What Is Abandoned Property? Money at Large

State treasurers across the United States are currently in possession of around $70 billion in unclaimed assets, including uncashed paychecks, inactive pensions and retirement accounts, life insurance payouts and more. Could you be entitled to any of this unclaimed property? Here’s what you need to know. 

Understanding Abandoned Property  

In a time when many people are tightening their purse strings, it seems almost impossible that any funds would go unclaimed. And yet, due to address changes, heirs not having knowledge of the property or simple forgetfulness, the issue of abandoned property persists. The most common sources of unclaimed property include: 

• Checking or savings accounts 

• Utility security deposits 

• Safe deposit boxes 

• Insurance payments or refunds 

• Uncashed dividends 

• Stocks 

• Customer overpayments 

States, for their part, want to return money or assets to their rightful owner—but tracking down property claimants isn’t always easy.  

How to Claim Your Money  

Every state has its own process for finding and claiming abandoned property. Massachusetts—which has one of the highest percentages of abandoned property in the entire country, worth over $3 billion—asks potential claimants to visit findmassmoney.gov to search for assets. If you discover unclaimed property in your name, you can file a report to get your assets returned. You will need to provide a first and last name, and you may be asked to submit documents to prove the property is rightfully yours. These documents may include a social security card or pay stub, an old utility bill to confirm your previous address, or an old proof of mortgage payment.  

Is Abandoned Property a Scam? 

Sharing your personal details online in order to get access to money you didn’t know you had sounds like a scam. In truth, managing and returning unclaimed property is a serious task for state treasury departments. Always use the official unclaimed property website of your state treasury when searching for assets. If you wish to check the status of a claim, use the same officially website portal to do so. If someone contacts you asking for personal details, hang up the phone and follow up on the issue yourself, using official portals to do so.  

Keep in mind that there is no charge for filing an abandoned property claim and no time limit to do so. If you are contacted by a person who claims they need your personal information or a payment immediately, and that if you don’t act fast you will lose the opportunity to receive your abandoned property, this is almost certainly a scam. As always, end the communication and go through official channels to determine what to do next.  

Avoiding Property Abandonment  

In order to avoid your property becoming an unclaimed asset in the first place, it’s important to keep accounts active. Always update contact information with your financial institutions, and help family members to do the same. After a major life event, such as a move, a job change or the death of a loved one, follow up with banks, employer pension plans and life insurance plans to check what needs to be done so that assets don’t go unclaimed.