Believe it or not, it’s possible you might own assets that are sitting and waiting for you to claim them. If it sounds too good to be true, you should take the time to educate yourself about unclaimed funds. Assets like unclaimed pensions and old security deposits, when uncollected, can end up being transferred to state ownership after a certain period of time. After that point, you’ll need to go through a claiming process in order to reacquire them. Keep reading if you want to know more about unclaimed money and how to search for yours using GoLookup.
What is unclaimed money?
Before getting into the details of how to find unclaimed money or unclaimed property, it’s important for you to understand what exactly the terms refer to. Put simply, unclaimed funds are money and assets for which the rightful owner can’t be found. After a specific period of time has passed, these funds are usually turned over to the government. While it remains unclaimed, unclaimed property isn’t taxable; however, it may be considered taxable income when it is reclaimed. Some funds, like investments or funds from a 401(k), can be reclaimed tax-free.
The most common reason for funds to go unclaimed is no contact with the owner. Potential sources of unclaimed funds include old bank accounts, security deposits, unclaimed tax refunds, uncollected checks from insurance policies, and unclaimed pensions. Funds become unclaimed after the dormancy period has passed, which is five years in most states. After assets are officially designated as unclaimed, they undergo escheatment, and the state takes over ownership. The rightful owner will then need to file a claim to take possession of their assets.
In order to regain access to funds or property that belong to you, you’ll need to file a claim. For funds that are held by an estate, you may need to be able to prove that you have rights to the assets before you are able to claim them. Locating unclaimed funds can be difficult since the government doesn’t maintain a centrally located database, but there are options for anyone who thinks they may have assets that need to be claimed.
How can you search for unclaimed money?
Without a large-scale database, people looking to recover their assets often don’t know where to turn. If you’re curious about any unclaimed money you may have, you can search for it online. GoLookUp is an easy and accessible way for anyone to find out if they have unclaimed assets, no matter which state they’re in. In addition, GoLookUp can show you exactly where to find the forms you need and assist you with completing the process. You can create an account for a small fee and search for free.
If you don’t use a service like GoLookUp, it can be difficult to find money that you’re owed. Often, the only option that you have is to contact the state agencies where that unclaimed money or property may exist. This can be time-consuming, especially if you have assets in multiple states or aren’t sure what type of funds you may have left unclaimed. You can simplify the process for yourself significantly with GoLookUp.
Many people aren’t even aware that unclaimed assets exist. However, you could be costing yourself thousands of dollars by not looking into any funds you may have available to collect. Instead of spending an inordinate amount of time tracking down government agencies and old bank accounts, services like GoLookUp can help you find and claim any assets that belong to you. These assets can include security deposits, uncollected checks from insurance policies, and unclaimed tax refunds and pensions. Even if you’re not sure if you have unclaimed money, it’s worth it to find out more to see if you have anything to collect.