Preparing to Claim Unclaimed Property

Introduction to Unclaimed Property

Money, securities, insurance payouts, and other assets can sometimes go unclaimed when the rightful owners can't be located. This could happen if an account was forgotten, the owner moved without updating their contact details, or in the case of a deceased relative whose assets go unclaimed by their estate.

Unclaimed property is turned over to state-run unclaimed property offices after a certain period of time, usually 1-5 years. The good news is that you may be able to claim this property that rightfully belongs to you or your family.

This guide covers the key steps and documents needed to successfully claim various types of unclaimed property, including special considerations for claiming on behalf of a deceased loved one. We'll help you navigate the process confidently and compliantly.

How to Find Unclaimed Property

The first step is searching databases to find out if you have any unclaimed property, money, or assets being held. There are a few options to conduct a search:

• Use the free, official national database at unclaimed.org. This lets you search across all states.
• Search the unclaimed property sites for states you have previously lived in. Some key examples are Ohio, Pennsylvania, and California.
• Check for forgotten financial accounts at MissingMoney.com.

Be sure to search under any former names you may have used, as well as deceased relatives you may be entitled to claim for. Have their Social Security number handy.

What You Need to Claim Unclaimed Money or Property

No matter what type of unclaimed property you're claiming, you'll generally need to provide:

• A completed claim form from the holding state
• Proof of your identity with a copy of your government-issued photo ID
• Proof that the property belongs to you, like account statements
• Documentation showing your Social Security number
• For a deceased relative's property, you'll also need their death certificate and documentation proving your relationship/right to claim their assets

The claim forms and exact requirements can vary a bit by state, so be sure to check the specifics for where the property is being held. Some common supplemental documents include:

• Birth certificate
• Court orders or Letters Testamentary for claiming an estate
• Utility bills or other documents proving your address history

Having all the necessary paperwork ready can prevent delays in your claim. Many states also accept claims online or by mail.

Claiming Unclaimed Bank Accounts and Safe Deposit Boxes

If your search turns up an old, forgotten bank account or the contents of a safe deposit box, here are the typical steps:

1. Find out which state is holding the property
2. Complete that state's claim form for unclaimed bank accounts/safe deposit boxes
3. Provide your personal identification like a driver's license
4. If the account is from a still-operating bank, you may also need to show proof that the account was yours, like old statements
5. Submit the completed claim form and documents either online or by mail

For safe deposit boxes, the contents will be inventoried. You'll receive cash, and any non-cash items like jewelry may be auctioned off.

Claiming Unclaimed Insurance Policies and Annuities

Life insurance payouts, annuity distributions, and even unclaimed proceeds from settled insurance claims often end up in state unclaimed property offices. To claim:

1. Find the listing in the state database and submit that state's claim form
2. Provide identification and your Social Security number
3. For a deceased person's policy, include their death certificate
4. You'll need documentation proving your right to claim the policy, like:

• For a life insurance beneficiary: The policy documents naming you
• For a deceased relative's unclaimed policy: Proof you're the executor or successor

5. The state may require additional documentation from the insurance company

Insurance companies are required to make efforts to locate beneficiaries. But policies still go unclaimed, so it's wise to search regularly.

Claiming Unclaimed Investment Accounts and Securities

Unclaimed investment assets like old brokerage accounts, stock certificates, bonds, and dividends are common. To claim:

1. Locate the property in the appropriate state database
2. Complete that state's claim form
3. Provide personal identification like a driver's license
4. Submit paperwork showing you owned the original securities, like:

• Brokerage account statements
• Stock certificate records
• Buy/sell trade confirmations

5. For a deceased relative's investments, include proof you're the executor/heir

The claim process can be more complex for securities no longer publicly traded or held by a company that went bankrupt. Additional verification steps may be needed.

Claiming a Deceased Relative's Unclaimed Property

When claiming unclaimed money or assets for someone who has passed away, you'll need:

• The deceased's death certificate
• Proof that you're the lawful heir, executor, or successor like:
• Will or trust documents naming you
• Letters Testamentary issued by probate court
• Affidavit of Heirship
• The deceased's identification docs like a Social Security card
• Paperwork tying them to the unclaimed asset, like old statements

You'll follow the same general process for claiming each type of property, but will need to submit this additional documentation proving your legal authority.

Acting fast is wise, as unclaimed property laws set time limits for heirs/executors to claim inherited assets before they permanently escheat to the state.

Common Pitfalls to Avoid

A few common mistakes can unnecessarily complicate the unclaimed property claim process:

• Not searching regularly or thoroughly enough using former names/SSNs
• Missing key documentation like ID, death certificates, or proof of ownership
• Filing incomplete or incorrect claim forms
• Paying upfront fees to "finders" or asset locators - this is 100% unnecessary
• Not responding promptly to state requests for additional verification
• Improperly transferring/depositing claimed assets into inheritance avoidance vehicles
• For inherited property, failing to meet time limits set by state laws

By being proactive, patient, organized, and responding to all inquiries promptly, the process can be stress-free.

Next Steps After Claiming Unclaimed Property

Once your claim has been approved and processed, the state will either:

• Send you a check for the cash value
• Transfer securities or other assets to you
• Auction off non-cash items and send you the cash proceeds

For a deceased relative's estate, the assets will be transferred to the executor to properly distribute per the will or state inheritance laws.

This is also a good time to evaluate if any professional financial advice is needed regarding:

• Managing a newfound inheritance
• Updating your own estate plan
• Tax implications from claiming property
• Rolling over inherited retirement accounts properly

Locating and claiming unclaimed assets can provide a nice financial boost. Following the proper procedures helps ensure a smooth, lawful experience.