Besides researching unsolved probate cases, GEN has been successfully working in the field of dormant accounts/unclaimed property for many years. These terms refer to assets which have not been active for a certain period of time. The accounts can be regular bank accounts, stocks, investment funds or also insurance policies, dividends or employee pensions.
If the bank in charge of the account has not been able to make contact with the account holder, in many countries these accounts will be deemed as “dormant” and the assets transferred to the government and liquidated.
For example through the following events:
Death: The account owner has passed away. The heirs, many of whom live abroad, have no knowledge of the numerous assets.
Change of employer: Sometimes employers still owe former employees abroad monies from salary and/or company pension claims. The former employer often does not have the former employee’s new address or bank account information. This is often the case when employees were only temporarily living abroad for work. It can also be the case that preferred stock was part of the employee’s salary and after several years became inactive, as is the case with subsequent dividend payments.
Unclaimed bank accounts: You deposited a sum of money for a particular purpose in a bank account, subsequently did not need the money and later forgot about the account.
Name change: Your name changed due to marriage or divorce.
Change of address: You moved and forgot to inform the financial institution accordingly.
Many steps are necessary before the assets can finally be transferred to you. Even after recognition of your claim, many additional steps are often necessary. An example of this is the American “Medallion Signature Guarantee,” a special signature guarantee for the transfer of assets which can only be obtained on location in the United States.
The many requirements, which often vary depending on the state and the government office, lead to us regularly being contacted for assistance by account holders themselves, who are aware of the foreign assets. The various hurdles abroad lead to private individuals attempting in vain to assert their claim, often for years, at great expense and even with legal assistance.
Thanks to our many years of experience and specialization, we are able to conduct the often complicated procedure for the assertion of your claim quickly and efficiently, and help you to obtain the assets. In doing so we work solely on a contingency basis and at our own risk. This means that our fee is due when the assets actually fall to you.
- If the original account holder is deceased, we attempt to locate the heirs – corresponding to our main line of work.
- Inasmuch as you are entitled to claim on the basis of succession, all documentation which proves your right to claim must correspond with the guidelines of the particular country in question. In doing so apostilles must be obtained, attorneys possibly retained or probate proceedings conducted. GEN naturally bears the costs for this.
- As a rule all correspondence must be conducted in the country’s respective language. GEN’s employees at locations in four countries cover over 25 languages. .
- We work with the most reputable companies in the field of dormant accounts in the USA, Great Britain and Australia, amongst others. Their professional research has access to many third-party sources, which are electronically collected, validated and analyzed. In turn, our international partners cooperate with trustees, attorneys, government agencies, corporations and banks in order to jointly recover your assets for you.
We assist holders of unclaimed property and their heirs as well as estate administrators and executors. In doing so we cooperate, amongst others, with financial institutions, asset managers and governmental agencies in the USA.
In this case our fee agreement would become invalid. If the assets do not fall to you, we have absolutely no claim to a fee or reimbursement of expenses. We alone bear the risk.
Our fee is calculated based on the amount that you receive. No positive fee can be calculated on the basis of a negative amount. This also applies to cases of possible value depreciation of the assets in the course of settlement.
If you should decide to commission us, we will initiate all necessary steps to successfully secure your assets for you. Please contact our Frankfurt am Main office at: (+49) 69 / 25 62 75 40, or via mail at: email@example.com.