Estate attorneys ask us the same few questions before they introduce us to a client. What does it cost the firm? Who signs? What do we do, and what stays with the lawyer? Here’s how a cooperation with Heritage works.

No money changes hands with the firm

The firm pays us nothing, and we pay the firm nothing. There are no referral fees, no revenue share and nothing in kind.

We set it up this way on purpose. New York’s Rules of Professional Conduct restrict lawyers from sharing legal fees with nonlawyers (Rule 5.4) and from giving anything of value for a recommendation (Rule 7.2). A NYSBA ethics opinion on claims-recovery firms also flags referral payments as a risk. Keeping money out of the relationship altogether keeps the firm’s position simple. Your firm should still apply its own ethics judgment.

The arrangement is also non-exclusive. You can work with other firms, or do the claim work yourself.

The fiduciary hires us, on the State’s form

Our agreement is with the estate’s executor or administrator, not with the firm. They sign the Comptroller’s own fee agreement form, in front of a notary. It states our percentage, which New York law caps at 15% of what’s recovered. It also tells them that they can claim the funds from the State for free.

The fee is paid only from recovered funds. If nothing is recovered, the estate owes nothing. The Surrogate’s Court can review the fee.

What we do, and what stays with you

We do:

• search the Comptroller’s list for the decedent, under every name and address we can find;
• tell you, within 48 hours, what’s listed and what kind of property it is;
• gather the ownership documents, file the claim and answer the Comptroller’s follow-up questions;
• copy you on every step.

You keep:

• the client relationship and your independent judgment;
• any court step, such as recertifying an appointment or appointing a successor fiduciary;
• the decision about whether to introduce us at all.

We don’t give legal advice, and we don’t prepare court papers or estate documents.

What the firm and its client get

• No staff time on claims. Searching, documenting and following up with the Comptroller is tedious work. We take it off your desk.
• A safety net after closing. Funds often reach the State years after a death, sometimes after the file is closed. We keep watching.
• More for the estate. The heirs receive at least 85% of money they might never have seen. In New York, an executor’s commission is also calculated on the sums they receive and pay out.

Before you send us a name

The free 48-hour check needs only the decedent’s full name and last known addresses. The county and file number help. We never need Social Security numbers or financial records for the check.

If the information came to you from a client, check with them before passing it on, as you would with any outside service.

Getting started

Send us one estate. We’ll tell you within 48 hours what New York is holding, and you can decide from there.

This article describes how Heritage works. It is not legal or ethics advice.

Abandoned funds held by the State can be obtained directly from the Office of the State Comptroller by the owner of such funds without paying a fee. These funds are held indefinitely by the Office of the State Comptroller. For more information, contact the Office of the State Comptroller at 1-800-221-9311 or http://www.osc.ny.gov/unclaimed-funds.