It's estimated that at least 1 in 10 Americans are owners of money or property that they haven't claimed. State unclaimed property departments hold billions of dollars' worth of money, securities, and other property in trust, waiting for the rightful owners to claim it. This is the mother of all lost-and-found boxes, and a search through the box can sometimes lead to a pleasant surprise.
Where Does Unclaimed Money Come From?
When significant life changes occur, such as divorce, transfer, or the death of a family member, there's the chance that money or property might be mislaid, forgotten, or abandoned. Here are some of the more common sources of unclaimed money and property.
- Utility deposits often go unclaimed by householders who move and forget to leave a forwarding address with the utility company and the post office.
- Savings accounts go dormant more often than one might think. This may occur, for example, when grandparents open a savings account for a newborn grandchild and, with the passage of time, everyone forgets the account exists.
- Unsettled estates of decedents are a rich source of unclaimed property. Heirs and executors may overlook some of the decedent's property, or the estate may never be settled at all.
- Death benefits from life and accident insurance policies often go unclaimed because the insurance companies can't find the beneficiaries.
- Safe-deposit boxes may be forgotten, and their contents abandoned, when the boxholder moves or dies.
- Payroll checks, dividends, and royalty payments are often undeliverable and forgotten when the payees move or die.
