The period of time that must pass before an asset is considered legally abandoned - the dormancy period - is set by law. It varies with the type of property involved, but generally runs one to five years. If, at the end of the dormancy period, there has been no owner directed activity, those holding the assets - insurance companies, banks, brokerages, trade and credit unions, employers and utilities - transfer them to the protective custody of a government trust account in a process known as escheat.

Dormancy typically occurs with name changes after marriage or divorce, expiration of a forwarding order after a move, as a result of computer and clerical errors, and with the death of a family member. Relatives are often unaware they're entitled to collect an unclaimed inheritance. It is the job of the beneficiary to file a claim, and government agencies holding these funds generally make little or no effort to contact you.

Note: Heir finders and asset tracers often specialize in locating owners of unclaimed money and abandoned assets before they are remitted to government custody; demanding 35% or more to recover the unclaimed funds. It is often possible, however, to locate the money yourself and avoid paying these steep fees. To conduct an unclaimed property search and obtain information on locating and claiming pre-escheat assets complete the form below: