Escheat and Unclaimed Property Statutes
Assets become legally abandoned after the original owners or rightful heirs fail to “communicate an interest” in them. Failure to communicate an interest in an asset can arise when you fail to: deposit a check, apply for a refund due, make a deposit or withdrawal to an account, or exchange securities after a merger – even after a statement or other correspondence is returned to the sender by the post office. It typically occurs after the death of a family member, name changes after marriage or divorce, expiration of a forwarding order after a move, or even as a result of computer and clerical errors.
The length 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 left 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.”
► Unclaimed Life Insurance ● Missing Inheritance ● Lost Heirs ● Estate Assets
► Bank Account ● Credit Union Account ● Safe Deposit ● CD ● Uncashed Checks
► Stock, Bonds & Mutual Funds ● Retirement Accounts
► IRA ● 401k ● Pension ● Gov’t Pension ● Railroad Retirement
► Social Security ● IRS ● HUD ● Indian Monies ● Child Support ● Bankruptcies ● VA Benefits
► Mineral Royalties ● Musician Royalties ● Screen Actor Residuals ● Author Royalties
If you require special assistance with a specific lost asset or unclaimed estate complete the form below: