Estates, Trusts, Inheritances: Unclaimed Funds In New York State: What Happens When Next Of Kin Cannot Be Found, There Is No Will?
Editor’s note: Staten Islander News recently covered unclaimed funds as they relate to bank accounts and other financial instruments. In this brief description, readers can learn about what happens to estates when a decedent has no will and next of kin cannot be found. There is also information for you to claim these funds if this applies to you.
Estates and Real Estate are handled at the County level. Each County has a Surrogates Court that oversees how proceeds from an estate are distributed. If estate proceeds can not be distributed, due to a missing heir or lack of information about next of kin, the proceeds are paid into the court and may eventually be turned over as unclaimed funds.
A similar process applies to real estate foreclosure proceeds, abandoned real estate is also handled at the County level. Guidance for the Courts to turn over unclaimed funds is provided on our website: court-funds.pdf (ny.gov)
According to the factsheet below: “In 2024, heirs to a New York estate received $12.4 million from stock proceeds” and “Largest amount still unclaimed is approximately $9.2 million for an estate”
Also see the New York State Unified Court System for more information: NYCOURTS.GOV – New York State Unified Court System
Unclaimed funds reported by the Courts is generally around 6% of the total unclaimed funds – see Fact Sheet.
Banner Image: Inheritance. Image Credit – Annie Spratt
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