How to Claim Funds for Deceased Owners and Trusts
The Ohio Treasury Department has identified over $120 million in unclaimed funds tied to deceased individuals and trust accounts as of July 2026, according to a July 28, 2026, update from the state’s Office of Unclaimed Property. The funds include assets such as bank accounts, stocks, and real estate that have remained inactive for extended periods, with no known beneficiaries or heirs to claim them.
The discovery, first flagged by a Google Alert tracking unclaimed property updates, highlights a growing challenge for state regulators to locate rightful owners while ensuring transparency in the claims process. Ohio’s unclaimed property program, which operates under the state’s Department of Taxation, reported that 14,327 accounts were classified as “deceased owner” funds in 2025, totaling $48.6 million. Trust-related funds added another $21.4 million during the same period.
State officials emphasized that the process for claiming these funds requires extensive documentation, including death certificates, proof of inheritance, and legal authority to access the assets. “Many of these cases involve complex estate settlements,” said Sarah Lin, a spokesperson for the Ohio Treasury Department. “We work closely with probate courts and legal representatives to verify claims before releasing any funds.”
The $120 million figure represents an increase from the $97 million in unclaimed funds reported in 2024, according to state records. Officials attributed the rise to both new deposits and the reclassification of dormant accounts. However, the exact breakdown of deceased owner versus trust-related funds remains unclear, as the state’s public database does not separately categorize these categories.
The issue of unclaimed property is not unique to Ohio. A 2025 report by the National Association of Unclaimed Property Administrators (NAUPA) found that U.S. states collectively held over $50 billion in unclaimed assets, with an estimated 15% tied to deceased individuals. In Ohio, the average time between an account becoming dormant and its classification as unclaimed is seven years, according to the state’s Office of Unclaimed Property.
For beneficiaries, the process can be arduous. Claimants must submit formal applications through the Ohio Treasury’s website, accompanied by documents such as government-issued IDs, bank statements, and, in cases of deceased owners, letters of administration from courts. “It’s a bureaucratic maze,” said Mark Thompson, a consumer advocate with the Ohio Public Interest Research Group. “Many heirs aren’t even aware these funds exist until they search the state’s database.”
The state has launched a public awareness campaign to encourage individuals to check for unclaimed assets. A July 2026 press release from the Ohio Treasury Department noted that 34,000 residents successfully claimed $62 million in unclaimed funds between 2022 and 2025. However, officials acknowledged that many accounts remain unclaimed due to incomplete records or difficulty contacting heirs.
For trust-related funds, the process is further complicated by the need to identify the original grantor and beneficiaries. Ohio’s unclaimed property laws require trusts to be reported if they have no living beneficiaries or if the trust has been dissolved. A 2024 audit of the state’s trust accounts found that 12% of these funds had no clear claimants, leading to their transfer to the state’s general fund.
Legal experts caution that the classification of unclaimed funds can vary by state. In Ohio, the Unclaimed Property Act defines “dormant” accounts as those with no activity for five years, but the threshold for “unclaimed” status is seven years. This timeline allows for multiple opportunities for beneficiaries to come forward before assets are transferred to the state.
The state’s Office of Unclaimed Property also maintains a database where individuals can search for potential claims. As of July 2026, the database listed 21,453 active searches related to deceased owners and 8,731 for trust accounts. However, users must create an account to access detailed information, a requirement that some critics argue creates barriers for low-income claimants.
Despite these challenges, the Ohio Treasury Department reported that the unclaimed funds program remains financially stable. In 2025, the state returned $62 million to claimants while transferring $23 million to its general fund, according to a fiscal report released July 20, 2026. The money is typically held in a special account until claims are resolved, with interest accruing to the state’s treasury.
For now, the focus remains on educating the public about the process. “We want to ensure that no one loses out on their rightful assets,” said Lin. “But we also have a responsibility to manage these funds transparently and legally.”