2024-05-30
Have you ever wondered if you have unclaimed money or assets waiting to be claimed?
You might be among the millions of people nationwide who have forgotten about or never knew they had unclaimed property.
State treasurers across the US are using Unclaimed Property Day to remind individuals that their current or former state wants to reunite them with what is rightfully theirs. Here's what you need to know.
The Reality of Unclaimed Property
According to the National Association of Unclaimed Property Administrators (NAUPA), over 30 million people in the United States have unclaimed property.
This could be money from inactive bank accounts, uncashed paychecks, unused rebate cards, life insurance policy payouts, or even securities from old safe deposit boxes or inheritances.
Surprisingly, there can be several reasons why individuals are unaware of these assets.
Common Scenarios
Illinois State Treasurer and NAST President, Michael W. Frerichs, emphasizes that there are various reasons why individuals might not know the whereabouts of their unclaimed money. For instance, frequent relocations might result in checks being sent to old addresses that were never forwarded.
On the other hand, individuals who haven't moved in years might have checks sent to the wrong address. People may also forget about old bank accounts they never closed or might be entitled to a payout from someone's life insurance policy or estate.
Additionally, individuals with medical conditions like Alzheimer's might forget about their accounts or assets.
Finding Your Unclaimed Property
NAUPA offers a state-by-state database that makes it easy to check for unclaimed assets. While they also have a nationwide database, keep in mind that its records might not be as comprehensive as each individual state's records.
To get a complete picture of whether you have unclaimed money or assets, it's recommended to check the unclaimed property sites of all the states where you have lived, including the District of Columbia and Puerto Rico.
Then, cross-check the information with the nationwide database.
Managing Expectations
While the idea of finding a substantial amount of unclaimed money might be enticing, it's important to be realistic.
Although there have been cases of significant sums being discovered, such as an $11 million case in Illinois, the average person is more likely to find anywhere from $10 to $500 in unclaimed assets. NAUPA reported that over $4 billion worth of unclaimed property was returned to people in fiscal year 2022.
However, when divided among the 33 million people, the average amount per person is around $121.
Conclusion
State treasurers are making efforts to reunite individuals with their unclaimed property.
By utilizing the state-by-state and nationwide databases provided by NAUPA, individuals have a chance to discover forgotten money or assets. It's crucial to manage expectations, as the average amount per person tends to be modest.
Regardless, exploring these resources can be an exciting endeavor, potentially leading to a pleasant surprise of discovering unclaimed property that is rightfully yours.
Unclaimed Property: Could You Be Owed Money?
Have you ever wondered if you have unclaimed money or assets waiting to be claimed?
You might be among the millions of people nationwide who have forgotten about or never knew they had unclaimed property.
State treasurers across the US are using Unclaimed Property Day to remind individuals that their current or former state wants to reunite them with what is rightfully theirs. Here's what you need to know.
The Reality of Unclaimed Property
According to the National Association of Unclaimed Property Administrators (NAUPA), over 30 million people in the United States have unclaimed property.
This could be money from inactive bank accounts, uncashed paychecks, unused rebate cards, life insurance policy payouts, or even securities from old safe deposit boxes or inheritances.
Surprisingly, there can be several reasons why individuals are unaware of these assets.
Common Scenarios
Illinois State Treasurer and NAST President, Michael W. Frerichs, emphasizes that there are various reasons why individuals might not know the whereabouts of their unclaimed money. For instance, frequent relocations might result in checks being sent to old addresses that were never forwarded.
On the other hand, individuals who haven't moved in years might have checks sent to the wrong address. People may also forget about old bank accounts they never closed or might be entitled to a payout from someone's life insurance policy or estate.
Additionally, individuals with medical conditions like Alzheimer's might forget about their accounts or assets.
Finding Your Unclaimed Property
NAUPA offers a state-by-state database that makes it easy to check for unclaimed assets. While they also have a nationwide database, keep in mind that its records might not be as comprehensive as each individual state's records.
To get a complete picture of whether you have unclaimed money or assets, it's recommended to check the unclaimed property sites of all the states where you have lived, including the District of Columbia and Puerto Rico.
Then, cross-check the information with the nationwide database.
Managing Expectations
While the idea of finding a substantial amount of unclaimed money might be enticing, it's important to be realistic.
Although there have been cases of significant sums being discovered, such as an $11 million case in Illinois, the average person is more likely to find anywhere from $10 to $500 in unclaimed assets. NAUPA reported that over $4 billion worth of unclaimed property was returned to people in fiscal year 2022.
However, when divided among the 33 million people, the average amount per person is around $121.
Conclusion
State treasurers are making efforts to reunite individuals with their unclaimed property.
By utilizing the state-by-state and nationwide databases provided by NAUPA, individuals have a chance to discover forgotten money or assets. It's crucial to manage expectations, as the average amount per person tends to be modest.
Regardless, exploring these resources can be an exciting endeavor, potentially leading to a pleasant surprise of discovering unclaimed property that is rightfully yours.
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