Unclaimed money and property is something that many people hope to find but never do. Whether it’s a lost inheritance, a forgotten safe deposit box, or a bonus check that never made it to its rightful owner, people all over the country have financial assets that they don’t even know exist.
Thankfully, the process of claiming unclaimed money and property is relatively straightforward. Here are nine steps you can take to find and recover your own unclaimed money and property.
Step 1: Review Your Records
Before you set out on a mission to reclaim unclaimed money and property, take the time to review your records and do an audit of your own history. If you’ve changed homes or if you’ve had a successful career with many employers over the years, you may inadvertently have left some of your assets behind. In this first step, look for the possibility of lost bank accounts, pension funds, forgotten divorce settlements, or other funds you might have forgotten.
Step 2: Research Your Family’s History
It’s also worth looking into any potential assets that your family may have left behind, such as pensions, inheritances, trusts, or life insurance policies. Conducting research on your family’s history and estate planning records may help you identify assets that may be sitting and waiting for you to claim.
Step 3: Search Database Resources
The next step is to go through the many databases available online. Many states have dedicated databases or websites that can help individuals find unclaimed property or funds. You can also search through the United States Department of the Treasury Unclaimed Funds, the Federal Depositor Insurance Corporation’s Unclaimed Funds, or various private sector websites, many of which have links to public and private resources.
Step 4: Check For Unclaimed Funds In The Mail
If you have a post office box or have ever missed some mail, it’s also worth checking to see if any previous letters or checks were sent and never reached you. These can include Social Security checks, pension funds, insurance reimbursements, or investment returns. In this step, use the National Association of Unclaimed Property Administrators (NAPUA) website to search for unclaimed mail in the state you live in.
Step 5: Reach Out To Legal Representatives
If you think that you may have unclaimed property sitting in court, it’s worth contacting the local office of your state Attorney General as well as other legal representatives to see if any money is owed to you. You can also search the Pre-Merger Notification Program website to see if any unclaimed money has been held back from current or former company shareholders.
Step 6: Look For Lost Safety Deposit Boxes
Do a search to see if any safety deposit boxes of yours may have been abandoned or forgotten over the years. The National Safety Deposit Box Administration website is a good place to start, as it can help you to identify boxes that weren’t claimed in a certain time span or that weren’t properly tracked.
Step 7: Search For Unclaimed Tax Refunds
If you’re expecting a refund on your taxes but haven’t received it, you can contact the Internal Revenue Service (IRS) to see if the funds have been held in their Unclaimed Property Program. Also keep in mind that the state or local government may also have records of any unclaimed tax refunds.
Step 8: Contact Old Employers
Take the time to contact your old employers and see if any funds were left behind in accounts you may have forgotten. This includes employer-based benefits such as pension funds, paid time off, promised bonuses, and other benefits that don’t appear on a paycheck. Contacting your former employers is an important step if you want to make sure that you’re not owed any money from a past job.
Step 9: File A Claim For Unclaimed Assets
Once you’ve identified any potential unclaimed funds that you may be entitled to, it’s time to take legal action and file a claim in order to gain access to them. Each state has its own process for filing a claim, so it’s important for you to research the claim process for the state you live in, as well as for any other states that may have any of your unclaimed property.
Final Thoughts
Unclaimed money and property has the potential to give people financial security and peace of mind. The nine steps outlined in this article can show you how to move forward with determining if any of your hard-earned money or property is waiting for you to claim it. There is no harm in conducting your own thorough inquiry into your financial past, as you may be surprised at what’s out there.
