First, we hope that everyone is staying healthy in the unprecedented time. Since we are all stuck at home anyway, now is a great time to search for unclaimed money and property. Unclaimed property or unclaimed money are defined as, monetary or physical assets which have become separate from their rightful owners over time. Another term often used is unclaimed funds as well as missing money.
Unclaimed money totals in the US are over $70 billion in lost money and property. This cash can be anything from uncashed insurance policies to utility deposits and much more. Each state holds the rights to any money left unclaimed in their territory. There is no federal body that controls unclaimed funds, with the exception of unclaimed federal bonds.
One of the more common types of unclaimed money and stems from deceased loved ones not willing their assets properly or those assets getting lost. In most states these assets are held indefinitely, meaning they can be from parents, grandparents, and even great-grandparents. Be sure to search for any lost relatives just in case their money or property became unclaimed. Recently my wife’s grandparents who have been gone for more than 20 years popped up in New Jersey.
Something people don’t always realize is that unclaimed property can be cash, but it sometimes is actual property that gets lost. Most of the times these are safe deposit boxes that were forgotten or not willed properly. These items can be old currency, sports memorabilia, lost jewelry and more! Be sure to claim these quickly if you find them as some states will auction these items off after a certain period of time. They do, however, keep the proceeds in an account with your name on it until it’s claimed.
So as we are all stuck inside for now, be sure to search for unclaimed money and property to see if you are owed anything!