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How to find
unclaimed property!
Have you ever
wondered if you have forgotten an utility company deposit (or life insurance)
somewhere? Here is how to find it!
“Unclaimed Property" is what we call this. Each year billions of dollars belonging to
millions of Americans (dead and alive) goes unclaimed when banks, companies and
government agencies lose track of the rightful owner. This typically
happens because of a change of address, a name change or the owner dies and the
estate was unaware of the money or the heirs are not found. By law,
companies that cannot find the owner or their next of kin must turn the money
or property over to the State. This State holds this money indefinitely!
How to Search:
It is very possible that your deceased parents, or you, have some unclaimed
property out there and you do not even know it. Unclaimed property can
include things like lost investments or bank accounts, Social Security
payments, utility deposits, tax refunds, life insurance proceeds and
more. Here are some FREE resources to help you look:
- National
Association of Unclaimed Property Administrators: To start your quest, go
to www.missingmoney.com or www.unclaimed.org, both of which contain records
from most state unclaimed property programs. Check every state in which
you or your parents have lived, worked or conducted business. Also,
search using maiden names and any previous names, as well as middle names and
middle initials. Every State can tell you immediately if your parents or
you have some unclaimed property, as well as how to go about collecting it.
- Internal
Revenue Service: Each year thousands of refund checks totaling millions
of dollars are returned to the IRS by the post office. To check lost
refund checks call 800-829-1954. Also helpful is the National Taxpayers
Union's tax-refund finder (www.ntu.org/main/components/past_irs2007).
- Treasury
Hunt: At www.treasurydirect.gov/indiv/tools/tolls_treasuryhunt.htm, you
can track old U.S. Savings Bonds or find out if a deceased loved one owned any
securities. If bonds were issued before 1974, write the Bureau of Public
Debt, 200 Third Street, Parkersburg, WV 26106.
- HUD:
If your parents ever had a HUD/FHA insured mortgage, a refund may be
available. Visit www.hud.gov/offices/hsg/comp/refunds/index.cfm or call
800-697-6967 to find out.
- Pensions
Benefit Guaranty Corporation: If you parents worked for a company in the
past that went out of benefit pension plan, you may be entitled to some of
their benefits. Check at search.pbgc.gov/mp or call 800-400-7242.
- Social
Security Administration: To check for lost or unclaimed Social Security
Benefits, including the 255 death benefit, call 800-772-1213.
Life Insurance
Are you looking
for a lost life Insurance policy? Over $1 billion in life insurance
benefits are claimed and unpaid because the beneficiaries are not aware that
the policies ever existed or cannot find it because they do not know which
insurance company wrote it. If you are having a hard time finding your
parent's policy from the resources previously listed, here are some other tips
to consider:
- Go Through
canceled checks (made out to insurance companies) or contact your parent's bank
for copies of old checks.
- Contact
your parents’ insurance agent or ask those who may have known about their
finances like their accountant, banker or lawyer.
- Check
with your parent's past employers to see if they purchased a policy.
- Contact
your state insurance department (see www.naic.org/state_web_map.htm) who can
help identify insurers that might have written life insurance on your parents.
- Do a
search through MIB Solutions' policy locator service at www.mib.com. It
cost $75 but might be worth it!
Much of the above
information comes to me from Jim Miller, Savvy Senior of Norman, Oklahoma.
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