Are you wondering where to look for lost property that may be yours?
Every state has an unclaimed property program that requires companies and financial institutions to turn account assets over to the state if they have lost contact with the rightful owner for one year or longer. It then becomes the state’s responsibility to locate the owner. The Office of the Comptroller for the State of Texas set up https://claimittexas.org/ for the purpose of helping you find lost property that may be yours. According to its website, Texas has returned more than $3 billion in unclaimed property to its rightful owners.
Unclaimed property includes financial accounts, stocks, uncashed dividend and payroll checks, utility deposits, insurance payments and policies, trust distributions, mineral royalty payments, and the contents of safe-deposit boxes.
To search for unclaimed property, you would just need to enter your first and last name. You can also narrow your search results by entering a city. Select the property(ies) you wish to claim. The website says you can also try using nicknames, common misspellings or your maiden name. Once you have selected all properties you want to claim, select View Claimed Properties, select your relationship to each property being claimed and click File Claim.
Federal program information is also available at www.usa.gov/unclaimed-money.
Written by: Kenneth Price, CFP®, CFA®, ChFC®, CLU®, AEP®