| Assets become legally abandoned
after the original owners or rightful heirs fail to
communicate an interest in them over a period of
time. 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:
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