Unclaimed Property – Is it Yours?

You might be surprised to find your name on the list of individuals and businesses with items of unclaimed property being held by the State of Michigan.  Types of property being held are varied but include things such as undeliverable refund, dividend or payroll checks, life insurance proceeds, and even forgotten bank balances.  Recently, Michigan has pushed financial institutions and other companies to turn over unclaimed property to the State.  This push has resulted in more and more people showing up on the lists of unclaimed property.  To find out if Michigan has any of your property, go to www.michigan.gov/treasury and click on Unclaimed Property.

Even if you checked this website a year ago, you might find that additional property has now surfaced.   Don’t wait too long though, there are deadlines involved to claim your assets before they escheat (are turned over) to the State for good.  While you are checking for your name, don’t forget to check the names of closely held businesses, friends and loved ones, living and deceased.  The Estate of a deceased person, or heir, can often file a claim as well.

It’s best to first try your last name, then narrow your search if necessary.  Also, try variations of your name (with and without middle name or initials, using maiden name and married name).  Try various spellings and  misspellings too as keystroke errors are evident on these lists.  If you find an asset that appears to be yours, another link will lead you to a form to complete to file a claim.  The State estimates that the process will take at least four months but — it should be  worth the wait!  If you need assistance with this process, call attorney Marlaine C. Teahan at 517-377-0869.