Category: Financial Planners

By Simon Volkov

Do you have unclaimed money sitting dormant in a state agency database? If you or a direct lineage relative have ever held a bank account, stored valuables in a safe deposit box, owned a life insurance policy, or had a distant relative die, chances are high you might have money owed to you.

Locating unclaimed money isn’t as hard as you might think. With a little detective work and computer access, anyone can research databases to find out if state depositories are holding cash, stocks, bonds, or valuable property belonging to them.

U.S. property laws require states to hold unclaimed money and property for a specific time period to grant rightful owners time to submit a claim. The timeframe varies depending on the type of property and state where it is held. Dormancy periods typically extend for 1 to 10 years.

If property goes unclaimed beyond dormancy periods it is then held in ‘escheat’ for another 1 to 3 years. At the end of escheat the money becomes property of the state.

There are several ways to search for unclaimed money. The most common include searching state databases or hiring a company to conduct searches on your behalf. Those who elect to search on their own should start by determining what agency holds property in your state of residence or in states where relatives resided.

A good starting point is Unclaimed.org; a non-profit organization that publishes an extensive list of missing money databases within the U.S. Visitors can conduct money searches in all 50 states, as well as British Columbia, Alberta and Quebec directly from the Unclaimed.org website.

Another good source for locating money or property belonging to you is MissingMoney.com. Currently, this provider does not offer searches in all 50 states, but do provide links to nationwide databases.

Searching databases is a simple process that involves typing in first and last name or business name. It can be beneficial to type in deceased relatives’ surnames, maiden names, and via business entities owned by family members.

If money or property is found, rightful owners are required to fill out a form to verify ownership rights. Each state handles the process differently, but most require claimants to provide full name, date of birth, social security number, and home address. In some cases, claimants may have to provide a copy of their social security card, birth certificate, or driver’s license.

When unclaimed property belongs to a person who is deceased, claimants should be prepared to provide the holding agency with a copy of the decedent’s last will or death certificate. Claiming decedent assets typically requires additional proof of evidence than claiming property that belongs to you.

If unclaimed money databases do not reveal missing property that doesn’t necessarily mean no property exists. If you strongly believe money or property is held in state escheat it can be beneficial to expand searches to various state agencies. These can include each state’s Department of Commerce, Department of Revenue, State Treasurer, and State Controller.

Those who are unsuccessful in locating unclaimed property, but certain it exists, may find it helpful to hire a money finder agency. These private detectives charge an upfront fee and retain a percentage of located funds, so it is best to be certain money is owed to you before retaining their services.

Uncovering unclaimed money is exciting. After all, everyone loves receiving unexpected cash. It is estimated 9 of 10 U.S. citizens are entitled to unclaimed money sitting dormant in state agencies. Don’t turn over money or valuable property to the state. Instead, spend a little time conducting research. You never know what you may find!

About the Author: Author and real estate investor, Simon Volkov offers additional resources for finding

unclaimed money

, along with personal finance, money management, and estate planning information via his website at

SimonVolkov.com

.

Source:

isnare.com

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