Massachusetts Unclaimed Property Division Proven Slight Success
The unclaimed property division of Massachusetts is showing positive results towards reducing the pile of unclaimed funds scattered in different parts of the state. The pile of unclaimed assets is increasing at an alarming rate, which is much more than that of the reclaiming rate.
As per the Abandoned Property Law of Massachusetts, the business firms are required to review their records every year to make sure they are not in possession of any Massachusetts unclaimed money or property. If they have any, they have to report it to the state agencies, along with the annual report of their findings.
Every year in Massachusetts, several bank accounts in Massachusetts lose track of their real owners with time because of reasons like sudden and un-informed change in the residential address, marriage divorce and business bankrupt.
The state treasury, who takes control of these properties in the absence of the real owners, manages Massachusetts’s unclaimed property or funds. The Unclaimed Property Division of the Treasury makes efforts in forms of press publications and letters, which are sent to the last known address of the owner of the property. Massachusetts is also organizing state fairs to assist people on a walk-in basis in locating their lost property and filing application for the same.
Massachusetts’s government, and the agencies managing the lost funds, believes that it is because of ignorance of the people living here that the pile of unclaimed funds is increasing, as most of the people believe the concept to be unrealistic. It may be funny but also a fact that majority of the people in Massachusetts are not aware of their lost funds. The state believes that efforts directed towards educating people and creating awareness will surely help them in reducing the burden. Massachusetts also maintains a state run website that assists the user in making free unclaimed property searches.
