Unclaimed property refers to any property or financial asset which is abandoned and unclaimed by the rightful owner. There has been no activity generated on such property for one year or more extended period. The unclaimed property could be anything like stocks, bonds, dividends, mutual funds account, life insurance proceeds, Customer overpayment, bank account, safe fixed deposits, and many more.
There may be several reasons property could become unclaimed. But in most cases, the owner passed away and left it behind without any nominee or legal heir. Some other reasons are the owner change their address or place without any notice, or the owner moved to a place where a deposit is required. People take it lightly to deal with unclaimed property, but it proves to be a costly process in the long run.
How to find an unclaimed property?
To find or locate your unclaimed property, you can approach the state’s designated department or with the treasury. You can also contact federal agencies like FIDC, HUD, IRS, etc.
Nowadays, almost all federal agencies have their online websites where you could search and find your unclaimed property. The search procedure may vary depending on the different agencies, but in general, you can access the database to search whether you find the property that belongs to you.
This article will provide you a step-by-step guide to locate it on an online platform if you have any unclaimed property. Let’s discuss the process to know more about it.
- Collect all the required information, which is essential to search the property on the platform. The information that is essential to locate the property is the name of the person whose name the property may be with you, his or her address, and relevant papers and dates. Keep this information ready with you.
- The foremost step is to visit the property department’s designated website, and there you can search the database of all the nearly states.
- Now begin the process and start searching and scrutinizing the results. Check the name and address that are nearest to you more carefully. If you think the name, address, and property details are close enough or similar to your details, click on the claim button and follow the given instructions on the webpage.
- Keep exploring and try more options; if you find the first option did not enable you, try another name and address and keep working on the database until you explore it well.
- Keep in mind that there may be any spelling mistake in the name of any given details or incomplete name or address, so keep searching and analyzing different options.
You can try to find any unclaimed property, whether it is of your parents, grandparents, or any property before that. There is no limit on time; how old the property can be can begin the process.
These are the general guidelines to find your unclaimed property. Follow these instructions, and you will find the process much more comfortable than it could earlier be.