- Unclaimed money (or property) is money or property that belongs to someone specific and, for whatever reason, hasn't been claimed by that person. Each state has an unclaimed property division that keeps track of these funds and property in the event the party owed ever searches for it. Each state has laws regarding unclaimed property and how to claim it.
- Numerous types of unclaimed money or property exist. If you've been left something in a will but you couldn't be located for the reading, you may have money or property waiting for you. If you are the beneficiary of a life insurance policy and the insurance company could not locate you, the money you're owed becomes unclaimed money. Checking accounts that have had no activity for a year or more often fall into unclaimed status.
- Unclaimed money or property remains unclaimed until the beneficiary of the property claims it. There is no limit on how long the money or property can be unclaimed and still be claimed, but the beneficiary must claim it. No active attempt is made to contact beneficiaries. The money or property will simply sit unclaimed until it is claimed.
- Visit your state's Department of Treasury website, and search for unclaimed property. If you have any unclaimed money or property under your name, the search will notify you. If you find lost property, begin the claim by filling out claim forms, which are free. The state will ask you to mail proof of your identity, then it will return your money or property to you. The process time varies by state, but can usually be handled within six weeks.
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