Many times, families discover that a loved one had forgotten bank accounts, uncashed checks, insurance proceeds, utility deposits, or other abandoned assets after death. In Florida, these assets are classified as unclaimed property.
When the owner of the property has passed away, recovering those assets requires going through the probate administration. Here is what you need to know about handling a decedent’s unclaimed property through Florida probate.
What Is Unclaimed Property?
Unclaimed property refers to financial assets that have been abandoned or inactive for a period of time. Businesses and financial institutions are required to turn these assets over to the State of Florida after certain dormancy periods expire.
Some examples of unclaimed property include:
- Forgotten bank accounts
- Uncashed checks
- Insurance proceeds
- Stocks or dividends
- Utility deposits
- Refunds
- Safe deposit box contents
- Retirement account distributions
In Florida, unclaimed property is held by the Florida Department of Financial Services until the rightful owner or heirs submit a valid claim.
Find Out If the Decedent Had Unclaimed Property
Family members, personal representatives, or probate attorneys can search the state’s unclaimed property database using the decedent’s name, prior addresses, or business information.
Even small assets can become important during probate administration since the personal representative has a duty to identify and gather estate assets.
In some cases, families discover substantial unclaimed funds years after a probate case was originally completed.
Will Probate Be Necessary?
Whether probate administration is required depends on the type and value of the unclaimed property and who is attempting to recover it. If the decedent’s estate is already open, the personal representative may be able to recover the property as part of the ongoing probate administration.
If no probate case exists, the heirs or beneficiaries may need to open a probate proceeding before the property can be claimed. This happens when:
- The unclaimed property is payable to the decedent’s estate
- The financial institution requires a court-appointed authority
- Multiple heirs may have ownership rights
- The value or type of the property requires a probate proceeding or court order under Florida law
Depending on the circumstances, the estate may qualify for formal administration, summary administration, or another probate procedure under Florida law.
Receive the Authority to Recover the Property
Before unclaimed property can be released, the claimant must prove they have legal authority to act on behalf of the decedent or estate. This may require:
- Letters of Administration
- A court order
- A certified death certificate
- Probate pleadings
- Identification documents
- Proof of heirship or beneficiary status
If a personal representative has been appointed, that individual has the authority to collect estate assets, including unclaimed property. Without proper probate authority, the state or financial institution may deny the claim.
Submit the Unclaimed Property Claim
Once the necessary probate documents have been obtained, the claim can be submitted to the appropriate state agency or financial institution holding the property.
The claim process includes:
- Completing claim forms
- Providing certified probate documents
- Submitting identification
- Verifying heirship or estate authority
- Providing supporting financial records if requested
If the claim is approved, the recovered funds or assets are issued to the estate or the legally authorized recipient.
Distribute the Recovered Assets Through Probate
Once recovered, the property may need to be administered through the estate or distributed to the legally authorized recipient, depending on the probate proceeding and claim requirements. If the property becomes part of the probate estate, it must be distributed according to the decedent’s will or, if there is no will, under Florida’s intestacy laws.
The personal representative may also need to account for the recovered property during the probate administration process.
How Niebla Probate Firm Can Help
Recovering a loved one’s unclaimed property can feel overwhelming, especially while already dealing with probate administration and the loss of a family member.
Niebla Probate Firm assists clients throughout Florida with probate administration, estate asset recovery, and unclaimed property matters.
Whether you need to open a probate estate, recover abandoned assets, or resolve questions involving heirs and beneficiaries, experienced legal guidance can help streamline the process. Schedule a consultation today.
