AM on May 23, 2012