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#UNCLAIMED INHERITANCE FOR FREE#
To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. Be sure to verify it is from the state treasury department, as several states have reported unclaimed money fraud schemes, including using stolen identities to make fraudulent claims. In addition, be on the lookout for letters, text messages or emails alerting you about unclaimed property. There are third-party services, typically referred to as locators or finders, out there willing to search for you, but they aren’t necessary. You should never pay to find unclaimed money. But once the dormancy period passes and the payer has done their best to deliver the money, the money is turned over to the respective state, and remains there until it is claimed. For example, California has a one year dormancy period on wages, three years on dividends, and 15 years on travelers checks. Once that dormancy period exceeds a specific amount of time, the money must be turned over to the state treasury department.Įach state has different lengths of dormancy periods based on the type of property. If the payer is unable to contact you to deliver your money, the money enters a “dormancy” period. It can also include physical items that were abandoned in safe deposit boxes such as precious metals. Unclaimed money can come from a range of sources, including abandoned checking and savings accounts, company refunds, annuities, customer overpayments, payroll checks, investment accounts, trust distributions, life insurance payments and utility security deposits. Unclaimed money is money that belongs to you but because the payer couldn’t contact you, it is sent to your respective states’ treasury department. So it’s absolutely worth checking to see if you have any unclaimed funds.
However, there are stories of people being reconnected with significant amounts of money, including one Connecticut resident who had 1.3 million stocks worth over $32 million. In my case, the unclaimed money was nominal. I was given a claim number, and a link to track the status of my claim. I filled out an online form, including my Social Security Number and current contact information. It was a refund from a bank account I had as a child. Sure enough, a whopping $0.23 was in my name in California, even though I haven’t lived there since 2015. While researching this story, I checked my previous states of residence for any unclaimed money. What the unclaimed money form looks like on the California state website.Įach state has its own timeline for processing your information and sending out payment, but the process can take several weeks to complete. If everything is approved, your payment will be mailed directly to you.
From there, you will fill out your contact information, and the state will verify the information to determine if you are eligible to receive it. To claim the money, you must verify your identity by giving your Social Security number and state whether you’re claiming this money for yourself or for a deceased relative. If you find unclaimed funds, follow the filing process on the website. You can use the map above to get to your state’s unclaimed money website. The steps to claim any unclaimed cash are simple. If you can prove you are the heir, you may qualify to inherit the funds.Ĭredit Karma and MissingMoney offer free tools that aggregate information from state treasury departments to find any unclaimed money in your name.
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