The Facts About Lost Money

I am amazed at how many articles there are on lost money. Many of the articles out there on blogs and in online magazines severly lack the facts about lost money. Here is the bottom line. Just about all intangible property and some tangible property excluding real estate, vehicles, boats, etc are held by each state’s respective unclaimed property division. I say unclaimed property division because that is the term most states use. However, some state’s unclaimed property are held with the state treasurer, comptroller, or state lands department. Whatever the case, the property is all treated the same under the unclaimed property statutes.

Before I go any further let’s discuss intangible and tangible property. Intangible property are things like bank accounts, investment stocks, unclaimed death benefits, and lost inheritances just to name a few. Those happen to be the larger dollar amount types that typically go unclaimed. Intangible property will stay with the unclaimed property division indefinitely until it is claimed. The right to claim this property is never lost by owners, beneficiaries, or heirs. However, the state of Idaho, at the time of writing this article stated they would take permanent ownership after a peroid of 10 years of property remaining unclaimed. This is pretty rare, and I don’t know how much longer this will be in affect for the state of Idaho. There may be another one or two states with this rediculous law. I really don’t think it’s fair to play finders keepers with the general publics lost money.

The majority of tangible property is not held by the state. However, there are some exceptions. The most common tangible property held by the state is the contents of a safe deposit box. Usually valuable stuff in those, including family heirlooms, savings bonds, jewelery, valuable baseball cards, and whatever else people manage to fit in them. The main concern on safe deposit boxes is that the state does not always have room for the contents of them. Often times states will conduct an auction of the contents. The state then opens an account in the owner and or beneficiary’s name and the proceeds from the auction are then put in that account. That account will stay with the unclaimed property division indefinitely until it is claimed by the owner, beneficiaries, or heirs. The right to claim this account is never lost.

It’s predicted that at least 1 in every 8 Americans are the rightful owners, heirs, or beneficiaries to some kind of unclaimed property. There are many predictions as high as 1 in every 4 Americans in some states having unclaimed property. Whatever the case, that is a huge chunk of the population. There are literally thousands of ways property can become unclaimed. Visit our articles page to find out more. We have articles on lost inheritances, Unclaimed death benefits, and unclaimed stock just to name a few. I think you will find the articles very exciting. They explain reasons why you probably have lost money and don’t even know it. I am sure by the time you are done reading a few articles you will want to began a search for yourself, family members, and friends. The best part about searching for lost money is that it’s completely free. Start your lost money search today!