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Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
What are Unclaimed Funds? {{ currentPage ? currentPage.title : "" }}

Imagine discovering that you had money you didn't know was rightfully yours. For many people, that's a reality!

Unclaimed funds are money or assets turned over to the government. It can come from various sources, but the money eventually goes to the government because the original holder can no longer locate the owner. Typically, financial institutions report money and assets as unclaimed. After that, it goes into a dormancy period of about five years. Once that dormancy period ends, state governments assume ownership of those assets until the rightful owner makes a claim.

Having unclaimed funds is more common than most realize. There's an estimated $17 billion of New York unclaimed funds alone.

Where Do Unclaimed Funds Come From?

There are many reasons why state governments take ownership of unclaimed funds. Some of the most common situations include bank failures and unclaimed pensions. In the former scenario, a financial institution might close. If you don't actively use your account or check on the assets' status, you might not realize that the bank closed.

Financial institutions often create a large pool of unclaimed funds that eventually go to the state government. The same applies to pensions from a company that closes and has no clear information about pension administration.

Other common sources of unclaimed funds include lost payroll checks, estate proceeds, inactive stocks, court funds, etc.

How to Claim New York Unclaimed Funds

The best way to see if you have any unclaimed funds is to go directly to the state agency holding them. In New York, you can contact the Office of the New York State Comptroller. The Comptroller's website has a robust search feature that allows you to search for any funds that rightfully belong to you. Another option is to speak with an estate attorney to look for unclaimed funds on your behalf.

The federal government doesn't have a nationwide database of unclaimed funds, so you must seek help from state agencies. Claiming funds is relatively easy once you verify your identity. Keep in mind that receiving these funds will affect your taxable income for the year.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning services blog.

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