Deceased Relatives and Unclaimed Money
The Missouri state treasurer awarded a massive amount of cash to a woman in Kansas City, the payout set the highest recorded amount of unclaimed property ever in the history of the state--and possibly the country's--history. The lady, who kept her identity anonymous for privacy reasons, received a fantastic $6.1 million from the state.
While $6.1 million may be the biggest payment for unclaimed property, it is not of necessity impossible for individuals to get large dollar amounts they never knew they were eligible for. The office of the State Treasurer in Maine reported an individual payment of $454,000, with the state's average claim amount being $767. Payments in the a huge selection of dollars tend to be more uncommon, but receiving thousands of dollars from unclaimed property is by no means unheard of.
There are several explanations why unclaimed property exists and just why a lot of people are unaware they are eligible for missing cash and assets. Money can belong to the pool of unclaimed property when people lose track of their accounts, including they move without providing a forwarding address or they do not include sufficient or valid information for beneficiaries. Most of the time, people can pass away without ever realizing they had money owed for them. This may provide a person's heir or heirs with the opportunity to rightfully claim that money.
While unclaimed property might reference property, it can also be balances of bank accounts, stocks, traveler's checks, unredeemed gift certificates, term life insurance policies, utility security deposits, payroll check refunds, the contents of safe deposit boxes and other types of money or assets. When a person does not make an ownership claim on the assets, the bank or company that's keeping that property must give it up to their state. In Missouri alone there is still a more than $600 million worth of unclaimed money in the treasury's possession.
Locating Unclaimed Money
With record levels of unclaimed property returned to rightful heirs and owners, it is no wonder that more and more individuals are looking to see if they're owed any assets.
Fortunately, searching for unclaimed property is a free, fast and easy process. Each individual state has its own search registry, which can be found at the website www.unclaimed.org. Another useful site--www.missingmoney.com--can search all participating states at once. Both of these sites require basic information--usually just a participant's first and last name--in order to run the search.
To thoroughly search for unclaimed property, individuals should search in previous states they have resided in, as well as by every name they will have ever used, including nicknames and maiden names. So that you may look for unclaimed money from deceased family relations, it's useful to have the maximum amount of information as you can about where they lived and what names they went by.
When attempting to find unclaimed money, users shouldn't have to spend money out of pocket to receive information; all unclaimed property records can be found via an on line search at no cost. Services that want a fee or perhaps a certain percentage of the payout should be avoided.
With state governments providing efficient search tools for locating unclaimed property, finding long-forgotten assets and cash is easier than ever. Whether it's a huge payout or just enough money to cover the monthly grocery bill, discovering unclaimed property is one of the best ways to make sure a person's hard-earned money finds its way back into the hands of its rightful owner.