Beneficiary claim
Hello Ms. Savage,
My brother passed away six years ago. I was a beneficiary on a couple of his accounts. However, at that time, I did not follow through on one of them. I felt like I had, but apparently not. For me, the time of his death was difficult and I was trying to manage everything. Being knowledgeable about finances (those types of accounts) are my weakness and it was kind of a confusing time for me then.
Might you know if it is too late to “claim” this money? I don’t know if there is a limitation of time where a person can’t pursue this anymore. His account was with Charles Schwab. The internet says there is no time limit—but we all know how internet information can be.
Terry Says
There is a distinct possibility that Schwab “escheated” this money to the state because no one claimed it! Start by contacting Schwab and asking about it. I’m assuming you have the account number, or at very least your brother’s SS number. And you’ll need a copy of his signed beneficiary forms (assuming you have those, as well, or how would you know you are the beneficiary).
If the money was turned over to his state of residence, you’ll have to contact the Secretary of State’s office of unclaimed property to redeem it, assuming you have all the proofs needed above.
