Finding Lost Money

If you live in Massachusetts, you have probably seen TV commercials promoting “Find MA Money. This is not a scam, but a legitimate effort by the Commonwealth of MA to reunite residents with money they are owed - or money that was owed to a deceased relative. This is known as “Unclaimed Property.”

Unclaimed or “abandoned” property refers to property or accounts held within financial institutions, government agencies and businesses with no activity generated (or contact with the owner) regarding the property for at least one year. This typically refers to intangible goods: uncashed checks, unused gift cards, abandoned bank accounts, stock certificates, investments accounts, and unredeemed insurance policies that have been dormant for at least one year. Examples include checks sent to old addresses and never forwarded; checks sent to a wrong address; old bank and investment accounts from many years ago that were never closed; and payouts from a life insurance policy or estate where you may not have been notified as a beneficiary. A growing amount of property goes unclaimed when a family member has Alzheimer’s or another medical condition and forgets about certain assets and accounts. Unclaimed property can also be tangible goods, such as the contents of a safe deposit box.

A company will typically turn over property to the state if it has been unclaimed for three years. Once a property is officially designated by a state as “abandoned” or unclaimed, it undergoes a process known as escheatment. The state assumes ownership of the asset until the rightful owner files a claim. In some cases, a state may try to locate the rightful owner, but given how often individuals move each year, it is easy to see how a significant amount of property remains unclaimed. The total amount of unclaimed property in the US exceeded $77 Billion in 2022.

Unclaimed Property in Massachusetts

Massachusetts holds more than $3 Billion in unclaimed property. You can search on the findmassmoney.gov website to see if you have any unclaimed property. MA has an Unclaimed Property Division which is party of the state treasury office. Since 2017, the Commonwealth has returned $738 Million in cash and securities to the rightful owners. The division makes efforts to connect citizens with their abandoned property.

When searching for property online, only properties with a value of $1 or more are listed, and certain property types are excluded from the website. If you think you may have unclaimed property and nothing appears online, call customer service: 617.367.0400. To search, enter your last name, business name or a property ID. Adding a full first name helps narrow down the search. If you find a match online, you can select the “File Your Claim” button and follow the instructions.

Unclaimed Property Outside Massachusetts

If you think you may have unclaimed property outside of Massachusetts, check out missingmoney.com, the official unclaimed property website of the National Association of State Treasurers. All US states and several Canadian provinces participate through a partnership with the National Association of Unclaimed Property (NAUPA). Searching is free, safe, and secure and new properties are added daily. The IRS tool, Where’s My Refund, allows one to search for undelivered tax refunds.

Final Note

There is no time limit on when you can reclaim your property, but most states know that only a fraction of the property will ever be claimed by its rightful owners. States have diverted the funds into a general fund which serves a public purpose, such as literacy programs.

Given the volume of unclaimed property, experts recommend checking your state’s website once or twice a year – for yourself and for close family members. Happy hunting!

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Best regards,

Janet Rhodes Friedman, CFP®, CDFA®, MBA

Janet@PlanWithFPS.com

617-630-4978

Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. Financial Planning Solutions, LLC (FPS) provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS. Please see important disclosures link at the bottom of this page.