Hi, Myself, my siblings and Aunt (mother's sister) got a letter from The Keane Organization an Heir Finder company and they stated that they located some assets in the name of my Grandfather. In their "Agreement" it states:
"KEANE agrees to pay the costs and expenses, including probate expenses, filing fees, processing fees, bonding fees, and legal fees for attorneys that Keane retains, excluding taxes, to update the asset registration on your behalf.
"KEANE, in consideration of these services, earns a fee of (35%) percent of the gross asset value payable by you when the asset becomes distributable. Keane will be entitled to no compensation and this Agreement shall become null and void if Keane fails to identify the asset. Without signing and returning this Agreement you are not obligated to Keane in any way."
There are other items in their Agreement, but I only felt I need to state these.
My family has ONLY lived in California and I have already checked with the State of CA Controller's Office for any UNCLAIMED Property in my Grandfather's name and I did not find anything that amounted to the value that The Keane Organization stated. On the CA website I did find a page called "HEIR FINDER INFORMATION" and it states:
"An heir finder may charge a fee NO GREATER than ten percent of the property value successfully returned. The fee limit should cover any and ALL services connected with returning property to an owner.
I spoke to my contact at The Keane Organization and she stated that they CAN charge the 35%.
MY QUESTION IS CAN THE KEANE ORGANIZATION CHARGE THE 35% or CAN THEY ONLY CHARGE ME AND MY SIBLINGS THE 10% as stated on the State of CA Controller's Office website for Unclaimed Property?
ANY HELP would be appreciated. Thanks, Liz