The Unclaimed Property Administration is a division of the Department of the Treasury in New Jersey. The Unclaimed Property Administration’s mission statement is available on their website and reads as follows
“The Unclaimed Property Administration (U.P.A.) recovers and documents intangible and tangible property that has been abandoned or misplaced.” The U.S.P.A.’s mission is to reclaim the property and heirs of the legitimate owner. The Unclaimed Property Act of New Jersey ensures that property owners never renounce their rights to their property, and the U.P.A. simply serves as a custodian until the property is returned.
It’s a good idea to check the Unclaimed Property Administration website for any abandoned property in the decedent’s name during an estate administration. This basic procedure frequently results in uncovering assets previously unknown to the family. Because the assets must be included on any required inheritance or estate tax forms, it is essential to investigate a decedent’s unclaimed property early in the estate administration process.
Residents in Ohio can check to see if they have any unclaimed monies. Officials revealed in December that Ohio had $3 billion in unclaimed funds. When there has been no activity on an account and the cash holder is unable to trace the owner, the account becomes unclaimed. An outdated bank account, a rent or utility deposit, an uncashed check, or an insurance policy could all be examples.
The property is turned over to the Ohio Department of Commerce Division of Unclaimed Funds for “safekeeping” after a set amount of time. Officials stated that “the Division works vigorously to locate down the correct owner and reunite that Ohioan with their hard-earned but forgotten money.”
The monies have no time limit, according to officials. The money is held in escrow until the legitimate owner or their heir claims it. Due to numerous scenarios and living circumstances, you may forget about your funds or property. When, for instance. Due to a lack of financial activity, your bank account becomes dormant. You have unclaimed insurance money that you aren’t aware of. In your safety deposit boxes, you have some unclaimed items. There was a bank failure, and you could not reclaim your funds.