Claiming the Property: $11.6 Billion in Unclaimed Property
The State of California currently holds more than $11.6 BILLION in unclaimed property value belonging to approximately 5.2 million individuals and organizations. This staggering amount of unclaimed property encompasses various financial assets that have been left inactive by their owners for three years or more. Among these assets, the most common types of unclaimed property include savings or checking accounts, stocks, dividends, uncashed checks, certificates of deposit, matured or terminated insurance policies, and safe deposit box contents. It’s worth noting that unclaimed property may also encompass estates.
For individuals or organizations seeking to reclaim their escheated property, the process begins with a simple electronic search on the State Controller’s website. However, despite the straightforwardness of the search process, claiming the property can often present challenges, even with the availability of adequate instructions on the website. In such instances, seeking assistance becomes essential. Fortunately, there are resources available to help navigate the complexities of reclaiming unclaimed property.
One key aspect to consider is ensuring that all necessary documentation and evidence are gathered to support your claim. This may include providing proof of ownership, such as account statements or insurance policies, as well as identification documents to verify your identity. Additionally, it’s important to carefully review the requirements and deadlines outlined by the State Controller’s office to ensure that your claim is submitted correctly and in a timely manner.
Another consideration is understanding the legal implications and potential tax consequences associated with reclaiming unclaimed property. Depending on the nature of the assets involved, there may be tax obligations to consider, and it’s advisable to consult with a financial advisor or tax professional for guidance.
Overall, while reclaiming unclaimed property in California may seem daunting, it’s a process that can be navigated with careful attention to detail and the assistance of knowledgeable resources. By taking proactive steps and seeking appropriate guidance, individuals and organizations can successfully reclaim what rightfully belongs to them.
If in doubt, I’m happy to assist you pro-bono.
by: Pat Rock, Probate Realtor