Unlock Hidden Treasures: Discover Unclaimed Property in Your Name
Unclaimed money becomes a financial bonanza for the government, with billions of dollars unclaimed and inexorably finding home with Uncle Sam every year. These lost assets can include uncashed checks, unclaimed bank accounts, stocks, bonds and the contents of safety deposit boxes. If you are hoping to discover potential financial windfalls, learning about unclaimed property, how it builds up and how you can have a claim to it is vital.
What is Unclaimed Property?
The unclaimed property is defined as money or financial assets that have been left abandoned or no activity has been performed by an owner for a limited period ranging from 3 to 5 years. That property is then transferred to the states, which will keep it until the true owner steps forward. According to The National Association of Unclaimed Property Administrators (NAUPA), while states return over $3 billion each year to rightful owners, billions more is never claimed1.
Types of Unclaimed Property
- Unclaimed property comes in many forms. Common types include:
- Automatic transfer of money from bank accounts and safe deposit box contents
- Stocks and Mutual Funds and Dividends
- Uncashed payroll checks
- It deals with the details of insurance payments and policies.
- Utility security deposits
- Customer overpayments
- The rules differ from state to state on how to handle unclaimed property, but the general goal is to return owners to their missing items.
The Process of Accumulation
Property often becomes unclaimed when a person unknowingly neglects ownership. Moving, forgetting to change address, a lost check or an abandoned account. If a business or financial institution can not find the owner after a certain period of dormancy, the property is considered unclaimed, and is required by law to be reported to the state. This process is called escheatment2.
Discovering Unclaimed Property: How to Find It
Searching is the first step in the unclaimed property search process. The NAUPA has an online tool called MissingMoney that most states participate in., where people can find unclaimed property by state3. Or people can also go to the official individual state unclaimed property site.
Claiming Your Property
If potential unclaimed property is discovered, the claimant has to go through processes to get ownership. This usually requires filing a claim form with a copy of your government ID and proof of residence. Most states will ask for additional paperwork based upon the type of property being claimed.
Real-World Examples
There have been some recently reported high-profile cases involving this important distinction that have increased the need to check whether you have unclaimed property. In 2019, a California family found more than $100,000 in unclaimed stocks and dividends - which went unclaimed for decades4. The moral of such tales is that, when it comes to unclaimed property, the financial rewards of regular hunting are potentially large.
Reasons To Regularly Check Yourself
Quotably said, "It is a sound financial habit to check for unclaimed property on a regular basis. Considering the number of unclaimed assets, it is certainly possible that you own something and never knew it. There also is no statute of limitations on claiming unclaimed property, so you can check anytime.
Wrap-Up
One area of opportunity was unique – unclaimed property. Knowing what kind of unclaimed property exists, how it gets accumulated, and how to claim it can give people the key to unlock hidden financial treasures. A brief search for unclaimed money could net billions of dollars in your pocket.