Mark Glendon

What are Unclaimed Funds?

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. Rediscover your lost wealth: reclaim New York unclaimed funds and secure your financial future. Visit now!

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.