The newly launched asset protection startup DGLegacy aims to solve the accelerating pandemic of unclaimed assets globally.
Unclaimed assets are reaching unprecedented levels, with estimates that “run as high as $80 billion” in the USA according to New York Times and £77B in the UK, according to moneyfacts.co.uk. These are assets which stay in insurance companies, banks, cryptocurrency wallets, and asset management companies after their owners pass away, instead of reaching the rightful beneficiaries.
Behind this problem lies the fact that in most countries, including the USA and EU member states, many companies that hold assets are not required by law to proactively inform the beneficiaries if the owners pass away. As a result, heirs are not aware of the assets, or don’t know how to locate and identify them, so that they can claim them.
On their own, traditional estate planning and wills don’t solve the problem, even if they are crafted by experienced attorneys, as asset catalogs are dynamic and constantly changing. As a result, estate planning and wills soon become outdated.
Official statistics track only a minor segment of asset types and still report billions of unclaimed dollars. As Peter Minev, co-founder and CEO of DGLegacy, says, “We are talking about a trillion-dollar unclaimed assets problem globally.”
Peter Minev explains, “We want to build a world where people can protect their assets and make sure their loved ones are secure.”
DGLegacy aims to realize that vision by enabling asset owners in the USA, EU, and globally to connect their chosen beneficiaries with nominated assets so that heirs are aware of the assets, can identify and locate them, and can minimize the chance of a missed claim. Through DGLegacy, asset owners can designate specific beneficiaries to each of their assets and decide whether they want the beneficiaries to be informed immediately or only in the case of an unforeseen event.
Peter Minev adds: “Too often, unforeseen events leave people’s partners, orphaned children, and close family members destitute, with no clue about their inheritance and unable to maintain their standard of living. We are determined to change that reality.”
