Ever found a few quid under the cushion cover, or in that old wallet you tucked away in the cupboard? People often lose track of their money. They move jobs, houses, towns. Documents get packet up in boxes that are tucked away, computer files get lost, cards go missing. It all adds up. What is not readily known is that if you have accounts that you do not actively engage with for a period of 7 years, the accounts get transferred to the government for safe keeping. And there they stay until someone claims them. The attached article discusses the many and varied opportunities for people to boost their saving by going in search of entitlements they may be missing out on. But of course there a number hoops through which people must jump to get the funds. Finding lost money is significantly relevant for Executors of deceased estates. They have a duty to maximise the estate. This involves reasonably recovering lost funds owing to a deceased. No need to go on a complex treasure hunt. One of the simplest way for Executors to do this is to visit this the ASIC site :- https://asic.gov.au/for-consumers/unclaimed-money which has links to all the relevant government sites for which you can freely trace lost bank accounts, superannuation and insurance entitlements.
Lost Treasure – recovering unclaimed money – Executors take note.
