Because unclaimed financial properties such as trust funds are considered abandoned after three years and turned over to state unclaimed property offices, claimants can search individual state unclaimed property databases, reports CNN. They can also search the compiled database maintained by the National Association of Unclaimed Property Administrators called missingmoney.com.Continue Reading
By law, financial institutions holding trust funds must attempt to locate owners or beneficiaries, according to the National Association of Unclaimed Property Administrators. After the funds are deemed abandoned, they go to the state where the owner last resided, and state officials search for the beneficiaries. The states hold unclaimed money indefinitely and return it for free or for a small holding fee. Each state has its own searchable database where claimants can attempt to locate missing funds. Although not all states participate in missingmoney.com as of 2015, the website compiles frequently updated information from most states.
All state databases and the information available on missingmoney.com are accessible for free, according to the National Association of Unclaimed Property Administrators. Although some businesses charge fees or percentages to locate unclaimed financial properties such as trust funds, all the information available to these companies is available to the claimant without charge. Those hiring unclaimed property locators should beware of scams and investigate the businesses before signing contracts.Learn more about Financial Planning