Recovery Service for Dormant, Lost, Unclaimed Monies from Around the World
At Staminier we have a team who have over 50 years’ experience of assisting with the identification, recovery and transfer of ownership of Dormant Accounts back to the rightful beneficiaries.
An important part of the work carried out by the team is actively tracing the owners of the Dormant Accounts and establishing their title, in order to undertake the claim. This experience of recovering accounts extends to many jurisdictions and the team have worked on behalf of:
- Law Firms
- Film and Music Industry Agents
We produce all the documentation and manage the process with the relevant Authority who now control the Unclaimed Dormant Account. We keep the original owner or beneficiary fully informed and the cash value or title of the asset is transferred directly to the owner / beneficiary by the Authority concerned.
At least £100 Billion is sitting in Dormant Accounts around the World of which the owners or their beneficiaries are not aware or have simply forgotten about. It is not just individuals but corporate entities too. The Dormant Accounts include but are not limited to:
- Bank Accounts
- Life Policies
- Safety Deposit Boxes
- Stocks & Shares
- Pension Policies
There are a wide range of reasons why the accounts have become Dormant.
- The owner may have died and the Executors were not aware of the account’s existence.
- The owner has changed their name perhaps through marriage or divorce
- They have moved address and not notified the Bank or Company that they have moved.
- The Dormant Account may be cash or shares, due from an investment in a Company which was subsequently acquired by another Company. That Company may be registered in another jurisdiction and the owner did not receive or complete the acceptance form in relation to the acquisition/merger.
- The Managing Agent of an Actor or Musician may no longer be acting for the Artist and ongoing Royalties are not monitored or collected.
Many countries and jurisdictions have a process for recovering ownership of the accounts and some examples and approximate total values are as follows:
In Australia it is estimated that the Unclaimed Accounts total Aus$1.1Bn (£604m). There are variations in the process depending upon the State in which the account is held. Providing proof of original ownership can also vary and, in the case of a Deceased’s Estate, it may require the Grant of Probate to be Resealed in Australia.
In the United Kingdom there could be in the region of £15 Billion in Unclaimed Dormant accounts. There is the ‘Dormant Accounts Scheme’ which is a voluntary system whereby Banks and Building Societies register their Dormant Accounts, having failed to make direct contact with the owner.
But by far the largest number of recoverable Unclaimed Dormant Accounts are in the United States of America with a current value of approximately US$50 Billion (£39 Bn). Each State has an Unclaimed Monies Department which is run by the ‘State Comptroller’. For example, the State of California has around US$9Bn (£7Bn) and the State of New York has in the region of US$13Bn (£10.15Bn).
Each State has their own process for applying for the Dormant account to be transferred back to the rightful owners / beneficiaries. First of all, you need to identify the account(s) and prove title whether it be the original owner, or the Executors if it belongs to the beneficiaries of a Deceased’s Estate or the Controllers of a Corporate Entity. The timeline can vary greatly between States and also dependent upon the value. For instance, if the Dormant Account forms part of a non-US Citizen/Resident and exceeds US$60,000 at the date of death, then further delays are necessary to complete the IRS (Internal Revenue Service in America) reporting process. There may be the requirement to obtain a Medallion Guarantee and an Insurance Indemnity if documents of title are missing.
If you think that there is something out there that may be due to you, a relative, an ancestor or a business then why not contact us: