How to Avoid Losing Family Assets to Pennsylvania’s Unclaimed Property Vault
- Ashley Sharek
- Aug 22
- 5 min read
Updated: Sep 5
When a loved one passes away, families are often left grieving and overwhelmed. During this emotional time, tracking down all of the person's assets is not always easy. Many families are shocked to learn that Pennsylvania holds billions of dollars in unclaimed property. These funds often come from forgotten bank accounts, insurance policies, or safe deposit boxes that were never disclosed before death. Without proper planning, these assets can end up with the state instead of the family.
Estate planning is more than just preparing legal documents. It is about making sure your family can access everything you have worked so hard to build. In this article, we will explore how unclaimed property becomes an issue, what steps to take if you have lost someone, and how to prevent this situation for your own family.
What Is Unclaimed Property in Pennsylvania?
Unclaimed property refers to assets that have gone untouched or unclaimed for a period of time. In Pennsylvania, this can include:
Bank accounts
Uncashed checks
Stocks and bonds
Dividends
Insurance benefits
Utility deposits
Safe deposit box contents
If these assets remain inactive and the rightful owner or their heirs do not claim them, the financial institution is required to turn them over to the Pennsylvania Treasury’s Bureau of Unclaimed Property.
Why This Happens After Someone Passes Away
When someone dies, their financial life does not automatically come with a list of accounts and assets. Unless they kept detailed records and communicated those records to their family, locating everything they owned can be a challenge.
Probate, the legal process of settling an estate, does not provide a roadmap. Executors and family members are expected to gather financial information, often with no guidance other than paperwork they may or may not find in the home.
If a family does not know about an account or policy, and the company is unable to reach anyone, those assets will eventually be turned over to the state.
Why Probate Alone Is Not Enough
Many people assume that probate will uncover all assets automatically. That is not the case. Probate does not include a system that searches for lost or unknown property. It is the responsibility of the family or the estate’s executor to identify and collect all assets. This includes assets held in other states or institutions.
Without communication and planning, here is what can go wrong:
A life insurance policy goes unclaimed because the beneficiary never knew it existed.
A bank account opened years ago is forgotten and never disclosed.
A safe deposit box is held in another state, and no one knows it is there.
Dividend checks are mailed to an old address and never deposited.
These are common situations. Without a proactive search or a comprehensive estate plan, these assets are often lost.
What Happens to Unclaimed Property
Once an asset becomes unclaimed, the institution holding it must report and transfer it to the Pennsylvania Treasury. This usually happens after a few years of no activity or communication.
Once turned over, the state will hold the funds or property indefinitely. Anyone with legal rights to those assets can still claim them, but they must go through a formal process to do so. This process often involves proving your relationship to the deceased, providing documentation, and meeting legal requirements.
The longer it takes to discover the property, the harder it can be to recover it.
How to Search for Unclaimed Property in Pennsylvania
If you have recently lost a loved one, it is worth checking the state’s unclaimed property database. You can do this for free online through the official website:
Here is how to search:
Visit the website and enter the name of the deceased.
Review any matches to see if the state is holding property in their name.
Follow the instructions to file a claim, which usually includes submitting proof of identity and documentation of your relationship to the deceased.
While this is a helpful tool, it is also a reactive approach. It works only after the fact and does not guarantee that all assets will be found.
The Better Approach: Plan Ahead With an Estate Planning Attorney
The most effective way to avoid the issue of unclaimed property is to create a comprehensive estate plan. A good estate plan ensures that your family will know exactly what you own, where it is located, and how to access it.
Here are steps to take now:
1. Create a Detailed Asset Inventory
Keep a written list of all bank accounts, retirement funds, investment accounts, insurance policies, and real estate. Include account numbers, institution names, and contact information. Update this list regularly and store it in a safe but accessible place.
2. Use a Revocable Living Trust
A trust allows assets to transfer directly to your beneficiaries without going through probate. This not only protects privacy but also ensures that no assets are forgotten or delayed. Assets titled in the name of the trust are easily tracked and passed on.
3. Designate Beneficiaries Clearly
Make sure every account that allows it has a named beneficiary. Double-check that these designations are up to date. Beneficiary designations take precedence over a will and allow accounts to transfer without probate.
4. Communicate With Loved Ones
Estate planning is not just a legal process. It is a conversation. Let your family know where your documents are and what to expect. This step alone can prevent confusion, delays, and missed opportunities.
5. Work With an Experienced Estate Planning Attorney
Working with a law firm that specializes in estate and elder law ensures that nothing is missed. Attorneys can help identify potential pitfalls, structure your plan to fit your goals, and ensure compliance with Pennsylvania law.
Why This Matters for Your Legacy
It is not just about money. It is about peace of mind. Families suffer emotionally and financially when important details are lost. The stress of probate, the confusion of searching for lost accounts, and the heartache of missing out on a loved one’s legacy can all be avoided with proper planning.
When you take the time to organize your affairs and create a clear estate plan, you give your family a gift. You give them clarity, direction, and the ability to grieve without added burdens.
Real Life Example
One client came to us after their father passed away. He had never discussed his finances, and the family assumed there were only a few small accounts. Months later, they stumbled upon an old bank statement in a filing cabinet. It led them to an account with over twenty thousand dollars that had already been turned over to unclaimed property. It took nearly a year of paperwork to get it back. Had the father created an estate plan and shared that information, the family would have received those funds without delay or stress.
Unclaimed property is a real and growing issue in Pennsylvania. Families lose access to assets every year simply because there was no plan in place. Do not wait for this to happen to you or your loved ones.
Start planning today. Whether you are organizing your own estate or helping a parent prepare, now is the time to take action.
At Entrusted Legacy Law, we are here to guide you through the process with care, clarity, and compassion. Our team helps families across Pennsylvania create meaningful, effective estate plans that protect their legacies and prevent confusion.
Schedule your free consultation today and give your family the peace of mind they deserve.
