We all dream of a sudden windfall, but we also accept the reality that we probably don’t have a long-lost relative who’s left us an inheritance. Or is that reality? According to The National Association of Unclaimed Property Administration (NAUPA), state governments returned more than $2.8 billion in unclaimed property to rightful owners last year.
The Unclaimed Property Division of the Indiana Attorney General Todd Rokita says that over 57,000 Hoosiers claimed property last year through the office. There is currently more than $632 million held by the division, and you can find out if any of it belongs to you through a quick, free, and simple unclaimed property search.
Why Would I Have Unclaimed Property from Relatives?
There could be several reasons why a person would have unclaimed property, including:
- They opened a bank account or investment account and forgot about it
- Their family member died without a will (intestate) and the personal representative was unable to locate the legal heirs and give them the property due to them per intestate succession laws and state law
- A beneficiary predeceased the testator or grantor of a trust and there is no contingent beneficiary
- The estate was probated without knowing of the existence of the property
- The heirs may be difficult to locate because they have a common name, moved away, or are from another generation as the original heir
- The testator forgot to include an asset in their last will and testament
- The executor or personal representative may not have had access to the property, such as not having a password to access an online account or the key to access a safe deposit box
While millions of dollars in unclaimed property seems outlandish, these and other mistakes or oversights can quickly add up to a sizable sum.
Types of Unclaimed Property
When you hear about unclaimed property, you’re probably thinking about cold, hard cash. However, unclaimed property can refer to various types of property, such as:
- Unclaimed money
- Checking accounts, savings deposits, and other types of bank accounts
- Certificates of deposit
- Uncashed checks and/or money orders
- Stocks, bonds, and other securities
- Real property, including houses and land
- Safe deposit boxes
- Cars, boats, planes, or other vehicles
- Individual retirement accounts (IRAs) or employer-sponsored retirement accounts
- Life insurance benefits
- Digital assets
- Refunds, overpayments, and deposits
Claims for Indiana Unclaimed Property
Indiana law requires most businesses and government agencies to report and remit unclaimed property to the Indiana Attorney General’s Unclaimed Property Division when the owner of the property cannot be found. The holder of the property must attempt to contact the original owner. If the rightful owners cannot be located, the property may be considered abandoned after a certain dormancy period. The relevant dormancy period depends on the type of property and NAUPA codes, which can range anywhere from one to fifteen years. A holder report must be filed and the property remitted, or the business or organization can face penalties. If the property remains unclaimed after the applicable dormancy period, the property could escheat to the state.
The rightful owners of Indiana unclaimed money or property may be the original owners, or it could be their legal heirs. You can find out if you have any such property by visiting the unclaimed property website at indianaunclaimed.gov and following these steps:
- Review the relevant directions. The process is slightly different for different types of claims, such as original owner, business, or heir claims.
- Input all of the information you have in the fields, including the business name or last name of the owner, first name, city, zip code and property ID.
- Review the results for any unclaimed property you believe belongs to you.
- Click on the property.
- Upload additional documentation to show you are the rightful owner, such as a birth certificate, last will and testament, trust, or other documentation.
- Click on “File Your Claim.”
You will receive an email confirming your submission and explaining your next steps in the process.
Who Can Claim Unclaimed Property in Indiana?
The indianaunclaimed.gov site lists the following individuals and entities that can file an unclaimed property claim:
| Claimant Relationship | Definition |
| Owner | A living person who originally owned the asset in their name |
| Business | The owner of a business or someone legally authorized or appointed to make decisions about business property |
| Closed business | The previous owner of the reported business |
| Heir – Small estate | A legally entitled beneficiary of a deceased person when no probate proceedings were held for the estate |
| Heir – Closed estate | A legally entitled beneficiary, executor, or personal representative of a property owner and there was a probate proceeding but the estate is now closed |
| Heir – Open estate | A legally entitled beneficiary of a property owner who has passed away and there are current probate proceedings for the estate |
| Legal representative | A legally authorized or appointed individual to act on the original owner’s behalf, such as a power of attorney, custodian, trustee, or guardian |
How Can You Check the Status of Your Claim?
Check your email for a message from the Unclaimed Property Division that confirmed your claim. This email will have a Claim ID. On the unclaimed property website, you can click on the “Check the Status of Your Claim” option on the homepage from the drop-down menu. Type in your Claim ID to see the most recently processed information about your claim.
How Can I Contact the Indiana Attorney General
You can contact the Indiana Attorney General by filling out this online form, calling (317) 232-6201, or faxing (317) 232-7979. The attorney general’s office can also be reached at:
Office of the Indiana Attorney General
Indiana Government Center South
302 W. Washington St., 5th Floor
Indianapolis, IN 46204
How Can I Avoid Having Unclaimed Property in Indiana?
While your estate planning objectives may be different from someone else’s, you probably don’t want your property to go to the state. However, if you do not have a properly drafted estate plan, this could happen.
Fortunately, there are several ways you can avoid having unclaimed property in Indiana, including:
- Naming a power of attorney – A power of attorney appoints a trusted person of your choice to handle your financial affairs. You can make the power of attorney durable, meaning that the person you name will retain their powers if you become incapacitated so they can help manage your property.
- Executing a last will and testament – A last will and testament lets you decide how you want your property distributed after your death. If you include a residuary clause in your last will and testament, any unmentioned property can go to the beneficiary you designate.
- Creating a trust – A trustee manages the assets in a trust according to your directions and for the benefit of the named beneficiaries. You can leave detailed instructions on how your property should be managed.
- Completing beneficiary designations – Insurance policies, retirement accounts, and even some bank accounts allow you to name a beneficiary who should receive the proceeds at the time of your death. Complete these designations and make prompt changes if something major happens, such as death or divorce.
- Sharing online information – A lot of unclaimed property is digital, like reward points, cryptocurrency, money in online bank accounts. If you want your executor to be able to access this property, you may want to include permission to a digital executor in your last will and testament. There are online vaults that can share this information with a trusted person after you pass away.
Takeaway
The Indiana Unclaimed Property Division makes an effort to locate the rightful owners of property. However, a carefully crafted estate plan can help your loved ones inherit from you without having to go through this process.