Locating Financial Assets and Unclaimed Abandoned Property in Israel Real Estate Search and Locating
In Israel, thousands of assets totaling approximately 15 billion Israeli shekels remain unclaimed. These unclaimed assets include land, developed real estate, bank accounts, stocks, and bonds.
“Abandoned property” is defined in section 1 of the Act as property to which no one has the right or can be treated as the owner, or property whose owner is unknown.
Naturally, the need arises to claim, find such property, property, land by their legitimate heirs. The process of locating lost, abandoned, or unclaimed assets in Israel requires, among other things, a very competent and diligent Israeli attorney with in-depth knowledge, as well as proper investigation to trace those lands and assets. How to find and locate a lost or abandoned property in Israel? This article deals with this matter.
The first step is to collect all relevant data including family tree or any identification number to start due diligence and genealogical evidence to trace ownership, estate at Israel Land Registry Offices “The Tabu”, Minhal or Hevra Meshakenet. We will learn the name of the current or historical owner, as well as their Israeli ID number or US/any passport. The information held by the Israeli TABU is considered highly credible and sensitive, and is part of the Israeli land database.
The second step is to check: 1) the management of the abandoned property for the benefit of private owners and 2) the release of the property to those entitled to it after obtaining an order from an Israeli probate court, or when there is no can locate the beneficiaries, transfer the property to the State of Israel until the correct heirs are found.
We handle various types of abandoned assets in Israel, including real estate, land, personal property, funds, and bank accounts. By law, an “abandoned property” in Israel is defined as an asset whose owner or manager cannot be found or is unknown, and can only be released through a probate process and a court order that will determine the rightful heirs. , and now owners of Israeli land or any financial assets in Israel.
The Israeli government concludes its management of the property in one of three main actions. First, you can release the asset back to the person who is the rightful owner by order of an Israeli probate court. Alternatively, you can transfer the asset to the State of Israel. In the third and last place, you can transfer the asset to the Society for the Location and Restitution of Assets of Victims of the Holocaust, if applicable.
We will talk in detail about the aforementioned first action-negotiation with the TABU on unclaimed property. In this case, the person claiming the right to property must prove to the satisfaction of the General Administrator of Israel that he is the legal owner of the property. In this process, the Administrator General of Israel will take great care to ensure that they have received sufficient information about the applicant’s rights and an order from the probate court showing that the person is the legal heir. Israel’s Administrator General then ensures that the asset is delivered into the right hands and also prevents any threats to the legal owner of the asset, such as illegal takeovers. Applications can be submitted independently, but it is highly recommended to do so through a licensed Israeli attorney who is an expert in tracing unclaimed Israeli land.
Although we have focused on Israeli real estate so far, there are many other types of abandoned assets in Israel that can be classified as “unclaimed assets.” Examples of such assets are funds provided for pensions, provident funds, education funds, life insurance policies, executive insurance policies, dormant bank accounts, various savings plans, dividends, and stocks, to name a few. These funds may be held and/or managed by financial institutions, insurance companies, pension funds, hospitals, clinics, corporations, government agencies, and Israeli government corporations.
Given the complicated bureaucracy in these institutions and the due diligence required to initiate these procedures, only a very competent and diligent attorney familiar with Israeli real estate and the Israeli inheritance process will significantly alleviate the various unavoidable obstacles encountered throughout the process. .