When a rightful owner of the assets is not located; then those assets are claimed as Unclaimed Assets. These unclaimed assets are then transferred or handed to the state government the assets located in.
No one loses their financial assets on purpose because people generally work hard for their money but sometimes people become incapacitated, don’t have financial literacy skills, or forget or die. That leads to a lot of unclaimed assets. People in the USA consider Unclaimed Property Legislation as a crucial part of their lives. One can find unclaimed assets for free by login on Credit Karma, Unclaimed.org, TreasuryDirect.gov, PGBC.gov, ACLI.com, UnclaimedRetirementBenefits.com, NCUA.gov and FDIC.gov: and MissingMoney.com. These websites typically ask for:
- Name
- City
- State
People can claim unclaimed assets by filing a case with federal and state governments. The government would then ask for additional information to put in the system like:
- Name
- Address
- Date of birth
- Social Security number/EIN
- Identity card
Is It Safe to Claim Unclaimed Asset?
Honestly, every year billions of dollars go under the unclaimed assets category. Using all the free websites which we mentioned before, one can easily check if there is any unclaimed property all money available for themselves, their families, or their friends. One can also search for unclaimed assets for their deceased relatives. The process will be the same as in the case of searching for themselves. As unclaimed assets are kept safely by the state government to return them to their owner, it is safe to claim for them. These assets are lawfully protected by the government. Hence, it is safe to say one can claim for unclaimed assets.
Forms of Unclaimed Assets
Unclaimed assets have become a major source of revenue for many states. What constitutes unclaimed assets varies from state to state and continues to evolve as its uncertain. These Unclaimed financial assets come in a variety of forms discussed below:
- Prepaid funeral contracts
- Trust distributions
- Inheritances
- Stocks/Bonds
- Utility deposits or refunds
- Annuities/Pensions
- Prepaid funeral contracts
- Education funds
- Insurance policy claims/refunds
- Contents of abandoned safe-deposit boxes
- Mineral royalties such as oil, gas, or mining
- Bank or Credit Union accounts
- Uncashed dividends, etc.
Banks Holding Unclaimed Assets
FDIC or the bank must transfer unclaimed property to the state government after a certain period under federal law. The federal law and the state government laws are different. That is why the time to transfer unclaimed assets can vary. According to Smart Asset, about $49 billion worth of unclaimed assets are waiting to get claimed. Unclaimed money is used in several ways to raise funds for different organizations.
Conclusion
To add value to your personal wealth and grow your business unclaimed assets can be claimed. Although finding something substantial is a rare occasion, but one must not leave any stone unturned while assessing the management process. In the USA, the government provides a facility to receive unclaimed money from them. The average claim amount varies from project to project. So, what are you waiting for?
Go and claim an unclaimed asset now!!