While it might seem like the plot of a comedy movie, you could have unclaimed money in your name and not even know it! According to the findmassmoney.com website, Massachusetts State Treasurer Deborah B. Goldberg and the Massachusetts Unclaimed Property Division have returned over $735,000,000 to people in unclaimed property in the last five years to the rightful owners. The division still has another $3 billion it is waiting for people in the Commonwealth to claim.
If you think you might have unclaimed money in Massachusetts, read on to learn everything you want to know about unclaimed money, whether you have a viable claim, and where to look for your portion of the pie.
Unclaimed Property from Relatives
When a family member dies, they may leave behind property. This property could be reserved for a particular person, but the state may have problems locating that person. Or, the beneficiary may have died, leaving the unclaimed property to their rightful heirs. In other situations, the deceased person died intestate and their property needs to go to their heirs, which may be difficult to identify or locate.
The National Association of Unclaimed Property Administration reports that state governments successfully returned over $2.8 billion in unclaimed property to the legal owners of it last year alone.
Why Is There Unclaimed Property?
There are many reasons why there may be unclaimed property. A person may have forgotten to include an asset in their last will and testament or trust. A beneficiary may have predeceased the asset owner, and there may not be any contingent beneficiaries. The person may not have had a will and the heirs might not have been aware of the asset. The family may fill out a small estate affidavit but not know of an asset.
The executor or personal representative will attempt to locate beneficiaries and heirs and distribute them per the terms of the will or the intestate succession rules. Some may even hire a professional locator to try to track down these individuals. However, these people may be unable to be identified or located, so the property can go unclaimed.
Types of Unclaimed Property
Money is not the only type of unclaimed property a person may be able to claim. For example, unclaimed property may include:
- Bank accounts, like checking accounts, saving accounts, credit union accounts, and payable on death accounts
- Certificates of deposit (CDs)
- Unclaimed money and uncashed checks
- Stocks, bonds, and other securities
- Real property, including houses or land
- Contents of unattended safe deposit boxes
- Vehicles, watercraft, and airplanes
- Individual retirement accounts (IRAs)
- Employer-sponsored retirement accounts
- Life insurance proceeds
- Lawsuit proceeds
- Crypto assets
- Refunds and deposits
- Royalties
- Unpaid benefits from a government agency, such as Social Security
Claims for Unclaimed Property from Relatives
The Massachusetts Unclaimed Property Division holds unclaimed funds and other property until the rightful owners claim them. The rightful owner may be an original owner, or it could be their legal heirs.
To receive unclaimed property, you will need to be able to show you are the original owner of the property or your relationship to the deceased owner. You will also need to show why you are legally entitled to the unclaimed property.
The process to file a claim for unclaimed property is different in each state, but it usually involves a process in which claimants file an electronic claim and provide documentation to show they are the rightful owners.
How to Find Out if You Have Unclaimed Property in Massachusetts
You can make a claim with the Commonwealth by going to the findmassmoney.com official website and completing a fast and free search for unclaimed property. You can do this right on the Massachusetts Treasury website. You can search for property based on information, such as:
- Last name
- Business name
- First name
- City
- Property ID
You can fill out as much information as you know and get instant results. You will then see results for any unclaimed property that matches your search. You can click on the matching property and the “File Your Claim” button. You will then be asked to provide additional documentation to show you are the lawful owner.
Who Can Claim Unclaimed Property in Massachusetts?
According to the official website of the Massachusetts Unclaimed Property Division, the following individuals can claim unclaimed property in Massachusetts:
- The owner whose name was reported to the Unclaimed Property Division
- The legal representative of a deceased person whose name was reported to the Unclaimed Property Division and the estate already went through the probate process
- The legal heir of a deceased individual whose name was reported to the Unclaimed Property Division but the estate was not probated
- The authorized signatory of the business whose name was reported to the Unclaimed Property Division
- The trustee of a trust
- The agent named in the owner’s or heir’s power of attorney that was reported to the Unclaimed Property Division
How Can You Check the Status of Your Claim?
After you submit your claim, the Massachusetts Unclaimed Property Division will send finders an email with instructions for their next steps in the process. You may be required to provide additional information to show you are the rightful owner or heir.
You can check the status of your claim on the official website of the state treasurer’s office. Simply click on the “Check claim status” button and input your Claim ID to get the latest update on your claim.
It takes about six months on average to process a claim.
How Can I Contact the Massachusetts State Treasurer
You can contact the Unclaimed Property Division at unclaimedproperty@tre.state.ma.us. You can call the division at (617) 367-0400. The Massachusetts State Treasurer is located at:
Office of the State Treasurer
State House, Room 227
Boston, MA 02133
How Can I Avoid Having Unclaimed Property
If you don’t want your hard-earned money and property finding its way onto the Find Mass Money site, you can take immediate steps to prevent this from happening. The last thing you want is for the funds and property you want to pass onto your loved ones to go unclaimed.
There are several ways that you can prevent this from happening, including:
- Creating a power of attorney – A power of attorney allows you to appoint a trusted person to handle financial affairs on your behalf. By having a power of attorney in place, you may be able to delegate authority to make gifts, create or amend trusts, or take other actions to preserve your property if you become unable to manage these tasks on your own.
- Executing a last will and testament – A last will and testament lets you say what should happen to your property after your death, so you don’t have to let the estate dictate this important decision.
- Drafting a trust – A trust lets you provide directions on how your property should be managed and what happens to it in case of your death or incapacity.
- Filling out beneficiary designations – Some accounts require you to provide beneficiary designations to receive the money in them when you die. For example, you may use a beneficiary designation for the proceeds of an insurance policy or individual retirement account. Fill out these designations and periodically review them in case you need to make any changes.
- Completing payable on death designations – You can usually set up your checking and savings accounts so that the money in the account automatically goes to a person you name on a payable on death designation form.
- Keeping a password log – A lot of unclaimed property is digital in nature, such as reward points, cryptocurrency, money in online bank accounts, and so on. The executor or other responsible party may not have access or even know about online accounts. Keeping a master password and instructions may help avoid this issue.
Takeaway
Find Mass Money provides a convenient and efficient way for people to file a claim for unclaimed property. However, you can create a thorough estate plan so that your relatives don’t have to go through this hassle.