How to Find Lost Investments
There are several ways to locate lost investments. These include keeping good records, using a finder service, or contacting the state’s authority on financial matters. This article will discuss the best practices to find lost investments. We recommend keeping good records to maximize your chance of recovering lost money. Here are some tips to ensure the safety of your funds:
Use a finder
Using a finder to locate lost investments can help you obtain the assets that you’ve lost. Although using a database to locate lost properties makes the process faster and easier, most people prefer to do the research themselves. To access the funds or to be the rightful heir of an estate, you must provide proof of identity. But it’s worth it if you’ve lost assets worth thousands of dollars.
Keep good records of your accounts
It is important to keep good records of your investment accounts for several reasons. First, it will simplify the preparation of federal and state income tax returns. Dividends and distributions from investments are subject to tax, as well capital gains tax. Keeping good records will also help you find lost investments. If you have a retirement savings account, it is best to keep your account statements for at least a few years.
Regular time should be set aside to review your financial records if you are responsible for managing them. This can be first thing in the morning or right at the end of the day. It is best to keep your records updated at least once per month. You can also save scanned documents or online documents as electronic copies. Make sure you keep backup copies on a hard drive or portable storage device. Keep these documents safe and secure.
Use of a state authority
If you’ve ever lost track of your individual retirement account, you may want to consider using a state authority to locate lost investments. These funds end up with the state authority because some people forget about them. New York alone has more than $15.5 billion in unclaimed assets. This money can be recovered using a state authority to locate lost investments. How do you start? These steps will help you get started.