Many people don’t know they have unclaimed property – that’s why it hasn’t been claimed! Every year financial assets are turned over to the Indiana Attorney General as unclaimed property. Currently over $450 million is being held by the State of Indiana as unclaimed property. The job of the Unclaimed Property Division of the Indiana Attorney General is to help return those assets to their rightful owners.
It is a good idea to periodically search www.indianaunclaimed.gov and see if you can make a claim.
Here are a few things INALA thought you should know about unclaimed property:
- There is NO fee to recover your unclaimed property or to search for your unclaimed property!
- A financial asset with no activity by its owners for a long period of time may be considered unclaimed. Examples include dormant savings and checking accounts, stock dividends, insurance proceeds, safe deposit box contents, utility refunds, or lost or forgotten checks.
- People lose track of assets because they move, get divorced or married, a rightful owner dies and heirs are unaware of ownership by the deceased, or clerical mistakes happen and names and addresses aren’t recorded correctly.
- Other than small items that might fit inside a safe deposit box, the assets held by the Unclaimed Property Division will be financial in nature and not tangible items.
- Business owners are required by law to review their records annually to determine if they possess abandoned property. They must report abandoned property.
- The state of Indiana holds property for 25 years after which it becomes the property of the state.
- Searching is easy! When you search, use all the names you have ever used, including maiden names and nicknames, also check common misspellings.
- Check names of deceased relatives who may have made you an heir.
- Once you submit an online claim, don’t be surprised that the state requests documentation that you are who you say you are!
- There are people who seek out owners of unclaimed property and charge a fee for doing so. By law, that fee cannot exceed 10%.
- Beware of people who want you to pay an upfront fee. After you pay they may simply send you a list of property to which you may be entitled and leave it up to you to file a claim.
- Remember searching the site is easy and submitting a claim is free.
- Report unscrupulous activity by calling 1-866-IN-CLAIM.
Go to www.indianaunclaimed.gov and check it for yourself!