Listen to this post
Search for Friends and relative’s Unclaimed fund and property?
It’s a wonderful thing when we find the money we didn’t know we had. Like pulling out a ten-dollar bill from the pocket of a coat you haven’t worn in a while or discovering that twenty you accidentally put in the ashtray of your car when you hurriedly left the fast-food drive-through. Of course, it’s always exciting when we find money, but what about your friends and relatives? Would you be excited about them? I believe you would be—we all would be excited about others. That’s because it is thrilling to learn about someone close to us receiving a windfall they could put to good use. Search for Friends and relative’s unclaimed fund and property?
Why Would Someone Have Unclaimed Property fund?
In a nutshell, unclaimed funds are money and other assets whose rightful owner cannot be located. These unclaimed funds are typically turned over to the government after a specific period of time has passed. Many times, businesses send money to state-run unclaimed property offices when they can’t locate the owner. These unclaimed funds that are held by the state are often from bank accounts, insurance policies, and even your state government.
The reasons some people may have unclaimed property money varies. Sometimes a taxpayer may be owed a refund but the refund check became unclaimed because the taxpayer moved without updating their address with the tax authority. Additionally, bank failures can create a pool of unclaimed funds when customers are unaware of its closure or do not know who to contact to retrieve their funds. Unclaimed pensions are a common type of unclaimed funds, especially when a company closes and no immediate information is available about the administration of their pensions.
There are many types of unclaimed property including uncashed payroll checks, inactive stocks, court funds, dividends, checking and savings accounts, matured savings bonds, and estate proceeds. When these property accounts go unclaimed, they are turned over to the state for reasons that may include death, failure to register a forwarding address after changing residence, or just simply forgetting about an account.
There is a lot of money waiting to be claimed in the US. For example, according to the Office of the New York State Comptroller’s “Annual Report of the Office of Unclaimed Funds,” the state of New York collected $932 million in revenue from an unclaimed property fund in 2018 alone. Finding the money isn’t that difficult, but getting the money can be. Each state has its own set of rules and regulations for claiming unclaimed property, but if it’s a lot of money, it is worth the effort to try to get it back.
Finding Money for Others
Unclaimed money and property are out there just waiting for someone to rescue it. And, we’re not talking about a few hundred, or even thousands of dollars, but over $60 billion of unclaimed money. Finding it is actually pretty easy. Simply use one of the trusted search sites for unclaimed money and type in the first and last name of the person you are searching for, and the state, (or all states), and then click, “Find My Money.”
To claim the funds or assets, the designated owner or beneficiary must file a claim. If the unclaimed property fund belongs to an estate, it may require the claimant, (the person owed the money), to prove their rights to the unclaimed property or funds. Finding the money for others is a simple process, but claiming it takes a lot of time and energy, depending on the circumstances. Most of the time, if the amount is $1,000 or less, it shouldn’t be too difficult to get the money.
When the amount goes above $1,000, there are a lot of hoops the claimant must jump through. When there is a big sum of money that might belong to your friends or relatives, they, (or you if you are tying to help them), should consider using a professional service that does all the leg work, fills out all the necessary forms, and holds the hand of the claimant to help walk them through the process. It can be quite an ordeal to try to track down the money and reclaim it. Sometimes people are sent to individual state’s websites to search, which leads to a federal site, which leads to somewhere else, and on and on it goes.
Search for an Unclaimed Property
You can conduct a search for anyone to determine if they have unclaimed property. These include:
Relatives in financial distress
Friends in financial distress
Anyone you believe could use some good news
Although you cannot personally reclaim money for friends, (in most cases), and some relatives, you may be able to if you have one of the following relationships with a deceased relative:
Creditor to be repaid (such as the payer of funeral expenses)
Beneficiary included in the will
The appointed personal representative (like an executor)
If you’re married, be sure to check under your maiden name as well. Also, using a first initial and your last name is encouraged to make sure to capture all unclaimed property.
Friends and Family Plan
It’s a noble thing to want to help others who may be struggling financially. If you can take the simple step of searching for unclaimed property for them, that news may just come at the exact moment they need to hear it. Helping friends and family by searching for money that may belong to them is an easy, and loving thing to do. It definitely beats receiving a meaningless texted video or regifted Starbucks gift card.