After my parent passed away, we discovered several small accounts and an insurance policy that we were not aware existed. This situation made me wonder how often families uncover forgotten or unclaimed assets after a parent dies. Is this a common occurrence, and where should someone start their search?

After a parent or spouse dies, families often come across small, forgotten accounts, uncashed checks or insurance policies that slipped through the cracks over the years. In many cases, paperwork was misplaced, accounts were opened decades ago, or loved ones simply were unaware that the assets existed.

According to the National Association of Unclaimed Property Administrators, billions of dollars in unclaimed assets are currently being held by state governments and federal agencies, waiting to be claimed by rightful owners or heirs. Unclaimed property usually comes from financial accounts or benefits that became inactive because the owner moved, changed names or died. In many cases, heirs were never aware the money existed or did not know where to look. These assets may include savings or checking accounts, uncashed dividend checks, utility security deposits, life insurance proceeds, pension benefits, tax refunds, matured savings bonds and unpaid wages.

By law, banks, employers, insurance companies and other institutions must turn these assets over to the state if they cannot locate the owner or the next of kin after a set period, usually two to five years. Once turned over, the money is held indefinitely, so there is no deadline for families to file a claim.

Where to Start

A good place to begin is MissingMoney.com, a free website endorsed by the National Association of Unclaimed Property Administrators and the National Association of State Treasurers. The website allows users to search for unclaimed property in 49 states, the District of Columbia and Puerto Rico at once. Hawaii is not included but can be searched through a link on the website.

When searching, check every state where your parent lived, worked or conducted business. Be sure to search under maiden names, married names and common misspellings. Using just the first initial and last name may also uncover accounts that do not appear under a full name search. Each state’s website will indicate whether property is listed and explain how to file a claim.

Other Places to Check

State treasuries are only part of the picture. Families should also check several other common sources of forgotten money.

Pensions and 401(k)s:  To search for lost or forgotten retirement benefits your parent may have left behind with a previous employer, use the U.S. Department of Labor’s Retirement Savings Lost and Found Database at lostandfound.dol.gov and the National Registry of Unclaimed Retirement Benefits at unclaimedretirementbenefits.com. To search for unclaimed retirement benefits from private-sector plans, use the Pension Benefit Guaranty Corporation search tool at pbgc.gov/workers-retirees.

Savings Bonds: It is very common for people to lose track of U.S. Saving Bonds because they are often given to children as gifts and then forgotten before the bonds reach maturity. To find out if your parent had a Savings Bond or other Treasury security, visit your state’s unclaimed property office using unclaimed.org. Search the state of residence at the time of the purchase or last known address.

Life Insurance: To track down a lost or forgotten life insurance policy, the National Association of Insurance Commissioners, an insurance regulatory support organization, offers a free policy locator service at eapps.naic.org/life-policy-locator.

Other Refunds: To search for money left at an FDIC-insured bank or credit union that has gone out of business, visit closedbanks.fdic.gov/funds. Federal tax refunds may be checked at irs.gov/refunds or by calling 800-829-1954. FHA mortgage refunds may be researched at entp.hud.gov/dsrs/refunds. For possible unpaid wages, use the search tool found on dol.gov/agencies/whd/wow.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.