[WSBAPT] Asset Recovery Firms

Thu Aug 14 14:08:02 PDT 2014

Krista,

I have received similar correspondence from Keane.  In my situation, the
asset to be claimed was cash from expired dividend checks.  When I spoke
to a representative by telephone, they would not tell me details, which I
interpreted as their way of preventing me from collecting the asset myself
at no cost.  I chose to ignore Keane’s offer and instead monitored the
Washington Unclaimed Property website until it showed up as cash to be
claimed.  (I had already been collecting other unclaimed property on
behalf of this same estate, so this was just one more item.)

Oddly enough, even after I had claimed the cash from the State, I still
received letters from Keane claiming they could help me collect what I had
already collected!

Susan Munk

Senior Vice President
Estate Settlement
OR1-129-12-04, 121 SW Morrison, Portland, OR 97204 
T 503.795.6369 F 503.973.6643

susan.munk at ustrust.com

Life’s better when we’re connected™ 

From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Krista MacLaren
Sent: Thursday, August 14, 2014 1:09 PM
To: wsba probate & trust
Subject: [WSBAPT] Asset Recovery Firms

Listmates:

I just got a call regarding an estate of which I represent the PR.  It was
a company called Keane.  They said they work with financial institutions
on accounts that have been dormant for some time.  They told me the
deceased father of the decedent in the probate my client is administering
had an IRA that was payable to the decedent in the probate my client is
administering, and Keane would provide the PR with more details and help
in obtaining the account balance (about $40,000) for a 20% fee.  They are
sending their standard contract for review.  They also said that “time is
limited” and not to let the fee stand in our way of working with him. 

Has anyone run into this before?  I am wondering whether there is another
way to figure out what company is holding the asset, or if the “limited
time” means the account will go to the Washington State unclaimed property
if we do nothing.  

Although we would not have known about this account but for their call, it
seems like a rip off to pay a fee for something the estate should be
entitled to.

Suggestions?  Experience?

Thank you all, as always!

Krista MacLaren
Attorney at Law
Northgate Executive Center II
9725 3rd Ave NE, Suite 600
Seattle WA 98115
(206) 523-6116

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All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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