Don’t Lose Your Property This Way: Why Every Minnesotan Should Check Unclaimed Property
When most people think about “losing property,” they picture theft, fraud, or major financial mistakes. But in Minnesota, there’s another, surprisingly common way people lose money, by forgetting about it.
For more than 30 years, our attorneys have helped families navigate wills, trusts, probate, and estate administration. One issue we see far too often is property ending up in the Minnesota Unclaimed Property System simply because no one knew it existed.
Let’s talk about how this happens, how to prevent it, and why checking for unclaimed property both during life and after death, is so important.
Watch the Video to Learn More
What Is Minnesota Unclaimed Property?
Minnesota Unclaimed Property is a statewide database where institutions must send money or assets when they cannot locate the rightful owner for a long period of time. This can include:
-
Uncashed checks
-
Forgotten bank accounts
-
Dividend checks
-
Insurance proceeds
-
Rental deposits
-
Abandoned safe-deposit box contents
Many people are shocked to discover they have money waiting for them, sometimes small amounts, other times thousands of dollars.
It only takes a few seconds to search your name, and yes, many Minnesotans find “surprise money” they didn’t even know they were owed.
Why Unclaimed Property Matters During Estate Administration
At the Yanowitz Law Firm, we check Minnesota Unclaimed Property every time we administer an estate. You’d be surprised how often a deceased person has money sitting in the database, money the family didn’t even know to look for.
If the unclaimed property amount is small, the family can often collect it using a simple legal tool called an Affidavit of Collection. But if the deceased person’s estate is valued at more than $75,000, the family may be forced to open a full probate.
That means:
-
More court paperwork
-
More legal fees
-
More delays
All because no one knew about a forgotten account.
This is why having a clear record of your assets during your lifetime isn’t just helpful, it’s an act of kindness for the people you leave behind.
Create a “Treasure Map” for Your Assets
One of the best ways to ensure your property doesn’t go missing is to create what we lovingly call a “treasure map” a written record of all your assets and where they’re located.
Many people struggle with this because financial information is private. Adult children often have no idea where their parents bank, invest, or store important documents. But if no one knows where your assets are, they become extremely difficult to find after death. And when assets can’t be found, they may eventually get turned over to Unclaimed Property.
If you’re uncomfortable sharing everything now, consider leaving a “Hansel and Gretel breadcrumb trail” instructions about where to find the full list when the time comes. For example:
-
A note in your safe
-
A sealed envelope stored securely
-
A digital document your executor can access
Whatever method you choose, the key is that someone should know how to find the list when needed.
And don’t forget to update your treasure map. Close an account? Open a new one? Move funds? Make sure the list reflects your current financial picture. Reviewing it once or twice a year is usually enough to keep things accurate.
Why Missing Information Creates Big Problems
When families come to us and say, “We don’t know where Mom’s accounts are,” it can take months to track things down. We may request tax returns to look for reported interest, gather paper statements, or dig through old files.
Electronically delivered statements complicate things further. Without email access, even the simplest account becomes a mystery.
Every complication adds:
-
More time
-
More stress
-
More legal cost
All of this can be avoided with proactive planning.
Check Minnesota Unclaimed Property Regularly
One of the easiest steps you can take today is simply visiting the Minnesota Unclaimed Property website and searching your name. It takes less than a minute, and you might uncover missing funds you never knew about.
It’s also wise to check on behalf of aging parents or relatives, especially if you help manage their affairs.
At Yanowitz Law Firm, we encourage clients to make this part of their routine financial checklist, because recovering money while you’re alive is far easier than recovering it later through probate.
Need Assistance?
SCHEDULE A FREE 15 MINUTE CONSULTATIONFrequently Asked Questions
1. How do I know if I have unclaimed property?
Visit the Minnesota Unclaimed Property website and search your name. It’s free, quick, and surprisingly effective at uncovering forgotten funds.
2. What if my loved one passed away and has money in unclaimed property?
If the amount is small, an Affidavit of Collection may work. For larger amounts, especially if total estate assets exceed $75,000—probate may be required. An attorney can help determine the correct next steps.
3. How often should I update my “treasure map”?
Review your asset list at least once a year, or anytime you open/close an account. Keeping it current saves your family time, stress, and potentially thousands in legal fees.
Author
Claire creates wills and trusts which provide security and peace of mind. She compassionately listens to her clients’ dreams, goals, and fears and then fashions plans that best meet their needs. It is important to Claire that her clients understand different options and make decisions that are right for them. She loves to educate clients by drawing out complicated concepts.Come visit us! Conveniently located in Rochester, Minnesota.
Sign Up to Our Newsletter
TO RECEIVE UPDATES ON THE LAW
Community Education: Events
Further Reading: NAEPC Journal of Estate & Tax Planning
