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Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

How to find money?

When I was born, 19 years ago, my godfather created a bank account of some sort for me and put $500 in it every year on my birthday. I wasn’t able to access it until I was 18 but he passed away a few years back. I never got the chance to ask him how to retrieve the money and my dad doesn’t know how to either. Does anyone have any suggestions on what I can do? 

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  • Anonymous
    2 months ago
    Favorite Answer

    If you were told you couldn't access it until you were 18, my guess is that it was an UGTA/UGMA account. 

    Whomever settled your grandfather's estate would have the best chance of seeing all his important papers including statements for this account.

    Worst case scenario, businesses are required to report/remit unclaimed/abandoned money to the state department of revenue.   States maintain an easily searchable database.   Google "Washington unclaimed property" (or whatever state you're in, obviously) and then search both your grandfather's name and your name. 

    Note...there are lots of third party services that will charge you money to do what you can do yourself in 30 seconds.  Make sure you're going to the actual government link, not one of those paid services.

    Final note...in some cases businesses report to the state THEY are in, not the state YOU are in.  So let's say you live in Maryland but your grandfather opened an account for you with Vanguard.  Vanguard is in Pennsylvania.   You see where I'm going with this?

    Happy hunting!

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  • 2 months ago

    You check with the state about bank accounts of a deceased relative.

    ------------------------

    Banks won't necessarily know that a customer has died. ... Anyone can notify the bank but typically this responsibility would fall on the next of kin or the estate representatives. The bank may ask for identification from the person notifying the bank as well as a copy of the death certificate.

    Contact the banks where the estate still has accounts. Inform the banks of the death. If the deceased had a joint account with a spouse, that spouse will still likely have access. Otherwise, the bank will temporarily close the account until the executor arrives with proof of her status.

    www.sapling.com › bank-accounts-deceased-parents

    How to Get Bank Accounts of Deceased Parents | Sapling.com

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  • 2 months ago

    Who handled your grandfather's estate?  Your dad should know that at least...they are the best place to start.  

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  • NA
    Lv 7
    2 months ago

    IMHO, I doubt there is such an account.  Even though the mad died, someone handling his estate would have seen the account and contacted you.

    If it's a bank account, it should have generated interest in excess of $10.  This would cause a 1099-INT to be issued to your name and SSN.

    If it's a brokerage account, if stocks are sold, or dividends generated, again in excess of $10, there would be a 1099-B or a 1099-DIV.

    Even if the address is wrong on these forms, the IRS would have copies.  You can request the last 10 years of income statements using IRS form 4506-T.

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  • Eva
    Lv 7
    2 months ago

    Look on your state's abandoned property website. If the account had no activity for 3 years, it would have been turned over to the state. Look it up under your grandfather's name and also your name. If you find it, there is paperwork to fill out and submit to the state.

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  • y
    Lv 7
    2 months ago

    If it was not in your name and was not mentioned in his will, then it is gone. It would have been absorbed by the estate.

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  • 2 months ago

    You'll have to track down your godfather's spouse, next of kin, or whomever was the executor of his estate and ask them about it.  Unfortunately, the fact that no one reached out to you or your father after your godfather's death suggests that your godfather did not have your name on this account, or leave instructions in a will that this account was meant for you.  If that's the case, whomever you track down may not know what you're talking about, which would probably mean that you're out of luck.  

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