Florida Sitting on Millions in Unclaimed Inheritance Money
The unclaimed money pile is a problem that all states across United States are dealing with, especially Florida, who claims the figure to be in the millions when it comes to unclaimed inheritance money. State initiatives are not yielding the desired results.
The state agencies in Florida, which includes the treasury itself, claims that Florida unclaimed property accumulated up to an approximate of more than $1 million. As per the agencies, the primary source that contributes to the growing pile are the dormant accounts lying with the financial institutions, like banks, while other sources are company holdings and utility securities. Other contributors to the pile of unclaimed inheritance money in Florida include coins, jewelry, stamps, currency and un-cashed gift checks.
Unclaimed life insurance premiums and deposits have also contributed to the growing pile of unclaimed money. The several newly launched state initiatives have yielded positive results so far but the main problem lies with the fact that the rate at which people who are coming up to claim their money is comparatively less than the rate of increase in the pile of lost money.
The Florida Department of Financial Services has started organizing state fairs that serve people on a walkâin basis. These fairs assist people in locating their lost property in Florida and make claims on the spot. The state also assures claimant of safe guarding their property as the financial institutions that manage these properties pass on the rights after a specified period of time to the state treasury.
Efforts like publishing the name of the property along with the owners name and last known address and sending personal mails on the last known address are some of the latest techniques used by the state to return unclaimed money.
