Unclaimed Property is a financial asset that is unknown or lost, or has been left inactive, unclaimed, or abandoned by its owner. The most common types of unclaimed property are dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances and refunds. Unclaimed property also includes contents from abandoned safe deposit boxes in financial institutions.

Why do the accounts come to the state?
Chapter 717, Florida Statutes, requires the unclaimed property assets be held by business or government entities (holders) for a set period of time, usually five years. If the holder is unable to locate, re-establish contact with the owner and return the asset, it is reported and remitted to the Florida Department of Financial Services, Division of Unclaimed Property.

Are any efforts made to find owners? What if money is not claimed?
Businesses (holders of unclaimed property) are required to try to locate the owner, but when their attempts fail, they report the property and the owner’s name, last known address, and other information to the Department.

Citizens have the right to claim their property, at no cost, any time, regardless of the amount.

What does the State do with the money before it is claimed?
Unclaimed funds are deposited into the State School Fund and used to support public schools. However, the original amount reported can always be claimed by the owner, or his/her heirs, at no cost.

Why search for Unclaimed Property? Because you may find accounts you are entitled to claim! The Department makes these accounts available in a searchable, interactive database, available free of charge, 24 hours a day, and allows claimants to initiate a claims process (with instructions) for accounts they believe
they are entitled to claim.

There is no statute of limitations on unclaimed property in Florida. Account owners, or their heirs, can claim their funds indefinitely, free of charge.

Go to: FLTreasurehunt.gov

Each state has similar rules and most have searchable websites so it would be wise to search in Florida and in all other states you have lived.

Diana Mangsen focuses her practice as an elder law attorney in Clearwater, Palm Harbor, Largo, Dunedin and the Tampa Bay area.

For more information, visit our website at
https://www.mangsenlaw.com/
or call (727) 888-6282.

Probate is the Court process required for distributing a deceased person’s property.

The decedent’s property (estate) is distributed according to the law and to the instructions provided in their will, after the will is shown to be valid. A deceased person without a will is said to be “intestate”. Intestate proceedings distribute the decedent’s property according to state laws of intestate succession. With or without a will, a deceased person’s estate must be settled and distributed (“probated”). It is a legal
process. Here are just some of the steps involved:

The Will is filed with the Court. Florida law requires that anyone who has possession of a will must file it within 10 days of the death of the testator with the circuit court that would have jurisdiction over a probate proceeding for the decedent.

With or without a Will, the process is initiated by filing a “Petition for Probate” with the probate court that has jurisdiction and venue for the case.

Personal Representative. The Personal Representative swears under oath to the court that they will distribute the decedent’s assets according to law. The personal representative is responsible for handling and distributing the estate. Some Florida jurisdictions require the personal representative to obtain a
probate bond.

Once the Court is satisfied that the personal representative has met all the requisite requirements, Court orders of appointment and letters of administration are issued by the judge presiding over the case.

Though local requirements vary, notice of administration is the next step. Notice is meant to give those with a legitimate interest in the estate knowledge of the proceeding.

The Court requires an inventory of the estate. An inventory should include real estate, personal property, bank accounts, etc.

A decedent’s estate is responsible for their debts and taxes. Very large estates may also be subject to the federal estate tax. Florida does not impose an estate tax, but a few states do.

Florida has specific laws that may exempt a decedent’s homestead property from creditor claims. This is an important factor in the case analysis.

After the debts and taxes are paid and the creditor period has run, the remaining property can be distributed to the heirs. Again, this will be done according to the decedent’s will if one exists or according to state laws of intestate succession if one does not.

Diana Mangsen focuses her practice as an elder law attorney in Clearwater, Palm Harbor, Largo, Dunedin and the Tampa Bay area.

For more information, visit our website at
https://www.mangsenlaw.com/
or call (727) 888-6282.