• Contact Us
  • Tax Services
  • Tax Team
  • Why Blog?
  • Submit RFP

Unclaimed Property: Check Now and Claim What is Yours

By Tyler A. Dorso

October 22, 2015

Posted by Tyler A. Dorso

Unclaimed Property Check - Delaware CPA FirmMany people do not know about the billions in property that has been left unclaimed over the years. When you leave assets in an account for a year or longer and do not interact with the institution that is holding the assets, the assets become unclaimed property or also known as being escheated. Unclaimed property can be a variety of things from stocks, checking accounts or uncashed payroll checks to items left in a safe deposit box or annuities and life insurance policies left in your name. State governments, in the interest of the people, have statutes in place to prevent the items left unclaimed from going to the company holding the items. These items are turned over to an official in the state who tries to get in contact with the owners of the property. Items from a safe deposit boxes are held for a period of time and the sold to free up space for other items. The proceeds from the disposition of these items are held to be returned to the owners. Unclaimed property is held in perpetuity, meaning that property that is left unclaimed is held in the owner’s name forever, even after death. After the death of the owner, the property can be claimed by the heirs.

States periodically update their records to show who has property left unclaimed. States allow you to search their records for free, to see if there are any unclaimed items in your name. Some states, like Delaware, only update their information annually and others have a database which updates more frequently. If you find that you have property being held in a particular state, complete a request to receive a claim form for your property. Depending on the type of property being claimed and who is trying claim the property, certain items will need to be provided to show ownership.

How can you prevent your property from becoming escheated? For checking and savings accounts completing one transaction per year will make keep your account active. If this is an account that you do not regularly maintain, such as a checking or savings account, you should contact the company you have the relationship with. This should especially be done when there is a change in address or marital status because of security reasons financial institutions do not forward mail. Companies will send letters to account holders when the account has no activity for a year, asking the holder to respond and keep the account active. If you are to receive this letter make sure you either respond back in time or close the account to prevent it from being turned over to the state.

Pennsylvania

Pennsylvania updates their database frequently. Type in your last name and a listing of property owned with your last name will be compiled. Look for your first name to find property that is left in your name. If you have unclaimed property, fill out the request claim form and return the form when you are finished to the state treasury office.

Delaware

Delaware updates their database annually. The list is made available in the Delaware newspapers on October 31st and is made available online as well. For the online version, enter all applicable information to search the database for property in your name. If there is property listed complete a request form and return it to the Bureau of Unclaimed Property to begin the process. Subsequent to that, if you are deemed to be the owner of the property, you will receive a claim form to be returned with other information to complete the claim process. If the property is not being held in your name you will receive a letter advising you of this.

For more state databases please visit National Association of Unclaimed Property Administrations.

Photo by Images Money (License)

Leave a Reply

Click here to cancel reply.

Contact Us

Archives

  • 2021
    • February 2021
    • January 2021
  • 2020
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
  • 2019
    • December 2019
    • November 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • March 2019
    • February 2019
  • 2018
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • March 2018
    • February 2018
    • January 2018
  • 2017
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
  • 2016
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • January 2016
  • 2015
    • December 2015
    • November 2015
    • October 2015
    • August 2015
    • July 2015
    • June 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
  • 2014
    • December 2014
    • November 2014
    • October 2014
    • September 2014
    • August 2014
    • July 2014

Links

Subscribe by Email
Belfint Web Site
Employee Benefit
Plan Audit
The Nonprofit Ledger

Categories

  • Appraisal
  • Asset Management
  • Audit
  • Benefit Plans
  • Business Valuation
  • Buy-Sell Agreement
  • Contributions
  • COVID-19
  • Crowdfunding
  • Estate & Trust
  • Foreign Regulations
  • Health Care
  • Human Resources
  • Identity Theft
  • Individual Tax Income
  • Insurance
  • International Tax
  • IRA Rollover
  • IRA/ROTH IRA
  • New Regulations
  • News Update
  • Partnership Agreement
  • QuickBooks
  • Retirement Planning
  • Shareholder Agreement
  • State & Local Tax
  • Succession Planning
  • Tax Compliance
  • Tax Exempt
  • Tax Planning
  • Uncategorized
  • Videos

© 2021 Belfint Lyons & Shuman | All Rights Reserved | Legal

Accounting | Audit | Advisors | Consultants | CPAs - Belfint Lyons Shuman is a Certified Public Accounting Firm serving companies across Delaware including Wilmington, Dover (DE) and Pennsylvania including Philadelphia and West Chester (PA). BLS focuses on serving the needs of construction companies, employee benefit plan audits, law firms, medical practices and nonprofit organizations. We also assist international companies with international tax, FBAR compliance and regulatory services.