Be Wary of Heir Hunters

Heir hunters are typically companies that locate distantrelatives in line to inherit some portion of a decedent’s estate in exchangefor a “small” fee.  People contacted byheir hunters are usually concerned it’s a scam, and in some cases, they couldbe right.

Some “heir hunters” are really con artists looking to cash in onupfront fees or steal personal information. Other companies engage in questionable practices, like charging fees tolocate lost assets that heirs could easily find themselves.

If contacted by an heir hunter, do your own research first bycontacting the appropriate courthouse or attorney.  There are also websites run by statetreasurers that list the names of intestate decedents and their heirs.  If you do decide to sign up with an heirhunter, do your research on the company’s reputation and insist on a writtenagreement.  Many states limit feesanywhere from 5%-30% and the fee or commission is negotiable.

See Liz Weston, ‘Heir Finders’ May Be Targeting You, MSNMoney, June 14, 2013.