Unclaimed Money and How to Find It
As of today, there are millions of Americans who have missing money owed to them, and they are not even aware of it. How is this possible? Well, lost money, also known as unclaimed money is more common than you think, and it accumulated to a whopping $58 billion over the years. You could also be one of the people who is entitled to unclaimed money, and this how what you need to know about it and how to find it.
Money Owed to Me – What is it?
Billions of dollars accumulate every year, and their rightful owners can ask back money owed to them at any point in time. Such unclaimed money is left behind when people make certain changes in their lives that involve money. For instance, if you change your address at some point, mail from the IRS letting you know that you are entitled to a tax refund might end up in your old address, and you will not know about it.
Changes aside from changing location, such as transferring money from one place to the other, switching banks, changing insurance carriers, changing jobs, etc., cause money to get left behind in:
- State-held unclaimed property
- Uncashed paychecks
- Life insurance
- Savings bonds (Only in the U.S)
- Tax refunds
Each state in the US holds unclaimed money for its residents, and it is prohibited to use the missing money. So, you can search and claim back money that is owed to you in any state you lived in.
You could also be entitled to the family property that belongs to your living/deceased relatives, and claim it back whenever you want. The first step in claiming back the unclaimed property and unclaimed money is tracking it down, and this is how you can do it.
Legal Claims for Money Owed to Your Family
Aside from money that is owed to you, you can also search and claim back money that belongs to deceased family members. There are many cases where people leave behind unclaimed money and property, and no one can claim it back because they are unaware of its existence. Be performing a lost money search for your relatives, you will be able to find out if there is any money/property that is owed to them. Inheritance laws in most states allow you to claim back money and property that belongs to your family, but you will have to do certain things at first.
The most important thing when it comes to claiming back money for a family member is to prove that you are indeed related to them; once you have proof of family ties, you can start the process of claiming back the money and property from the state. Make sure you find out the state's laws on making such claims and also have all the necessary paperwork to begin the processing of getting back the lost money.
Find Money Owed to Me
Each state has its way of saving unclaimed money for its residents, so you need to know what the rules are in the states you lived in. You can find information about unclaimed money owed to you or your family in public records, but it can take a while; contacting authorities that may hold your money is time-consuming, and it will take a while until you get the answer the question "is there any money owed to me?".
To avoid searching for money in each state you lived in, you can use an unclaimed money search service that will do all the searching for you. An unclaimed money directory will find missing money registered to your name or the names of your relatives in mere minutes, so you will save valuable time and be able to claim back money owed to you quickly and easily.
When you enter a certain name into an unclaimed money search directory, its search engine will scan all the public records registered to that name, including financial records. Within minutes, you will be able to find out of you are entitled to unclaimed money and also how much money is owed to you.
The next step in getting back money that is owed to you is filling out a request form for the money and filing it with the authority that holds your money. The average waiting period for getting back unclaimed money is 120 days, and it can be shorter, depending on the place that is holding your money. The average money each person gets when claiming back missing money is $900, and there have been many people who were entitled to much greater amounts of money.
Billions of dollars await to be claimed back by its rightful owners, and you can be found if them! If you want to find out if you are entitled to missing money, you can easily search for it and claim it back when you want.