Unclaimed California Property and Money
Unclaimed property refers to a house, boat, condo, or anything that’s a financial asset that has been abandoned for more than three years. Not everything can be claimed in California. The most common unclaimed assets include:
- Safe deposit boxes
- Accounts in escrow
- Royalty payments
- Old insurance policies
- Cashiers checks that haven’t been cashed
- Insurance policies
In most cases, unclaimed properties are returned to owners in form of checks from the state of California.
How Does California Get Unclaimed Property and Money?
California unclaimed property can easily be obtained. If an account is neglected or there isn’t any activity in a three-year period California law requires banks, insurance companies, corporations, and any other associations to report it to State Controllers Office every year.
It is common for someone to forget that they have an existing account or move. The state will try to contact the owner by mail if that fails State Controller’s Office will take charge of the property. In some cases, the owner passes and there isn’t anyone to take ownership.
How Does California Try to Find the Property Owner?
Unclaimed property in California is more common than you think. CA has a large number of unclaimed properties that are estimated at $0.01 and up. Click here to check if you have any unclaimed money. California tries to find property owners by requiring businesses, banks, insurance companies, and corporations to attempt to contact owners by law before reporting it to the State Controller’s Office.
These companies are required to send a written notice to the owner’s last known address. Letting them know that the property will be going to the State Controller’s Office for safe seeking if the rightful property owner does not take the proper procedure to retrieve it.
The State Controller’s Office mails notices to owners across California letting them know that it will be transferred to the state. These mail notices are sent out before the transfer occurs. Giving the unclaimed property owner a chance to reclaim property directly from the original company.
Do I Need A Warrant To Claim My Unclaimed Property or Money?
You do not need a court warrant or an attorney to claim unclaimed property or money. All that’s required is for the property or money to be in your name and know your social security number on file. Filling with the superior court of Los Angeles, California is not required. Watch the tutorial video here.