What’s in the article:
In this article, you’ll learn why hundreds of millions of dollars in unclaimed property are held in Wisconsin. You’ll also discover why the most important step is not learning how to claim unclaimed property, but ensuring your loved ones never have to go through that process at all.
In 2023, Erin Egan, former Director of Tax Operations for the Wisconsin Department of Revenue, shared a striking statistic. As of August 2023, Wisconsin was holding approximately $733 million in unclaimed property.
That number represents far more than money. It represents families who did not know what existed, beneficiaries who were never aware they were entitled to something, and loved ones left without a clear roadmap. While Wisconsin’s numbers are striking, this is also a national issue. Across the United States, state governments collectively hold tens of billions of dollars in unclaimed property.
This is where thoughtful planning is so important.
What Unclaimed Property Really Is
Unclaimed property is not abandoned real estate or hidden treasure. It is everyday financial assets that became disconnected from their owners.
When there is no activity or contact between an owner and a financial institution for a legally defined period, often one to five years, the institution is required to turn the asset over to the state through a process called escheatment. The state acts as a custodian, not an owner, holding the property until someone comes forward to claim it.
In Wisconsin, this commonly includes forgotten bank or credit union accounts, uncashed payroll or refund checks, stocks, dividends, or mutual funds purchased years ago, and life insurance benefits beneficiaries never knew existed.
The common thread is not irresponsibility. It is disconnection.
How Assets Drift Away Even for Organized Families
Most unclaimed property does not result from neglect. It happens because life evolves.
People change jobs, move homes, go paperless, change names, or lose track of accounts opened years ago. Passwords get forgotten. Statements stop arriving. And when someone dies, families often do not know everything that person owned.
Without a clear inventory or trusted guidance, assets quietly drift into state custody, where they remain until someone navigates the claims process.
And that process matters.
Why Claiming Unclaimed Property Is the Last Resort, Not the Goal
Searching state databases and filing claims can be helpful, but it is often time consuming, paperwork heavy, and frustrating. Claims can take months. They can be denied. When property belongs to a deceased loved one, the process becomes even more complicated, requiring death certificates, court documents, and proof of authority.
That is why the most important takeaway from National Unclaimed Property Day is not learning how to claim property. It is learning how to prevent assets from becoming unclaimed in the first place.
The goal is not to teach your family how to recover lost assets after you are gone.
The goal is to make sure nothing ever becomes lost at all.
How Estate Planning Prevents Unclaimed Property
Estate planning, when done correctly, keeps your financial life connected during your lifetime, through incapacity, and after death.
When you work with me, we create a comprehensive inventory of your assets, including bank accounts, investments, retirement plans, life insurance policies, and beneficiary designations. We document where everything is, how it is accessed, and who it is intended for.
Just as importantly, we review and update this information over time. Life changes. Assets change. Without ongoing review, even a well intentioned plan can drift off course.
We also ensure this information is stored securely but accessibly, and that a trusted person knows exactly where to find it. This single step can spare your loved ones from having to search state databases, submit claims, or navigate bureaucracy while grieving.
How We Can Support You at Anchor Law
At Anchor Law, we help you create a plan that keeps your assets from drifting into confusion or bureaucracy. Your plan is designed to work when your loved ones need it, and we stay with you over time, reviewing and updating it as your life changes.
This February 1, you can certainly search Wisconsin’s unclaimed property database. But the more meaningful step is ensuring your family never has to.
Want to better understand how to protect your family and your legacy? Register for one of our upcoming workshops to learn more.
https://myanchorlaw.submitrequests.com/workshop-a
This article is a service of Attorney John F. Koenig, Anchor Law, Life and Legacy Planning, LLC, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a comprehensive Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® Firms, a source believed to provide accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.