An unclaimed asset becomes abandoned in the eyes of the law when an owner or heir fails to communicate an interest in it over a period of years, known as the dormancy period. The government takes custody of billions of dollars annually in lost money and unclaimed property in a legal process known as "escheat." In most cases unclaimed money may be claimed indefinitely, but there are exceptions.

Finding lost money is complicated by the fact that there is no central repository for unclaimed funds. Each state and the District of Columbia maintains a missing money database, but there is no true national unclaimed property database. A 1965 US Supreme Court decision allows unclaimed money to be held just about anywhere, regardless of where you now live.

Unclaimed asset searches should include all variations of your name, including maiden and previous married names, middle names, initials, even common misspellings and nicknames. Search every state where you (or potential benefactors) have lived or worked, as well as popular corporate domiciles like Delaware and New York. Note unclaimed property databases online contain only a fraction of accounts actually available for claim, and certain types of unclaimed money may be excluded entirely, including government checks and refunds.

To trace unclaimed funds held or owed by federal agencies - US Savings Bonds, IRS refunds, Social Security and VA benefits, etc. - the issuing agency must be contacted, as federal government unclaimed money is not included in state unclaimed property databases.

There are time limits on some types of claims, so prompt action is necessary.