How To Claim Money From Forgotten Investments

Most people are pretty good about keeping records of their investments and carefully monitoring them. However, there are still some people that do forget about money that is theirs which may be left in investments or unclaimed from past employment. Many states have a huge amount of unclaimed money that they hold in escrow until it is either claimed by the rightful owner or handed over to the state treasury. Most states even have a special department which is tasked with the job of trying to track down the rightful owner of property and assets that are abandoned or unclaimed.

In certain instances, these assets are inheritance funds that were left to heirs that had no idea they were left anything from a relative. In this case, the funds may get forgotten about. If you believe you may have unclaimed money or assets that are due to you, you can easily start a search for them. If you find you have money in your name, you could get those funds sent to you right away.

What Is Unclaimed Property?

Understanding what constitutes unclaimed property and assets is the first part to getting what you could be owed. Most unclaimed assets are monetary in value instead of physical property. Some examples of unclaimed assets include deposit refunds from utility companies, abandoned checking and savings accounts, life insurance benefits, child support payments and money left in safe deposit boxes. In the case of safe deposit boxes, any physical property left behind is typically sold off at auctions. Some people are completely unaware that they have unclaimed property or assets at all. Some people, on the other hand, know they have unclaimed property but lack the knowledge of how to claim it.

How To Find Your Unclaimed Property

If you are trying to located unclaimed assets or property and it has been less than a year, you may still be able to contact the financial institution that it is from and get information about claiming it from them. However, if it has been longer, you will not be able to contact them to find out because after a certain amount of time they will turn over assets to the state's department of uncollected funds. State governments are the ones who keep track of unclaimed property and assets. They do keep an online record of these unclaimed assets in a database. Some states allow residents to search the online database for unclaimed property and assets using a name.

If you search by your name, be sure to also check for any other names you may have used. Some online databases will also let you check using identification numbers and addresses. It is best to cover all bases and check all previous addresses you may have lived at in that state. Creditors and financial institutions are not required to hand over unclaimed assets before a certain amount of time has passed. Because of this, you should check the database regularly to see if anything new has been added. If you are searching for unclaimed assets left to you by a relative that may have passed away, consider searching in their name as well.

How To Claim Your Unclaimed Assets

A lot of people who search through the online databases for unclaimed assets are pleasantly surprised to find they have money that is owed to them. If you are one of the fortunate people to have money owed to them, you may wonder how you go about claiming it. Many states offer instructions online detailing the claiming process and how to verify you are the rightful owner. The process can vary from state to state. However, most states will request verification of identity and your current mailing address. While some states will require that you mail them any necessary documentation, other states may allow it to be faxed or emailed to them. In some cases, it can take weeks to go through the verification process to get your unclaimed funds.

Searching through your state's online database may feel like an exciting, modern-day treasure hunt. You never know what results might pop up when you do a search for unclaimed funds in your name. Now is the time to search for any unclaimed assets or property that you may have due to you.

Featured Articles

Can You Deduct Closing Costs on Your Taxes?

When you buy a home, the negotiated sales price is not the only cost you will have to pay. You need are also responsible for paying closing costs. Home closing costs, also referred to as settlement charges or settlement fees, aren't...

Read More

Rent-To-Own Homes: All the Details

Rent-To-Own plans are becoming increasingly popular due to the advantages they offer. These plans, often considered all-encompassing, operate in a variety of ways. For example, owners and sellers can enter a rent-to-own agreement that will l...

Read More

Car Donation Programs Assisting Low-Income Families In Need

Transportation is a necessity, especially for low- income families in areas where public transportation is non- existent or employment opportunities are located outside of their geographic area. For many, transportat...

Read More

The 10 Most Important Things About Social Security

One key change in social security rules for 2017 is the tax cap. Social security cannot tax anyone whose income exceeds $127,200. The same rule applies to the calculation of retirement benefits. Beginning in 2017, workers who...

Read More