Unclaimed Property And How You Find It
Unclaimed property is any physical or intangible items that have not been claimed by an owner in a year or more. According to the National Association of Unclaimed Property Administrators (NAUPA) there were 2.5 million claims for a total of $2.25 billion dollars in unclaimed property returned in the United States just in the year of 2011. Currently, there is $41.7 billion in unclaimed property within the United States. There are two main types of unclaimed property: tangible and intangible.
Tangible property
Tangible property is any physical item that a person can touch. Examples of tangible property are cars, homes, boats and personal items such as cloths and jewelry. When a tangible item becomes unclaimed property the state the item is located in has the right to sell that item at auction. Then the state is required to take the proceeds from the sale and place it in an account which will be held by the state until the money is claimed by a rightful owner.
Intangible property
Intangible property is items that a person cannot touch or see. Stocks, bonds, bank accounts and traveler’s checks are all examples of intangible property. When a state takes hold of an intangible property it is required to keep the property in an account until someone claims it.
Unclaimed Property Act of 1954-1995
Before 1954 unclaimed property that had no heirs would be given to the state. The state government would become owners of the property and any money made from the sale of the property would go to the state treasury. The Unclaimed Property Act changed the law so that states can only hold the unclaimed property until an owner is found. The state could no longer profit off of the unclaimed property. This law continues to be revised when new issues arise.
How do you find unclaimed property?
As stated above unclaimed property is held by individual states. There are two main websites that can be used to find out if you have any unclaimed property. There is MissingMoney.com which is a free website that is updated weekly. You can search for your name and the state you live in. After clicking on “Go” a spreadsheet will popup displaying the unclaimed property that might possibly belong to you.
If you have several states you want to check then the NAUPA’s (unclaimed.org) is the best site to use. There is a map of the United States on the homepage. Click on the state you want and then you will be taken to that states unclaimed property website.
Prevent unclaimed property happening to you
There are several ways you can prevent your belongings from becoming unclaimed property. Keep up-to-date records of all financial holdings in a safe place such as a safety deposit box. Make sure a trusted family member or friend has an extra key to the box in case something happens to you.
If a financial institution contacts you for any reason make sure to get back to them as soon as possible. Do not procrastinate when it comes to money matters. Also, make sure to have an updated will on file with your attorney. Inform your family and friends about the will.
Unclaimed property is a large issue in the United States and throughout the world. If you think you have unclaimed property do not hesitate to contact your local state government’s unclaimed property office. Maybe you’re rich and just don’t know it yet.
State Government Links
The unclaimed property table shown below is also available at this Google Docs spreadsheet.
| Approx. | ||||
| State | Record | Property | ||
| Abbrev. | State Name/Hyperlink | Program Name | Count | Valued At |
| AL | ALABAMA | Money Quest Alabama | 3,700,000 | $400,000,000 |
| AK | ALASKA | Alaska Treasury Division | 55,000 | $25,000,000 |
| AZ | ARIZONA | AZ-UCP | ||
| AR | ARKANSAS | Great Arkansas Treasure Hunt | 500,000 | $169,000,000 |
| CA | CALIFORNIA | California State Controller’s Office | 11,600,000 | $5,700,000,000 |
| CO | COLORADO | Great Colorado Payback | 500,000 | |
| CT | CONNECTICUT | CT’s Big List | 922,917 | $532,800,000 |
| DE | DELAWARE | Delaware Division of Revenue | ||
| DC | DIST. OF COLUMBIA | Office of the Chief Financial Officer | ||
| FL | FLORIDA | Florida Treasure Hunt | 9,900,000 | $1,000,000,000 |
| GA | GEORGIA | Georgia Department of Revenue | ||
| HI | HAWAII | Hawaii Dept. of Budget & Finance | ||
| ID | IDAHO | Idaho State Treasurer’s Office | $57,000,000 | |
| IL | ILLINOIS | Illinois Cash Dash | ||
| IN | INDIANA | IndianaUnclaimed.com | 2,261,221 | $350,600,000 |
| IA | IOWA | Great Iowa Treasure Hunt | 243,059 | $100,000,000 |
| KS | KANSAS | Kansas Unclaimed Property Division | $187,000,000 | |
| KY | KENTUCKY | Kentucky State Treasury | ||
| LA | LOUISIANA | Louisiana Department of the Treasury | ||
| ME | MAINE | Office of State Treasurer | 1,000,000 | $178,400,000 |
| MD | MARYLAND | Comptroller of Maryland U.P. Unit | ||
| MA | MASSACHUSETTS | Mass. Abandoned Property Div. | 40,000 | $30,000,000 |
| MI | MICHIGAN | Michagan’s Money Quest | ||
| MN | MINNESOTA | Minnesota Department of Commerce | ||
| MS | MISSISSIPPI | Mississippi State Treasurer | ||
| MO | MISSOURI | Missouri’s Largest Lost & Found | 3,500,000 | $600,000,000 |
| MT | MONTANA | Montana Department of Revenue | ||
| NE | NEBRASKA | Nebraska State Treasurer | 350,000 | $100,000,000 |
| NV | NEVADA | Nevada State Treasurer | ||
| NH | NEW HAMPSHIRE | New Hampshire Abandoned Property | ||
| NJ | NEW JERSEY | Unclaimed Property Administration | ||
| NM | NEW MEXICO | New Mexico Unclaimed Property | ||
| NY | NEW YORK | Office of Unclaimed Funds | 26,000,000 | $11,000,000,000 |
| NC | NORTH CAROLINA | Department of State Treasurer | 2,000,000 | $400,000,000 |
| ND | NORTH DAKOTA | ND State Land Dept. | ||
| OH | OHIO | Division of Unclaimed Funds | ||
| OK | OKLAHOMA | Oklahoma’s State Treasurer’s Office | 600,000 | $350,000,000 |
| OR | OREGON | Oregon Dept. of State Lands | ||
| PA | PENNSYLVANIA | Bureau of the Treasury | $1,500,000,000 | |
| RI | RHODE ISLAND | RI General Treasurer | 21,000+ | $146,000,000 |
| SC | SOUTH CAROLINA | Palmetto Payback Program | 1,500,000 | $300,000,000 |
| SD | SOUTH DAKOTA | Office of the State Treasurer | ||
| TN | TENNESSEE | State Division of Unclaimed Property | ||
| TX | TEXAS | Claim It Texas | $5,000,000,000 | |
| UT | UTAH | Unclaimed Property Division | ||
| VT | VERMONT | Vermont Treasurer | 200,000 | $48,000,000 |
| VA | VIRGINIA | Virginia Department of Treasury | 50,000 | $109,000,000 |
| WA | WASHINGTON | Claim Your Cash | ||
| WV | WEST VIRGINIA | Unclaimed Property Division | ||
| WI | WISCONSIN | Unclaimed Property Unit | ||
| WY | WYOMING | Wyoming Treasurer’s Office |