|
 Every state has unclaimed property programs designed to reunite folks with lost or forgotten assets. Common forms of unclaimed property include savings or checking accounts, stocks, un-cashed dividends or payroll checks, refunds, traveler's checks, trust distributions, insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, contents of safe deposit boxes, and in some states, unredeemed money orders or gift certificates .
When a company owes someone money but can't find the person -- or when a bank account lies untouched for three years and the owner can't be reached -- the funds must be turned over to the state's unclaimed property division. The cash then stays in government coffers unless a claim is made by the owner or the heirs.
There are some insurance policy locator companies out there that record individual life insurance applications. What the policy locator company does is provides a notice of an application, which may have resulted in a policy being issued. Survivors also can do a free online search for unclaimed assets through the National Association of Unclaimed Property Administrators at MissingMoney.com.  Newer online services are allowing people to record their names, the companies that hold their insurance policies, financial investments and other important documents. The service constantly searches public and government databases such as the Social Security Death
Index. If the name of a member comes up, a representative notifies people on the contact list.
While there are several online companies that will track down lost property or the people that it is owed to, folks can do it themselves by contacting their State Treasury Departments.
|