Unclaimed assets and funds worth millions of dollars are just waiting for their rightful owners to come forward and claim them. Many people are unaware that they have uncashed checks, forgotten bank accounts, or missed insurance payments. These assets are given to the state to be stored after a period of inactivity. Roughly 1 in 7 of Americans are due some sort of unclaimed property. That’s why it can mean such a difference when you understand what unclaimed property is, why it occurs, and how to look for assets that may be yours.
Unclaimed Money is Pending for Americans
Money and valuables that people have misplaced or forgotten about are called unclaimed property. These consist of insurance payments, bank accounts, and other things. These assets are seized by the state until their true owner is identified after a period of inactivity. There’s a chance you may be due unclaimed property. It’s critical that you check this as soon as possible!
How to Check for Unclaimed Property?
An asset remains in the state’s unclaimed property until its owner makes a claim. States locate owners through outreach initiatives such as social media, radio, newspaper adverts, and state fairs. The most common method of searching is online. Owners initiate the claim process by submitting an inquiry to the state when they discover they have unclaimed assets. In order to confirm ownership, the state then requests a claim form and any accompanying documentation. The owner or a person with legal power may bring a claim. The property is returned to the owner or legal heir by the state upon examination.
Additional Ways to Find What’s Rightfully Yours
An online search can help find unclaimed property quickly. You can search for yourself or family members, and connect with your state’s unclaimed property program. On the state site, you can search the database and, if property is found, follow the instructions or fill out an online claim form. It’s important to search any state where you or your family have lived or worked. It’s free to check what may be yours. That is why there is no harm. Plus, the sooner you do it, then the sooner that you could get back what belongs to you. You could be in for a nice surprise to find that you had a paycheck waiting from your last job, or some unexpected life insurance payout from a family member!
Different Types of Unclaimed Property
Unclaimed property is any financial asset that has been abandoned for a certain period. Common unclaimed assets include:
- Checking or savings accounts
- Stocks
- Bonds
- Life insurance proceeds
- Dividends
- Gift certificates
- Uncashed checks
- Refunds
- Safe deposit box contents
- Annuity accounts
Assets can become unclaimed because owners forget about them, are unaware of them (like inheritances), or due to company closures or mergers. Regardless of the reason, owners still have the right to reclaim their assets.
How to Avoid Unclaimed Property?
While it’s awesome that you get the chance to reclaim property that rightfully belongs to you. It would be even better if you didn’t lose it in the first place!
Make Sure Your Accounts Stay Active
The simplest way to avoid unclaimed property is to regularly use your financial accounts. This means periodically making withdrawals or deposits in your checking, savings, and certificates of deposit accounts. The same goes for brokerage accounts, IRAs, and employer-sponsored plans. Even minimal activity can keep your accounts active and prevent them from becoming inactive and unclaimed.
People can avoid unclaimed property by keeping their contact information up to date as well. It’s easy to forget to update your address with a bank or former employer when you move, but it’s crucial. If a company doesn’t have your current address, they won’t know where to send your funds, leading to unclaimed property.
Keep Tabs on Your Activity
It’s useful to keep accurate records of your financial transactions, including money, checks, and other assets. While banks must keep current records for all accounts, account owners also have a role. Keeping electronic copies of tax filings, bank statements, and investment transactions can help. This can make it easier to avoid unclaimed property in the future.
Bottom Line
There’s currently millions of dollars in unclaimed assets due to Americans across the country and many people don’t realize they are owed. This guide has shown you what unclaimed property is, why it happens, and how to find any assets that might be yours. You can quickly check for unclaimed property online at easy to use websites. To prevent unclaimed property, keep your financial accounts active, update your contact information when you move, and maintain accurate records. Make sure to search for unclaimed property in any state where you or your family have lived or worked. By doing this, you can reclaim what’s yours and avoid future unclaimed assets.
