In this article, Unclaimed money is any financial asset that has been abandoned or forgotten by its rightful owner. It can include bank accounts, stocks, bonds, dividends, uncashed checks, insurance policies, utility deposits, and more. According to the Illinois State Treasurer’s Office, there is over $3.5 billion worth of unclaimed property in Illinois.
If you think you might have some unclaimed money in Illinois, you can search for it online and claim it for free. Here are the steps you need to follow:
Step 1: Visit the Illinois Unclaimed Property Website
The Illinois Unclaimed Property website is the official portal for finding and claiming unclaimed money in Illinois. Accessing it is possible on any device with an internet connection.
Step 2: Enter Your Name or Business Name
On the homepage of the website, you will see a search box where you can enter your name or business name. You can also enter a city or zip code to narrow down your results. If you have a common name, you may want to add your middle initial or suffix to avoid getting too many matches.
Step 3: Review Your Results and Select Your Property
After you enter your name or business name, you will see a list of potential matches. Each match will show the property ID, owner name, co-owner name (if any), reported owner address, property type, and property value. You can click on the property ID to see more details about the property.
If you find a property that belongs to you or someone you know, you can select it by clicking on the checkbox next to it. You can select multiple properties if you have more than one.
Step 4: Submit Your Claim Online or by Mail
Once you have selected your property, you can click on the “Claim Property” button at the bottom of the page. You will be asked to provide some personal information, such as your current address, phone number, email address, and social security number. You will also need to upload or mail some documents to prove your identity and ownership of the property.
The documents you need may vary depending on the type and value of the property. Some common documents include:
- A copy of your driver’s license or state ID card
- A copy of your social security card or tax ID number
- A copy of a utility bill or bank statement showing your current address
- A copy of a death certificate or probate document if you are claiming on behalf of a deceased owner
- A copy of a marriage certificate or divorce decree if you are claiming under a different name
You can upload these documents online through the website or mail them to the Illinois State Treasurer’s Office at:
- Illinois State Treasurer’s Office
- Unclaimed Property Division
- P.O. Box 19495
- Springfield, IL 62794-9495
Step 5: Wait for Your Check or Direct Deposit
After you submit your claim online or by mail, you will receive a confirmation email or letter from the Illinois State Treasurer’s Office. They will review your claim and verify your information and documents. The process could potentially take up to 120 days.
If your claim is approved, you will receive your payment by check or direct deposit, depending on your preference. You can check the status of your claim online through the website or by calling 217-785-6998.
FAQ: The Ultimate Guide to Your Questions
Here are some frequently asked questions about finding and claiming unclaimed money in Illinois:
Q: How do I know if I have unclaimed money in Illinois?
A: The best way to find out if you have unclaimed money in Illinois is to search for it online through the Illinois Unclaimed Property website. You can also call 217-785-6998 or email info@illinoistreasurer.gov to request a search.
Q: How long do I have to claim my unclaimed money in Illinois?
A: There is no time limit to claim your unclaimed money in Illinois. The state holds it indefinitely until you or your heirs claim it.
Q: How much unclaimed money can I claim in Illinois?
A: There is no limit to how much unclaimed money you can claim in Illinois. However, if your claim is over $100,000, you may need to provide additional documentation and verification.
Q: Do I have to pay taxes on my unclaimed money in Illinois?
A: Generally, no. Unclaimed money in Illinois is not subject to state income tax. However, some types of unclaimed money, such as interest income or dividends, may be subject to federal income tax. You should consult a tax professional if you have any questions about your tax obligations.
Q: Can I claim unclaimed money for someone else in Illinois?
A: Yes, under certain circumstances. You can claim unclaimed money for someone else in Illinois if:
1. You are the legal heir or beneficiary of a deceased owner.
2. You are the legal guardian or conservator of a minor or disabled owner.
3. You are the authorized representative or agent of the owner of a business or organization.
4. You have a valid power of attorney or court order to act on behalf of the owner.
5. You will need to provide proof of your relationship and authority to claim the money, such as a death certificate, probate document, guardianship order, power of attorney, or court order.
Q: What if I have unclaimed money in another state?
A: If you have unclaimed money in another state, you will need to contact the unclaimed property office of that state. You can find the contact information and website links for each state’s unclaimed property office through the National Association of Unclaimed Property Administrators (NAUPA) website. You can also search for unclaimed money in multiple states through the Missing Money website, which is a free service endorsed by NAUPA.