ABOUT UNCLAIMED ASSETS

Would you like to know if you are entitled to any unclaimed property, assets or money, which you might have lost or forgotten about over the years. Maybe a bank account you forgot you had or some stocks that you thought were worthless are still sitting there unknown to you. In some cases a relative may even be entitled to this unclaimed property or money.

Some individuals could have as much as $250,000 just waiting to be claimed. A surprising percentage of Americans have lost property, money or assets in banks, utility company refunds, deposit boxes, or other forgotten assets just waiting to be claimed. It could be like hitting the lottery!

About 1 in 9 people have money they haven't claimed and one of those nine people maybe you. Most people have never really inquired about it. These institutions are definitely not looking for you. In fact, they hope you never find out because they are making interest off of your hard earned money.

How Property Becomes Lost
Most unclaimed property becomes abandoned as a result of a change of address (the owner moved), a name change (the owner got married or divorced), or death of the owner (the estate was unaware of the money or the heirs could not be located). Sometimes the owner knows about the asset, but is unaware that it has been declared abandoned and turned over to the state.

For example, here are a few of the most common scenarios in which you could "misplace" your money and not even know about it:

- Perhaps you moved and forgot to claim your security deposit.

- Perhaps the utility company owed you a refund check or a refund of your deposit, and you forgot to inform them of your new address.

- Perhaps the dividend checks from your stock or mutual fund have been going to the wrong address and being returned.

- Perhaps you moved your money to a new bank, but forgot about an account or safe deposit box you left with the old bank. Or maybe you left a little money in the checking account to be safe, and forgot about it.

- Perhaps you have a certificate of deposit with a bank that has seen no activity for five years. If you let it roll over and ignore the bank's mail, it could be declared abandoned.

- Perhaps a long lost relative died without a will, and its taken years for the courts to settle the estate.

- Perhaps a relative died and the insurance company took a while to send the check for the proceeds of the life insurance policy. Or the life insurance company may have undergone demutualization and was unable to find a current address for the policyholder.

- Perhaps you simply forgot about some money owed you.

To prevent your property from getting lost, you should keep an up-to-date list of all your family's assets, including bank accounts, certificates of deposit, mortgage escrow accounts, retirement accounts (IRA, Keogh, and 401(k)), layaways, stocks, bonds, mutual funds, life insurance policies, security deposits, and safe deposit boxes. If you change your name or address, write to the address associated with each asset to notify them of the change. Likewise, if you regularly receive insurance benefits or dividends, and the checks stop coming, promptly notify the company of the problem.

What is Unclaimed Property?
Unclaimed property can include the following:

- Dormant Savings and Checking Accounts
- Dormant Certificates and Certificates of Deposit
- Safe Deposit Box Contents
- Uncashed Money Orders, Cashiers Checks, and Travelers Checks
- Uncashed Payroll Checks
- Unused Gift Certificates
- Uncashed Stock and Mutual Fund Dividends
- Stock Certificates
- Unclaimed Security Deposits
- Utility Deposits
- Customer Deposits, Overpayments, Credit Balances, and Refunds
- Court Deposits
- Insurance Payments
- Probate Court Judgments
- Property Overlooked in the Probate of an Estate
- Paid Up Life Insurance Policies
- Uncashed Death Benefit Checks and Life Insurance Proceeds
- Health and Accident Insurance Payments
- HUD/FHA Refunds
- Oil and Gas Royalty Payments
- Mineral Royalty Payments

What Happens To Unclaimed Property?

Every state has unclaimed property laws which declare money, property, and other assets to be abandoned after a period of inactivity of three to five years, depending on state law. During this abandonment period landlords, banks, utilities, hospitals, brokerage firms, mutual funds, insurance companies, and other organizations are required to try to return the valuables to their rightful owners. If they are unsuccessful, they then turn the property over to the state's abandoned-property division or unclaimed property office.

According to a US Supreme Court decision (Texas vs. New Jersey, 379 US 674, 1965), the unclaimed property is returned to the state of the property owner's last known address. If no address is known, it is returned to the state in which the business holding the funds is incorporated.

The unclaimed property office then tries to find the rightful owners, by placing advertisements in newspapers and trying to trace the owners. Unfortunately, many states only advertise the new additions to their files.

In many cases, there is no time limit on claiming your property. Abandoned property has been reunited with its rightful owners 30, 40, and even 50 years after it was turned over to the state. Some states have unclaimed property dating to the late 1800s.

If the owner of the property is deceased, the relatives can file for the unclaimed property.

P.O. Box 6606
Delray Beach, FL 33482
Tel: (800) 383-1886
Fax: (888) 383-1886