December 11, 2003

Trustees may search for lost or dormant accounts on Web site

By Donald J. DeVries
Special to the Times

This week’s question:

My father died within the past month after a very long illness. I am afraid that he may not have taken care of his accounts for a long time. I am now the trustee of his Living Trust and want to be sure I haven’t overlooked or lost any of his checking, savings, or other accounts as I administer the trust. Is there anywhere I can check to be sure I haven’t missed anything?

Lori L.
Almaden Valley

Dear Lori:

I have some good news for you.

Yes, there is a Web site you can check. It is the California State Controller’s Office Web site. This Web site has been set up specifically to help people find forgotten or lost funds that have passed to the state.

How does the state of California receive those funds? After a checking, savings, stock, bond, insurance claim check, escrow check, vendor payment, insurance death benefit, etc. has been dormant for two years, the holding institution must turn the funds over to the state of California. An account is dormant if there has been no activity in the preceding two years and correspondence to the owner is returned because the address is no longer current.

This Web site can be extremely helpful to anyone, not just someone settling an estate or trust. Often, people move and forget about a savings account or CD. Women in particular are vulnerable to dormant accounts as they marry, change their name, change jobs or move to a new location.

The way to check for unclaimed funds is to go to the California State Controller’s Office Web site. That is www.sco.ca.gov. The Web site allows you to check by name and address for any funds that they may be holding for you or for your father.

Actually, the less specific you are when filling in name and address the more items will come up on your computer screen after your search. This way you will be sure not to miss an account just because it has an old address or for a woman, a maiden name. If you do find funds that belong to you or your father, the Web site explains how to proceed with filing your claim and even allows you to download and print the necessary forms.

If you know the Social Security number, you may also check for unclaimed funds by calling the California State Controller’s Office at 1-800-992-4647. I have found though, that there are unclaimed items on the Web site that are not listed by Social Security number on the telephone site.

Lori, it sounds as though you are doing an excellent job settling your father’s Living Trust. I’m sure by now that you are thankful your father set up a trust. The trust enables you to proceed in an organized, private and timely manner in this difficult time for you and your family.
Donald J. DeVries
Almaden Valley

Donald J. DeVries is an attorney practicing law in Almaden Valley. If you would like him to answer your question in his next Almaden Times column, you can reach him by e-mail at don@almadenvalleylawyers.com, fax at (408)268-6502, telephone at (408)268-9500, or mail at DeVries & Solmonson, 6475 Camden Avenue, Suite 200, San Jose, CA 95120. Your matters are personal and private, so of course, he will not disclose your identity or any details about your situation. Want to learn about a specific legal issue or how DeVries can help you? Visit his Web site at www.almadenvalleylawyers.com. Almaden Times columns since 1986 are available there. DeVries writes this column to provide you with general information about important legal matters affecting California residents—not to give you legal advice about your specific matter. No attorney-client relationship is created by these articles. The law is complex and constantly changing and varies from state to state. So you should consult an attorney before taking any action that would affect your personal or business matters.