February 5th 2024.
On January 31, the United States Treasury announced Unclaimed Property Day, bringing to light the fact that many American citizens may be sitting on millions of dollars in unclaimed cash or property assets. The message revealed that over 30 million people in the United States have unclaimed property that they have either forgotten about or never knew was theirs. This information came from the National Association of Unclaimed Property Administrators, a division of the National Association of State Treasurers.
According to the NAUPA, the unclaimed money could come from a variety of sources such as unused rebate cards, uncashed checks, inactive bank accounts, inheritance, dividend checks, or even life insurance policy payouts. Michael W. Frerichs, the Illinois State Treasurer and President of NAST, stated that there could be any number of reasons why someone may not be aware of their own unclaimed assets.
Thankfully, the NAUPA has made it easy for individuals to search for any unclaimed assets they may have through a state-by-state database. The first step, as suggested by the National Association of Unclaimed Property Administrators, is to check for any unclaimed property under your name in states where you have lived. Then, individuals should also check the nationwide NAUPA database for any additional unclaimed assets.
It is important to note that each state has the discretion to decide how transparent they are in revealing the worth of unclaimed property. However, the fact that most US states have no statute of limitations on property claims makes it beneficial for individuals to take this first step in searching for any unclaimed assets they may have.
In addition to providing resources for individuals to search for their unclaimed assets, the NAUPA also outlined some common scenarios that may have led to the accumulation of unclaimed assets. For example, if someone has moved frequently, they may have checks that were sent to old addresses and never forwarded. They may also have old bank accounts from years ago that were never closed and have been forgotten about. In some cases, individuals may be entitled to a payout from someone's life insurance policy or estate, but were never notified about it.
It is clear that there are millions of Americans who may have hundreds of dollars in unclaimed assets waiting for them. By utilizing the resources provided by the NAUPA, individuals have the opportunity to claim what is rightfully theirs and potentially improve their financial situation. The first step is to check for any unclaimed property under your name through the state-by-state database and the nationwide NAUPA database. Don't miss out on potentially valuable assets that could be rightfully yours.
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