Answer:
Check with the state agency on this, since rules may vary. However, if there is an individual with a legitimate claim to the funds (the POD designee), the state agency would have to deal with him or her anyhow, so I see no harm at this point in simply contacting the beneficiary to see if you can get the funds transferred and avoid the abandoned property route.
First published on BankersOnline.com 9/3/12
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