Triggered by a short article on unclaimed property in one of AARP's monthly publications, it got me checking on the Rules for Remitting Unclaimed Property.
Finally found this website Unclaimed Property Laws by State. Pick you State and you can review each state's seizure rules and definition for a variety of personal property.
Each class of property has its own timetable for when a business must turnover "abandoned" property with 3 years being fairly common.
In Arizona, your safe deposit can be presumed to be "abandoned" after ONE year; in Oregon 2years. The more aggressive a state is on tax collection, the shorter the time for forcing assets to be turned over. In Oregon, they also require Fiduciaries to remit assets "abandoned" in only 2 years!
These so-call "abandoned" assets are not uncommonly associated with seniors who have "lost track" of where stuff is. I found my assets from my deceased Mom resulting from a demutualization resulting in recovery of several thousand after multiple messages and certifications being mailed to AZ Unclaimed property division.
States are suppose to performed diligent task to find owners but there is really no oversight or enforcement of any standard of "diligence".
I visited our safe deposit box to get a car title last week and was amazed it had been 3 years since I last signed in. So time flys if you are not watching the calendar.
YMMV
Nwsteve
Finally found this website Unclaimed Property Laws by State. Pick you State and you can review each state's seizure rules and definition for a variety of personal property.
Each class of property has its own timetable for when a business must turnover "abandoned" property with 3 years being fairly common.
In Arizona, your safe deposit can be presumed to be "abandoned" after ONE year; in Oregon 2years. The more aggressive a state is on tax collection, the shorter the time for forcing assets to be turned over. In Oregon, they also require Fiduciaries to remit assets "abandoned" in only 2 years!
These so-call "abandoned" assets are not uncommonly associated with seniors who have "lost track" of where stuff is. I found my assets from my deceased Mom resulting from a demutualization resulting in recovery of several thousand after multiple messages and certifications being mailed to AZ Unclaimed property division.
States are suppose to performed diligent task to find owners but there is really no oversight or enforcement of any standard of "diligence".
I visited our safe deposit box to get a car title last week and was amazed it had been 3 years since I last signed in. So time flys if you are not watching the calendar.
YMMV
Nwsteve