Unclaimed Property & Estate Planning in New York

Across New York State, billions of dollars in unclaimed property are being safely held by the Office of the State Comptroller, waiting for owners or heirs to claim them. For many families, these forgotten assets can play an important role in a well-structured New York estate plan.

Unclaimed property often includes old bank accounts, uncashed checks, stock dividends, security deposits, and unused gift cards that have been inactive for a period of time. When the financial institution cannot reach the owner, the funds are turned over to the New York State Comptroller’s Office, where they are held until claimed.

What Is Unclaimed Property in New York?

In New York, “unclaimed property” (also called abandoned property) refers to financial assets that have had no activity and no contact with the owner for a set number of years. Banks, insurance companies, corporations, and other holders are required by law to transfer these dormant funds to the Comptroller.

The good news is that there is no fee or time limit to claim this money, and New Yorkers can search for unclaimed funds online for free. You can start a search at the New York State Comptroller’s Unclaimed Funds page.

How Unclaimed Property Affects Estate Planning

For many families, unclaimed property comes to light during estate administration, when an executor or administrator is gathering assets of a loved one who has passed away. A thorough estate settlement in New York should include a search for unclaimed funds that may belong to the decedent.

If these assets are not identified, heirs may not receive a portion of their inheritance, and the estate accounting may be incomplete. Working with an experienced New York estate planning attorney helps ensure that potential unclaimed property is considered when organizing and distributing an estate.

From a planning perspective, clear documentation, updated beneficiary designations, and organized financial records reduce the risk that your own assets will become unclaimed property in the future. This is especially important for those with multiple bank accounts, investment portfolios, or life insurance policies.

Preventing Your Assets from Becoming Unclaimed Property

Proactive estate planning is one of the best ways to keep your assets from being lost or forgotten.

• Maintain current contact information with banks, insurers, and investment firms so you continue receiving statements and notices.

• Consolidate small or inactive accounts when appropriate to make tracking easier.

• Keep beneficiary designations up to date on retirement accounts, life insurance, and payable-on-death accounts.

• Store a clear list of your accounts, policies, and digital assets with your estate planning documents so your executor can easily locate them.

  
  

Regularly reviewing your New York estate plan with your attorney helps ensure your documents and asset information stay aligned with your goals as life changes.

How We Can Help

If you believe you or a loved one may have unclaimed funds, start by searching the Comptroller’s database. Then, we can help you integrate any recovered assets into your New York estate plan or estate administration, ensuring they are properly accounted for and passed on according to your wishes.

Call Sammartino & Sultan today or contact us through our website to schedule a consultation with a New York estate planning attorney and take the next step toward protecting your family’s financial future.

About the Author

Leslie has been practicing law since 2009 and is the host of the estate planning podcast 'Legacy Purse'. She has a long history of representing family members struggling to inherit property and/or wealth from deceased family members through the Probate Courts. Knowing how time-consuming and expensive the probate process is, Leslie takes great pride in helping her clients learn how to plan and protect their families during their lives so they can avoid the probate court process and save their loved ones that additional grief (and expense).