Undoubtedly, the coronavirus’s economic effects have left many Americans trying to make ends meet. You should undoubtedly think about reclaiming all of the unclaimed money that is due to you if you are now in need of money. The estimated $2 billion in unclaimed funds being held by the State of Florida are available for the claim at any time by their rightful owners.
What does Florida consider to be unclaimed money?
Financial assets that have been abandoned or left unclaimed by their owners for an extended length of time are referred to as unclaimed money Florida. Typically, a bank, financial institution, or company holds the funds on behalf of the owner. A considerable period of time, usually more than a year, must pass before the institution holding the assets was able to contact the owner for the money to be termed unclaimed.
The state government collects the funds for storage once this time period has passed. Unclaimed financial assets in Florida are often transferred to the state school fund for use in funding public education. However, there is no statute of limitations on unclaimed money, so owners can make a free claim at any time for their financial assets.
Florida Unclaimed Money Types
The following common financial assets can be viewed as unclaimed funds in Florida:
escrow accounts
Money market accounts
Stocks
Bonds
canceled dividend checks
Securities
refunds of state taxes
Expired insurance coverage
Royalties
tax refunds
The state of Florida also gathers tangible unclaimed money in the form of jewelry, coins, stamps, historical artifacts, and timepieces in addition to these intangible financial assets.
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How much unclaimed money in Florida
Florida’s Chief Financial Officer now has $2 billion in unclaimed property. This unclaimed property is primarily made up of stocks, trust funds, dormant accounts, and insurance firms. In addition to intangible items like watches, jewelry, and currency stamps, the unclaimed property also contains some of these.
Unclaimed funds in Florida are often placed in the state school fund and used for public education until their rightful owners come forward and claim them, as was previously said. An individual may submit a claim for their unclaimed funds at any time.
Contrarily, the government only keeps tangible assets for a two-year period before auctioning them off. The sale’s revenues are subsequently placed into the owner’s account, where they are then available for withdrawal whenever needed.
How to find Unclaimed Money in Florida
You must first decide whether you are looking for unclaimed money for yourself or for someone else before you start your search. It is advised to do a search for any family members or relatives who may have passed away and left you some money if you are looking for unclaimed property for yourself.
Whatever the situation, it is essential to obtain personal details about the owner of the cash to make the search process easier. You should also have information on any employers, unions, or other organizations that may have held funds for you or the deceased individual, in addition to basic information like name, address, and social security number. You must also present evidence establishing your legitimacy if you are looking for unclaimed funds on behalf of a deceased person.
Unclaimed money is a widespread issue that includes pensions, tax refunds, treasury bonds, and life insurance policies. Therefore, it is a good idea to check databases on the IRS, U.S. Treasury, and Pension Benefit Guaranty Corporation websites while conducting a nationwide unclaimed money search.
Make sure to check all variations of your name or the deceased’s name whenever you search for unclaimed money. You can perform searches using your first name, last name, married names, maiden names, and nicknames, for instance. You can use a third-party service to conduct these searches for you if you don’t have the time to do so yourself. But keep in mind that they will bill you a portion of the money they make as payment for their services.
How Can I Recover Florida Unclaimed Funds?
The interactive state treasury website can be searched as the initial step in claiming unclaimed funds in Florida. This official page is always open and costs nothing to see. When you have discovered your unclaimed property, you must fill out a claim form to begin the process of recovering the assets.
Each claim form outlines the supporting evidence a claimant must submit to establish their right to the unclaimed property. These include identification, the most recent address, a driver’s license, or any other official document. The death certificate of the owner, along with the identity and signed claim forms for each of the heirs, must be provided if you are filing a claim on behalf of a deceased relative.
You have up to 90 days to wait for a decision after submitting the claim form to the Department. The status of your claim can be followed up on, though, via https://www.fltreasurehunt.gov.
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