What's the likelihood that 20 year old unclaimed money accounts have any kind of money of significance (e.g. >$500)?

I searched my state comptroller's undeclared funds database. I found four accounts that my grandfather had. They all seem to be stock accounts: Long Island Lighting Company type of (LILCO), GTE Corp, Bank of New York, and also MidAmerideserve to Energy Holdings. Two are provided as "distributions from owner of int (nonadr)" and also 2 are detailed as "cash dividends (various other than adr)". They are all reported to the comptroller's office 20 to 31 years after his death (1997-2008).

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My sister and I are the only making it through heirs so presumably, the case is ours to make. Based on the documentation needs, it will certainly likely cost us roughly $200 to obtain the essential documentation and prepare the paperjob-related. I checked the state's truth sheet on unclaimed funds: 53% are less than $100. Interemainder is just phelp on the initially 5 years and also just at 2%.

What are the odds these accounts are worth claiming?


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· 5y · edited 5y
It's actually complex.

GTE Corp merged with Bell Atlantic to create Verizon in 2000. GTE's final cshed was $55.50 and for eexceptionally share they obtained 1.22 shares of Verizon. So. Let's assume he had actually one share of GTE. So, 1.22 shares of Verizon. On average, in those days a share of VZ paids $1.50/year so speak to it $12/share 2000- 2008. And that doesn't count the dividends from GTE for three years, which I am completely not going to look up.

MidAmerican is now largely owned by Berkshire Hathameans, up till 2012 as a utility, they mostly passist really decent dividends (prefer $4/share in 2011). So, for average sake, let's say $2/year/share - call it $20/share.

Bank of NY as of 2007 is now BNY Mellon, they pay probably $.80/share these days. So, let's contact it - .50/share for those years or $5. Each BNY shareholder got .9434 shares of BNY Mellon.

Long Island also Lighting became the LI Power Authority and KeySpan - KeySpan merged through National Grid. I'm not also going there on that one.

Assuming they owned one share of each of those stocks, and also assuming the shares all converted to the new stocks and didn't convert to cash in the time of the mergers, the dividends are more than likely $30-40.

Now, it's very unmost likely they owned just one share of each of these suppliers.

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The bigger concern is the current status of the stock. It's possible that each stock converted to cash at the time of the mergers, and then was escheated to the state. Or they hit some other deadline and were escheated. It's additionally feasible that they are still on the firm books.