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States Keep Billions of Dollars Unclaimed money and property

Do you ever wonder why states keep billions of dollars in unclaimed money and property? Some are being held for individuals, some for companies, some for municipalities, and some for charities. The amount seems to increase every year.

There will always be a property that becomes lost.  There are many reasons for lost property.  Here are a few examples:

  • People forget about gift cards.
  • Lose traveler’s checks
  • Stop paying safety deposit box rents
  • Don’t change their addresses and they get a refund or rebate check and it never gets to them
  • Their forwarding order expires and irregular payments (such as dividend checks) never make it to them
  • They die and their heirs don’t know where everything is and that lost property is never claimed
  • Beneficiaries don’t realize there is a life insurance policy and they never make a claim
  • And MORE.

It adds up to State Keep billions of dollars in unclaimed money and property.

In America (and Canada) the lost property is held by the government pending the person making a claim on that property.  There are a few reasons, the primary one being that the government does not want to create an incentive for a company to make it hard for someone to get a refund or their money back in order to keep the money themselves.

States Keep Billions Unclaimed Money and Property

Way back in the past, in old English law, the reason was that the King owned everything and could ultimately take it away from you if you did not behave. That is no longer the exact law (although forfeiture laws do come from that historical approach) but the government ultimately aggregating all the lost and unclaimed property is based upon that old English law.

In today’s world, a company or individual owes someone money or property or is holding onto money or property (such as a security deposit) is not allowed to keep the money if you disappear or they lose touch with you.

If they cannot find the person to who the money or property belongs, they have to turn over the money to the State for safekeeping. That is where states keep billions unclaimed money and property. It helps discourage companies and people from keeping the money they should be giving to someone else.

The money is available for the rightful owner to claim and that is why Inlife Claims exists – to make it easy for people to find and claim their monies or property.

InLife Claims serves to make it easier to find money or property owed to you.  Searching is free and InLife Claims is a better way to search than individual government-run databases.   Here is why you are better off searching on InLife Claims than anywhere else:

  • InLife Claims has a combined database going across multiple states. One search on InLife Claims’ website can cover as many records as multiple searches in single-state government databases.  Saving you time and effort.
  • InLife Claims has a more sophisticated search tool. In some state databases, the search tool is old and finicky.  If you type in space differently than the data is on the database such as you type in “Robert Johnson”  and the property is under “Robert K. Johnson” then the older search tools in state databases may not return a match unless you include the middle initial.   Or, if you are searching for property belonging to “Mary O’Toole” and the state database had the data entered as “Mary O’Toole” (I have seen this mistake myself) you may not get the result with the typo in it.  InLife Claims has a more sophisticated search tool so you can find more of the money that is owed to you with less time and effort.
  • InLife Claims also has a service to actively search on your behalf over time and notify you if there is a potential match. This “set it and forget it” feature will help you get all the money owed to you!