Most States Currently Hold Millions in Unclaimed Property
Currently, the unclaimed property mark reaches an all-time high. The states, along with federal agencies, have more than 50 billion dollars of unclaimed money that are still waiting for their rightful owners. This state unclaimed property ranges from un-cashed payroll checks to forgotten bank accounts that are no longer into use.
According to the reports of many state treasuries, the biggest contributors to unclaimed property are the lost insurance policies of the deceased. The main reason behind the accumulation of these policies is the lack of knowledge among the relatives or the family members of the deceased.
The state treasuries manage several types of unclaimed assets and properties, like bank accounts, stocks and bonds, un-cashed checks, life insurance policies, gold coins, and security box contents that were inactive for more than one year with the financial institutions.
State agencies that take care of these unclaimed assets are highlighting the fact that the assets or properties become unclaimed because they are abandoned due to the change of address, name or, in case of death of the owner, while the family members do not have any idea about the property or money. Other than that lack of knowledge, the is no other reason why the owner is not interested in reclaiming his property.
The state government, along with the federal offices are trying their best to educate people about the importance of unclaimed assets. They have been organizing programs to educate and re-unite the property with the owners. Very few are aware that there is no time limit in claiming your property back from the state. Some states have started organizing fairs that cater to people on a walk-in basis and on the spot unclaimed property location are done. State agencies feel that the only way to attract the interest of the people in unclaimed assets is by educating them about the same.
