Losing a loved one is difficult enough without unexpected phone calls from strangers claiming there is money waiting to be claimed.
Lately, many families have been receiving calls from companies or “asset recovery vendors” saying that the State of Florida is holding unclaimed funds belonging to a deceased family member. These callers often promise to help recover the money — for a fee.
While some of these companies may be legitimate businesses, families should proceed carefully before signing anything or paying anyone.
What Is “Unclaimed Property”?
Unclaimed property is money or financial assets that have been turned over to the state after being inactive for a period of time. This can include:
- Forgotten bank accounts
- Uncashed checks
- Insurance proceeds
- Utility deposits
- Stock dividends
- Refunds
- Safe deposit box contents
In Florida, unclaimed property is managed through the Florida Department of Financial Services.
Sometimes, after a person passes away, these funds remain unclaimed because family members were unaware they existed.
Why Are Families Getting So Many Calls?
Many companies monitor public Probate filings, obituaries, and online records. They then contact surviving family members or Personal Representatives offering to “help” recover the funds.
In some cases, these companies may simply be finding information that is already publicly available online.
That means the funds may be recoverable directly through the state — without paying a large percentage fee to a third party.
Should You Be Concerned?
Not necessarily — but you should be cautious.
Before agreeing to work with any vendor:
- Do not provide sensitive financial information over the phone
- Do not sign contracts without reviewing them carefully
- Be cautious of high-pressure tactics
- Verify whether the property actually exists through official state resources
Some companies charge a percentage of the recovered funds, which can sometimes be substantial.
How Can You Check for Unclaimed Funds Yourself?
In Florida, you can search the state’s official unclaimed property database through the Florida Department of Financial Services.
If property belongs to a deceased loved one, additional documentation may be required to claim the funds, especially if a Probate administration is needed.
When Probate May Be Necessary
Even relatively small amounts of unclaimed property can sometimes require Probate documentation before the state will release the funds.
Depending on the situation, this could involve:
- A Summary Administration
- A Formal Administration
- Proof of heirship
- Letters of Administration
Every estate is different, and the proper process depends on how the asset was titled and the amount involved.
We’re Here to Help
If you receive one of these calls and are unsure whether it is legitimate, it may be helpful to speak with an experienced Probate attorney before signing anything.
At the Law Office of Lori Vella, PLLC, we help families understand their options and navigate the Probate process with clarity and compassion.
If you have questions about unclaimed funds, Probate, or Estate Planning, our team is here to help.
Lori Vella is an Estate Planning and Business Attorney. She works virtually throughout Florida and New York, but has her home office in Tampa, Florida. She is mom to a little boy which ignited the passion for helping other families. She and her son enjoy car rides, playgrounds and taking mini-adventures. They also have an organic garden that surprisingly yields vegetables. Lori considers herself well-versed in Seinfeld and welcomes any trivia!
Disclaimer: The Law Office of Lori Vella’s website contains general information directed to Florida residents. This firm does not intend to give legal advice through its pages and/or blog. If you need legal advice, we encourage you to find an attorney licensed in your state. This language on this website does not create an attorney-client relationship between you and this firm.