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Are You Missing Out On Unclaimed Property?

Are You Missing Out On Unclaimed Property?

Though it may seem unlikely that you would forget about a savings account, checking account or some other type of financial holding, property goes unclaimed more frequently than you would think.

When a financial institution or company has an account that has had no contact with the owner or activity generated for a year or more, it constitutes unclaimed property.

There are a number of different forms that this can take, including:

• Stocks • Savings or checking accounts

• Refunds

• Uncashed dividends or payroll checks

• Traveler's checks

• Unredeemed money orders or gift certificates (in some states)

• Insurance payments or refunds on life insurance policies

• Trust distributions

• Annuities

• Customer Overpayments

• Certificates of deposit

• Utility security deposits

• Contents of safe deposit boxes

• Mineral royalty payments

When these accounts are inactive for over a year, the companies or financial institutions transfer the monies or assets to an unclaimed property department administered by the state. The assets are kept there until the owner claims them.

There are a number of reasons why property goes unclaimed. Most often it is a result of people moving, relocating or closing a business, or losing a check or certificate.

Another common occurrence is when a person who has been named as the beneficiary of an estate can't be reached by the trustee.

If you believe that you may have unclaimed property, or are simply curious and would like to see whether anything is owed to you, there are a couple of ways to go about it. You can contact one of the many businesses that provide the search service on behalf of consumers, or you can do it yourself by investigating the unclaimed property department website for each state where you have been a resident or think you could possibly have unclaimed property.

In addition to these options, you can also visit the website of the National Association of Unclaimed Property Administrators (NAUPA). This site contains links to each state's unclaimed property website. The organization is also in the process of creating a new site to make the process even easier.

Though there are no guarantees that you are owed any money, the process is simple enough and can be worthwhile, especially if you find that there is unclaimed property that you hadn't known about.

Statistically speaking, the NAUPA has indicated that the average value of the unclaimed property found through their site has been $892 - a sum that definitely makes the effort worth your time.

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Tom Gargiulo, E.A.

Tom Gargiulo, E.A.

Tom Gargiulo, E.A. is a tand Quickbooks accounting professional based in St. Petersburg, Florida. Tom is a Member of the National Society of Tax Professionals and has been Enrolled to Practice before I.R.S. since 1986. Specializing in Quickbooks Accounting, Consulting and Training, he has many QuickBooks certifications. National Tax, Accounting & Financial is a family business started over 25 years ago. If you could summarize our firm in one word, it would be "personalization". Our firm gets to know our clients as people and uses our personalized service to best meet their needs in all facets of our business. This translates into savings for our clients. We bring unique solutions to complex problems by applying years of experience and the latest technologies. We can assist you with your tax preparation and accounting needs.

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