Unclaimed property

I

Irish Exit

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People need to periodically check their names against unclaimed property. They also need to check their relatives' names, especially if they are dead.

My aunt died over ten years ago. Her estate was settled. The beneficiary lives out of state. Saw my aunt's name in unclaimed property in paper. Went to website for state and they had 12 things in my aunt's name. Beneficiary didn't really think it was worth pursuing after I told her as she assumed it change from old accounts or something. Fast forward six months, she now has to come back to town to re-open the estate because viola that change from old accounts is $94K sitting in unclaimed property. Unclaimed property wouldn't give her an amount but they gave it to the probate people to know how much of a bond she needs to post.

This is about the 4th or 5th person I have helped out with this. Unfortunately my name is never in it. I guess I am too good at keeping track of my pennies.
 
Kacper said:
People need to periodically check their names against unclaimed property. They also need to check their relatives' names, especially if they are dead.

My aunt died over ten years ago. Her estate was settled. The beneficiary lives out of state. Saw my aunt's name in unclaimed property in paper. Went to website for state and they had 12 things in my aunt's name. Beneficiary didn't really think it was worth pursuing after I told her as she assumed it change from old accounts or something. Fast forward six months, she now has to come back to town to re-open the estate because viola that change from old accounts is $94K sitting in unclaimed property. Unclaimed property wouldn't give her an amount but they gave it to the probate people to know how much of a bond she needs to post.

This is about the 4th or 5th person I have helped out with this. Unfortunately my name is never in it. I guess I am too good at keeping track of my pennies.
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Back in the 80's I had an auto insurance policy with a company that went belly up halfway through the year that I had already paid for. I lost $120 dollars in premiums. There was a state reimbursement fund, but it only paid me $20 back. I figured the remaining $100 was lost.

Fast forward about 20 years to the early 00's and a friend tells me he saw my name on the state unclaimed property list and that I should check it out.

I checked it and lo and behold, it was the remaining $100 dollars that resulted from the liquidation of the company's assets, which I put in a claim for and received.
 
Nomad said:
Back in the 80's I had an auto insurance policy with a company that went belly up halfway through the year that I had already paid for. I lost $120 dollars in premiums. There was a state reimbursement fund, but it only paid me $20 back. I figured the remaining $100 was lost.

Fast forward about 20 years to the early 00's and a friend tells me he saw my name on the state unclaimed property list and that I should check it out.

I checked it and lo and behold, it was the remaining $100 dollars that resulted from the liquidation of the company's assets, which I put in a claim for and received.
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I found some for my dad once which is why I started doing this. Got him around $6k on little kid life insurance policies his mom took out when he was born I never understood but it apparently was converted to stock or stock options at some point when some company took over the company that took over the company that took over the original company without changing the face value of the life insurance. I assume it was some weird whole life thing
 
I might have another claim.

I checked the list for my state after reading your post and I saw my name, (no middle initial or city), and the description being insurance money from a company which I think my mom might have had a life insurance policy on me through.

It could also be my father, in which case there might a requirement to divide it with my sister.

I'm going to call and look into it.
 
Nomad said:
I might have another claim.

I checked the list for my state after reading your post and I saw my name, (no middle initial or city), and the description being insurance money from a company which I think my mom might have had a life insurance policy on me through.

It could also be my father, in which case there might a requirement to divide it with my sister.

I'm going to call and look into it.
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You'll have to prove he's your father and the way your mother slept around, she doesn't know.
 
it is fairly common to discover that a deceased person had a small bank account in their sole name......unless there are other assets that need to be probated it may come down to how much money you spend to recover the asset.......since even an independent probate in Michigan costs over $500 just in filing fees and documentation, irrespective of attorney fees, I have seen several instances where bank accounts of under $500 are ignored.......that is the source of 90% of the unclaimed funds you see advertised in these infomercials........
 
Nomad said:
You can take the BOY out of the filthy trash, but you can't take the filthy trash out of the BOY.
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You described yourself perfectly, BOY. When you were raised by trash, the only thing you could become was landfill garbage.
 
PostmodernProphet said:
it is fairly common to discover that a deceased person had a small bank account in their sole name......unless there are other assets that need to be probated it may come down to how much money you spend to recover the asset.......since even an independent probate in Michigan costs over $500 just in filing fees and documentation, irrespective of attorney fees, I have seen several instances where bank accounts of under $500 are ignored.......that is the source of 90% of the unclaimed funds you see advertised in these infomercials........
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a lot depends on the state. A lot of money ends up in there in my state because state law requires all businesses to fork it over after 5 years. In addition, it is increasingly common in our area for courts to place money there to satisfy judgments when the creditor cannot be found but the debtor needs to satisfy a judgment to get it off their records and it off the land record liens. Several payday lenders and consumer credit companies went under after 2008 with a lot of judgments against people on the books and satisfying it through the court is their only real option to clear the liens. The court calculates the payoff, you pay it to them, and they enter an order releasing the lien and turning the money over to the state's unclaimed property.
 
Kacper said:
a lot depends on the state. A lot of money ends up in there in my state because state law requires all businesses to fork it over after 5 years. In addition, it is increasingly common in our area for courts to place money there to satisfy judgments when the creditor cannot be found but the debtor needs to satisfy a judgment to get it off their records and it off the land record liens. Several payday lenders and consumer credit companies went under after 2008 with a lot of judgments against people on the books and satisfying it through the court is their only real option to clear the liens. The court calculates the payoff, you pay it to them, and they enter an order releasing the lien and turning the money over to the state's unclaimed property.
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I looked at my state, to your knowledge, is it just the property page, or is there a separate cash page. I'm only asking because I presume they are one and the same, however, when I first searched it, there was a property and a money hit. Linked the property first, thinking the money hit sounds like a scam, and then went back and couldn't find the money hit.

I would recommend to anyone that does this to make sure it is from the official state website.

Would you agree Kacper?
 
Yaya said:
I looked at my state, to your knowledge, is it just the property page, or is there a separate cash page. I'm only asking because I presume they are one and the same, however, when I first searched it, there was a property and a money hit. Linked the property first, thinking the money hit sounds like a scam, and then went back and couldn't find the money hit.

I would recommend to anyone that does this to make sure it is from the official state website.

Would you agree Kacper?
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I only go to official state websites to search, yes.
 
CFM said:
You described yourself perfectly, BOY. When you were raised by trash, the only thing you could become was landfill garbage.
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I seriously doubt that. He'd probably fail the TCLP. Most JPP members are toxic. He would probably have to be fuels blended. You however would without a doubt have to be incinerated. No Landfill in the US would take you. Not even in Texas. Mississippi might...but then again Mississippi is a landfill.
 
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