There are billions of dollars of funds sitting in government coffers and other agencies, just waiting to be claimed by their rightful owners.
Those unclaimed funds come from accounts that are either dormant or whose owners and heirs have not been located, with some millions worth of assets yet to be claimed, according to the National Association of Unclaimed Property Administrators.
The unclaimed funds managed by the Treasury Department can include anything from lost savings accounts and maturing savings bonds to life insurance policies, uncashed dividend checks, utility security deposits, and tax refunds.
It is estimated that about one in 10 Americans has lost funds waiting to be claimed, with more than $60 billion in assets held by Treasury Treasury across the country.
The New York State Treasury reportedly holds the most unclaimed assets, topping around $14 billion in funds and real estate.
The California Treasury has previously said it holds over $9 billion in assets awaiting the rightful owner to come forward and make claims, with New Jersey assets totaling over $4 billion amount.
The states with the smallest assets waiting to be claimed are Wisconsin, North Dakota and Mississippi with around $6 million, $29 million and $31 million respectively.
Unclaimed assets and properties are common across states and can arise from a variety of circumstances. The most common of these is the change of address of the owner or heir of the assets.
These assets also often belong to those that the State Department could not locate or reach, often due to a name change through marriage or divorce, or the death of the original owner with the estate not knowing the remaining funds or when the state cannot locate the heirs .
Typically, these assets are held by private companies, all of which depend on the asset in question, with some assets and properties being worth millions of dollars.
But companies and financial institutions that don’t find an owner or their next of kin within two to five years must turn over the property to the state, where it is then held indefinitely.
A piece of unclaimed property in Michigan is valued at $1.8 million, making it the most valuable unclaimed property in the state. Most treasuries only list properties over $50 in their unclaimed listings.
Each year, most Departments of State release reports of all unclaimed assets from the previous year to let the rightful owners know they may have money or property to claim.
You can find these reports by contacting your state Treasury Department or by visiting their websites.
There are a variety of services that offer assistance in locating and cashing your undelivered checks, but if you think you have unclaimed assets you should be able to contact your State Department.
Each Department of State will provide you with clear instructions to confirm your identity and your connection to the assets in order to claim your lost funds. Heirs, trustees and other executors can also make claims for deceased owners.
They can also use a paid service to ask on your behalf. These investigative services usually charge a set fee, but the law prohibits them from charging a fee that exceeds 10 percent of the value of the returned property.
https://www.newsweek.com/billions-unclaimed-money-waiting-state-treasury-1745820 Unclaimed money waiting in government coffers runs into billions of dollars