Q: How do you escheat real estate?
I have customer that has purchased Real Estate through an IRA. We have not had contact in several years, she is over the age of 73. What/how would we go about escheating this account?
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A:
When dealing with an unclaimed IRA holding real estate, you'll first need to verify if the account holder is truly unreachable and has not been responsive. Check the last known contact details and send formal notices. If no response is received, you may need to follow the unclaimed property laws in your state.
Real estate within an IRA can be more complicated to escheat since it's not a liquid asset. You’ll likely need to coordinate with the custodian of the IRA to understand the specific requirements for handling unclaimed real estate. This may involve appraisals, potential liquidation of the asset, or transferring it to the state in accordance with their escheatment procedures.
Lastly, be sure to document all attempts to reach the account holder. Each state has different laws, so review local unclaimed property regulations to ensure you follow the proper steps for escheating the real estate.
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