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By Amy F. Goodmann
Where do the billion and billions of unclaimed dollars all come from > Each and every year hundreds of thousands of individuals across the United States and Canada , leave their friends , family relatives and birthplace to follow a dream m start another life and to consequently relocate.
The reasons they leave home are as varied as there are people who do! But one thing is certain; those who move away are looking towards the future. Not to the past. In turn many thousands lose contact either by chance or by choice with the passing of time.
Our forever changing society has resulted in the fact that most people do not have the slightest idea who, where most of their relatives are! Think of it! Do you personally know all of your relatives? That includes aunts, great- aunts, uncles and great-uncles, half- brothers and sisters, grandparents, great-grandparents etc etc. The answer for most people is an unequivocal now.
Grandparents generally have some sketchy ideas about the long-range past, but if one asks for information regarding missing or l long lost relatives it never comes up. And once the grandparents are gone chances are that you will never know.
So why is all this important? Because lost works both ways. Either you have long lost relatives or you yourself are a lost relative if someone who would like to get in touch with you. It could well mean untold wealth that is just waiting to be discovered.
Imagine for a moment that a great-uncle, who has survived and aunt dies and has named you as the sole heir to his entire estate of 2 million dollars. However no one, including the great- uncle knew where you were. After a half-hearted search, the attorneys will take their fees from the estate and the balance will go to the states: unclaimed money account. Or if you reside in Canada to the Bank of Canada.
It has been estimated that over $ 250,000,000,000 in unclaimed money is being held by the U.S.s individual states and upward of $ 500,000,000 by the Banks of Canada.
In Canada, all financial institutions are required by law to submit the names and last known address of accounts that have been inactive for at least seven years. After that period of time, the financial institution has already sent out two notices. One is sent out after two years of inactivity, the next after five years. After the limit is reached all unclaimed funds are released to the Bank of Canada, but each account, as in the case of U.S. accounts remains in the name of the original holder.
In the United States, each state has a different standard of time variance, although many may be the same. However, all financial institutions including retirement funds, insurance companies, banks, county government offices etc are also required by law to report unclaimed money to the state. After a period of time as specified by law, the money is then turned over to the state treasury department unclaimed property division. In either case, to get their rightful money, all you need to do is locate it, and then ask for it.
Isnt it time you claimed your long lost money?
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