Unclaimed property refers to assets or financial accounts that have been forgotten or left untouched by their rightful owner for an extended period. Common examples include assets such as stocks, bonds, or uncashed dividends.
It can also refer to bank accounts that have been inactive for a long time or perhaps safe deposit boxes that have been forgotten. Besides these, real property, such as land or homes, can also fall under the category if they remain unused or untouched for many years.
Most states have a department or office responsible for managing unclaimed property. If you believe you have assets that may have been forgotten or overlooked, follow these steps:
Every state has its own department or division that manages unclaimed property. These departments often offer online databases where you can enter your name or business name to see if any assets are linked to you. Some sites might even allow searches using your social security number or address. Even if your first search yields no results, it’s wise to revisit these sites annually, as new unclaimed properties are added frequently.
The state will require evidence before any assets are released to ensure they’re handing them over to the rightful owner. This might mean producing old bank statements, property deeds, stock certificates, or other related documents that tie the asset to your name. You’ll also usually need a state-issued ID, such as a driver’s license or a passport. Some states might ask for additional verification, possibly a social security card or birth certificate.
States usually provide claim forms on their websites, varying from straightforward one-page documents to more extensive forms. It’s essential to fill out all sections with accuracy. Some forms may require notarization or supporting documentation, especially if the claim involves substantial sums or particularly valuable assets. While many states allow online submissions, some might request mailed forms. It’s crucial to keep copies of everything you send.
The duration for processing a claim can differ based on the state and the claim’s complexity. Some can be wrapped up within weeks, whereas others might extend over several months. Most states will keep you updated about your claim’s status through mail, email, or their online portals. If you’re left in the dark beyond the estimated timeframe, touching base with the state’s unclaimed property department is beneficial. Once your claim is approved, the state will mail a check for the amount due or guide you on retrieving physical assets.
While “unclaimed” and “abandoned” are sometimes used interchangeably, they have distinct legal meanings. Unclaimed property typically refers to assets that the owner has forgotten about or hasn’t acted upon for a while. On the other hand, abandoned property is property that the owner has intentionally given up rights to, with no intention of reclaiming.
For example, uncashed dividends might be seen as unclaimed if the shareholder simply forgot about them, whereas a vacant house with no intention of returning might be viewed as abandoned.
To ensure your property doesn’t end up as unclaimed:
One of the primary reasons assets become unclaimed is due to a lack of organized record-keeping. Ensure you maintain a meticulous record of all your assets. This includes stocks, bonds, real property, and other investments. A well-maintained log, whether digital or physical, can be invaluable as it not only helps in tracking assets but also aids in estate planning and tax preparations.
As life progresses, you might change addresses, phone numbers, or even names (e.g., after marriage). Financial institutions can only reach out if they have your current contact information. Make it a habit to regularly review and update your details with banks, brokerage firms, and other related entities. This simple act can prevent assets from being labeled ‘unclaimed.’
It might seem basic, but uncashed checks, such as dividends or refunds, can easily become unclaimed assets. Always cash or deposit checks as soon as you receive them. If you’re wary of misplacing them, consider opting for direct deposits. This ensures timely receipt and eliminates the risk of a paper check going astray.
Financial advisors, brokers, and other professionals are pivotal in managing various assets. Regular communication with these professionals can keep you updated on any changes, requirements, or updates related to your assets. Additionally, if they know you’re actively monitoring your assets, they’re more likely to keep you informed of any potential issues.
A safe deposit box often stores valuable items and crucial documents. However, if left unchecked for extended periods, the bank might deem it abandoned, especially if rental fees go unpaid. Schedule periodic visits to your safe deposit box to check its contents and ensure the bank knows you’re actively using it. It’s also wise to keep an updated inventory of the box’s contents, which can be helpful for both insurance and estate planning purposes.
By adopting these practices, you’re taking proactive steps to ensure your assets remain under your control and don’t slip through the cracks to become “unclaimed.”
While many unclaimed assets—like a simple savings account or an uncashed check—can often be reclaimed relatively easily, others can present complications. Having a lawyer is beneficial if you’re dealing with intricate securities, properties spanning multiple jurisdictions, or assets with complex tax implications. They can clarify the nuances involved and ensure you’re making informed decisions.
There might be situations where more than one party claims a stake in the unclaimed asset. Examples include family disagreements over inheritance or business partners contending over company assets. In these scenarios, a property lawyer isn’t just helpful; they’re essential. They can advocate on your behalf, provide evidence supporting your claim, and navigate the legal intricacies of property disputes.
Claiming an asset involves dealing with various entities, including state agencies and financial institutions. A lawyer can ensure that your rights are recognized and protected. They can help you understand any fine print, terms, or stipulations associated with the reclaimed asset. Although the unclaimed property process is designed to return assets to their rightful owners, bureaucratic hurdles can sometimes make the procedure cumbersome. A lawyer familiar with these processes can often expedite matters, guiding you on the quickest, most efficient path to reclaiming your property.
Consider LegalMatch as your starting point if you ponder the need for legal assistance in unclaimed or abandoned property matters. LegalMatch can help pair you with a property lawyer who perfectly fits your specific needs, ensuring personalized legal advice.
Don’t leave your assets to chance. Secure them with knowledgeable legal guidance. Embrace the peace of mind of having a legal representative by your side, and take a proactive step toward protecting what’s rightfully yours.
16 people have successfully posted their cases
