What Are Unclaimed Assets?

• Author: Michael Bordonada
• Posted: 2024-08-28

Unclaimed assets are financial assets that belong to a person, business, or nonprofit and have not been claimed by the owner. These assets are reported to state unclaimed property departments by different institutions. These institutions report unclaimed bank accounts, uncashed pay checks, utility bills, and unrefunded security deposits. These assets may also be held in IRAs, stocks, and safe deposit boxes.

These funds can be claimed by the legal representative or owner of the property. Owners can include the depositor, beneficiary, or creditor. Some types of property may be exempt from this law. Some states have their own websites and mobile apps where people can check their unclaimed assets. They also advertise their services in the media, on television, or through radio.

These resources can provide valuable information about unclaimed assets. The government holds billions of dollars in unclaimed property. They are also free to search. You might be surprised to learn that more than one out of every 10 people has unclaimed assets. Some of these assets are bank accounts, stocks, and dividends. Others are the contents of safe deposit boxes.

Regardless of the circumstances, unclaimed assets can be substantial. They may be in the form of uncashed checks, unexchanged shares, or dormant accounts. In either case, the assets may be considered abandoned unless their owners claim them. This is why it is important to notify your beneficiaries about your investments. By doing so, you may help the heirs recover these unclaimed assets.