KATHY: LOT OF OVERLAP WITH PERSONAL PROPERTY: DOCUMENT WHAT YOU OWN. ALSO, NOT FINISHED.
A recent article in USA Today stated that unclaimed property is now the third largest source of revenue for state government. States are holding $33 billion of unclaimed property. Why? Because someone forgot they owned it or they died without telling someone else they owned it.
Pay attention! Your personal property and your digital assets are not governed by state law and do not have automatic inheritance rights. Unlike your real estate or your bank accounts, there are no default laws defining who inherits this property or has rights to this property. Documenting what you own and what you owe is imperative.
It is equally important to document how to access your electronic financial records or other digital assets. Many of us routinely store personal and financial information on a computer or on a hosted web site. Some of us don’t even keep paper records. Unless you tell someone how to access this information, they may not be able to do so.
Q. WHY DO BANKS REPORT MONEY IN YOUR BANK ACCOUNT AS AN UNCLAIMED ASSET?
Q. WHO HAS RIGHTS TO YOUR DIGITAL ASSETS WHEN YOU DIE?
Q. WHO WILL INHERIT AUNT ELEANOR’S PIE PLATE?
Q. WHERE SHOULD YOU STORE YOUR LEGAL DOCUMENTS?