Things to Know About Unclaimed Money

Billions of dollars lie in the custody of government waiting for its rightful owner to claim it back. The article explains all the necessary things that you must know if you want to reclaim your unclaimed funds and assets.

Unclaimed Property comprises of cash and other individual resources that are viewed as lost or deserted when it is not possible to locate a proprietor after a predetermined timeframe. It incorporates certificates of deposits, unpaid wages, insurance payments, death benefits, saving accounts, money orders, gift certificates, stocks, paid-up life insurance payments, etc.

Unclaimed property statutes categorized money related resources as unclaimed, inactive and abandoned when contact with the proprietor or beneficiary is lost. This can happen because of the reasons like-change of names after marriage or separation, an unreported change of location or lapsed postal forwarding order, fragmented or illegible records, and untimely death of a person.

Thousands of family members are not aware that they’re entitled to any missing funds left behind by their deceased relatives, who died without leaving an updated will or financial records. Approximately 25% of the total life insurance policies are never actually paid, as it is heirs’ responsibility to inform the underwriter when a holder of the policy dies. It is the same case with retirement and pension accounts – only a few attempts are made to locate missing beneficiaries and heirs.

Online databases of State’s unclaimed property involve only a part of missing accounts available for making a claim. Unclaimed funds and refunds in the custody of courts and federal agencies are not constituted in online databases of the state.

How can you search for unclaimed money or assets?

See whether there is any unclaimed asset in your name or your business' name. In case you discover any private property, then you can make the request for a claim form. If you discover business-held property, you'll have to set up an agreement form with the state that you have the legal right to proceed on the behalf of the business.

The Revenue Department assists you in reclaiming your money and assets from sources such as unclaimed paychecks and abandoned safe deposit boxes.

What you must know about claiming unclaimed money:

  • You must prove that you are a legal owner if you want to claim a property. You can't get the property for a friend or a relative except if you are an estate executor.
  • If you want to prevent money and assets from becoming unclaimed, then you must share your financial information with your close family and friends, inform your address when you relocate to some other location and give quick responses to emails from your business and business contacts.
  • The Department of Revenue provides this service for free; beware of individuals or companies that will charge you a fee for this service.

Proofs required for claiming a property:

  • Legally approved claim form
  • Your Social Security card
  • Photo ID
  • Proof of address or account
  • Probate documents will be required if you are an estate executor.

When you request a claim form and do not receive your property, then it can be because of the reason that several claim form requests come in daily, but all these requests do not accurately match assets to the owner. For instance, it’s possible that there's another resident in the city with your name. In case, if you haven't received any communication from the authorities yet, then it's possible the property does not belong to you.

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