About Unclaimed Property

What is Unclaimed Property

Property held by financial institutions and companies becomes unclaimed or abandoned after a designated period of time with no activity or contact with the owner. Each state has enacted their own regulations regarding this period of time, known as the dormancy period. Following the dormancy period, the law requires unclaimed property to be turned over to the state for safe keeping until it’s claimed by its owner or heir.

Each state manages its unclaimed property in a designated state agency by its unclaimed property administrators. State unclaimed property administrators provide a free but limited service to return unclaimed property typically at no cost. These services provide limited support, as administrators cannot assist with managing the overall process, legal recommendations, certified records, lost documents and instruments, inheritance searches, filing fees with the court, etc. In addition, claims often involve unique circumstances and complex issues that require expertise to ensure a claims success.

When professionals are not involved, more than two-thirds of all claims are declined or claims remain unfiled. Our personalized services are designed to make the entire claim process as efficient and convenient as possible.

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Why Property Becomes Unclaimed

Money and property becomes unclaimed because the claimant or heir is either unaware it exists, or it has been forgotten. Typical unclaimed reasons include: mail issues involving change of address, clerical errors, beneficiary changes, uncashed checks, owner dies without leaving a will or complete instructions, forgotten accounts, and business-related issues.

 
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Who Can File a Claim

Any lawful owner of money or property can file a claim. An owner has an equitable interest in property, and can include a payee, depositor, and beneficiary of a financial account, insurance policy, will, or trust. If the owner is deceased, the beneficiary may be a surviving spouse, child(ren), relative, or nonprofit, and may be eligible to file a claim.

 

Why Do Claims Fail

The reasons why millions of claims fail each year include: a lack of understanding of the claim process and applicable state requirements; failure to provide proper documentation and evidence; filing errors; claim administrator clerical errors or their failure to apply complex laws and statutes; and a lack of understanding of the appeals process.

Types of Unclaimed Property

Unclaimed property refers to any type of unclaimed money, property, or assets. Several of the 170+ unclaimed property types include :

  • Inheritance funds

  • Inheritance property, artwork, valuables

  • Safety deposit box contents

  • Trust distributions

  • Stocks, bonds, mutual funds, warrants

  • Individual Retirement Account (IRA)

  • Life insurance policies

  • Annuities

  • Inheritances

  • Royalties

  • Pension and retirement funds

  • Court settlements

  • Endowments

  • Equity Payments

  • Checking and savings accounts

  • Uncashed checks

  • Uncashed dividends

  • Uncashed payroll or commsions

  • Insurance payments or refunds

  • Various refunds or rebates

  • Certificates of deposit

  • Utility security deposits

  • Customer overpayments

  • Mineral royalty payments

  • Property foreclosure proceeds

  • Escrow deposits

  • Traveler’s checks

  • Money orders or gift certificates

Laws and Regulations

State Law & Regulations: Asset Retrievers operates under the authority of the California Unclaimed Property Law for abandoned property as provided in the Code of Civil Procedure (CCP), Sections 1500-1582, and also in the California Code of Regulations, Administrative Code, Title 2, Division 2, Chapter 2, Subchapter 8, Articles 1-5

 

Fees and Costs

State Regulated Fees & Costs:

Our standard fee is ten percent (10%) of the total claim amount. There are no upfront charges or fees. Under California state law, unclaimed property investigators are prohibited from charging fees greater than ten percent (10%) of any abandoned property recovered with the exception of county probated estate claims. Service fees are fully contingent upon our success in recovering your unclaimed assets.

There is no cost to you if your claim is not successful.