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"Unclaimed Property" ???

TheCoilist

TheCoilist

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Virginia
I was doing a search online for my county and I came across a list of "unclaimed property" and it had peoples names, addresses, and the amounts of value the 'property' was worth. Again these were unclaimed.

What happens to that 'property' if it goes unclaimed? Can someone else claim it?
 
Here is a good explanation of unclaimed property. I know my mother recouped a security deposit that my deceased father had made 40 years prior. It continues down to the heirs after a death. I think that state would help themselves to unclaimed property before they'd see someone else get it - looks like there are laws in place to start that at some point in some states.

http://www.kantrowitz.com/kantrowitz/uncl-prop.html
 
It's worth checking to see if your name is on the list for sure. In used to live in CT and they have a good website to look up your name, then you print out some forms, get them notarized at any bank and send them in. They had $ for me for an old escrow refund check, WELL worth checking!
 
nothing in my name. Just came across a PDF that had some crazy amounts on them and was wondering. At first I was thinking it was property as in LAND lol I was going to go stake it for my own. lol come to find out it was more money related.
 
Here in Arkansas the State conducts what is called the Great Arkansas Treasure Hunt annually. It consists of everything from unclaimed bank security box contents to insurance payments where people could not be located by the company to refunded tax payments by the State to deposits with utility companies that were never picked up when folks moved. Those security boxes can be remarkable in content! :shock: Gold coins, paper money, jewelry, so forth. Anywho, everything has someones name on it. They publish the list online and in the newspaper once a year.

When looking over this list, I found my wife's Aunt's name, several years deceased, and discovered a $1000 insurance deposit. Since my wife had been the executor of her estate, she had the paperwork to back up the claim, and after some wrangling with one other relative who finally relinquished her claim to it, she got the $1000 cash. Worth the effort!:lol:

If the items go unclaimed for some period of time, like 15 years, then the State gets them and sells them to the highest bidders. :shock:
 
I have checked these before in all the states I have lived.

So many of these are utility deposits.
I sold a business a few years ago and the person that took my store over paid the utility bills for a few months but they were still in my company's name and then finally had a chance to change it all over to his name.

He called me and told me the electric co was sending me a $500 check for a deposit that I had put down that I completely forgot about since I had done it 15 years previous!
 
I am in the insurance and investment business. If we cannot locate a beneficiary within 30 years of a date of death then we must forfeit the claim money to the state and it goes into the general fund. The insurance companies do not get to keep it so we make every effort to find the beneficiary. Sometimes we even hire out to find someone.
 
Make sure you check alternates of your real name. My fiancée has $1300 coming to her but we only found out about because of some company that wanted a fee to get it for her. When I went to the states website they had it listed under her middle initial as her last name and then for her first name they had last name and first name in the same block. Now that the paper work is filled out we just need to get to a notary for her to sign it.
 
Most banks have notaries on hand, it's usually either free or really cheap to get them to witness, seal and sign....
 
What if you get $100+No?Dose this really mean the value?Whould a locked box or a safe be under $100\No?
 
the state uses the money as an Escheat fund. It would eventually go to fund various programs. I recently found my name on a list from a State I lived in and claimed it. The State who holds the funds as unclaimed property does get to keep all the interest the money earns but your original amount is returned to you.
 
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