Unclaimed Money Search Tools
It is quite ironic to think that nearly $33 billion worth of money and assets remain unclaimed and abandoned in the care and protection of U.S. state treasurers despite the continuing global recession and economics struggles experienced today. If you are planning to perform an unclaimed money search soon, here are some things you will have to familiarize yourself with in order to guarantee a swift and smooth process.
What are Unclaimed Asset?
Unclaimed assets are any financial property or amount of cash that appears to have been left by its rightful owner, whether it be due to forgetfulness or unawareness that they even had the asset. A property or sum of money is considered unclaimed if the holder loses communication with the rightful owner of the asset for a certain period of time. 
Often, these cases occur when the original owner of the asset dies, their address changes due to relocation, or if the individual gets divorced or married in which case their personal information is changed.
Once the rightful owner doesn’t claim the asset within the dormancy period, usually within 7 years, it is surrendered to the State Treasury Department’s unclaimed asset trust fund, which is also referred to as an escheat. From thereon, the government agency is in charge of establishing communication with the owner or beneficiary of the asset or proceeds.
Significance
Millions of U.S. citizens are owed considerable amounts of cash from the government’s trust fund, especially cash left by deceased family members or relatives who died without legitimate wills or financial information. Death benefits and proceeds usually remain unclaimed and abandoned because of beneficiaries do not document appropriate paperwork and insurance firms did not or failed to locate their whereabouts.
Each state in the U.S. reports sizable amounts of unclaimed assets. In the state of New York alone, close to $10 billion worth of unclaimed assets remain in the hands of the State Treasury Department. The same case can be found in other states like Texas and California. Apart from cash, the U.S. Federal Government also holds other assets that sum up to $17 billion. These include unclaimed savings bonds, retirement and SS checks, etc. Using these staggering statistics, it is vital to locate unclaimed money.
Reasons for Unclaimed Money
The reasons for unclaimed assets vary widely. For example, people who requested for an income tax return then altered their mailing address due to relocation or perhaps changed their name. Without the latest address or name, the Internal Revenue Services may be unable to mail your tax refunds. If attempted to do so, the funds may be lost along with other mail sent to your former address.
Another common example for unclaimed funds is veteran benefits. Those who qualify for VA benefits may not have been informed of the fact that they were eligible for such incentives or forgot over time.
Forms of Unclaimed Assets
There are diverse forms of unclaimed assets. From social security benefits, life insurance proceeds and death benefits, unemployment benefits, retirement benefits, stock and bond dividends, mutual funds, lottery winnings, gift certificates, saving and checking accounts, and checks that weren’t released from your previous job. Unused money from your safety deposit boxes may also contain a good amount of cash that merits a thorough unclaimed money search.
How to Locate Unclaimed Money
Locating unclaimed assets have become easier and simpler nowadays thanks to unclaimed money search tools available online. A quick search via your web browser can provide you with state-specific results on what assets you are eligible of claiming. One important thing to consider when using unclaimed money search tools is to locate unclaimed money from more than one location. Whether you’ve moved a lot or have never relocated from your state, there may be assets waiting for you in other locations. Also, watch out for scams where you receive notifications that you are eligible to claim an unclaimed asset for a specific charge.
