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.