Someone in B.C. doesn’t know they’re the heir to a $1.9M estate

The B.C. Unclaimed Property Society says there is $177 million worth of unclaimed assets sitting in holding accounts waiting to be reunited with their rightful owners, including a $1.9-million estate.

The government-sanctioned society is the legal custodian of unclaimed funds received from the court system, the Public Guardian and Trustee of B.C., credit unions, insurance firms, companies and government. It maintains a free online database — unclaimedpropertybc.ca — listing unclaimed accounts that are typically forgotten by British Columbians.

Established in 2003, the fund continues to grow each year, as the society receives much more money than is returned to verified claimants. For instance, last year the society took in $4.07 million, while only $717,209 was returned.

Most unclaimed accounts in the society’s database amount to between $300 and $500 — typically from inactive credit union accounts, overpayments, unpaid wages and proceeds from courts.

“People lose track of their funds for a number of reasons,” said Alena Levitz, the society’s executive director.

“People tend to move around a lot, change jobs frequently, or simply forget to close an account.”

Levitz said there’s been a significant increase in online inquiries over the past two years.

“For many cash-strapped British Columbians, being reunited with their unclaimed funds provided welcome financial relief during an unprecedented period of economic adversity,” she said.

Some unclaimed money is eventually disbursed to charities; last year, for example, the society allocated $6.24 million to the Vancouver Foundation to support community and social programs.