Georgia Unclaimed Property – How to Find Unclaimed Property in Georgia?

The state of Georgia reports that millions of dollars in unclaimed property were returned to residents last year alone. That’s money from inactive bank accounts, refunds, contents of safe deposit boxes, shares of stock, and more. People lose track of financial assets or property for a variety of reasons, including moving and not updating their address or the death of a loved one who left no will. The state has a secure and free website to help find missing assets.

Under Georgia’s Disposition of Abandoned Property Act, anyone who holds property (the “holder”) must report it to the state after a certain amount of time passes without contact with the owner. Known as the dormancy period, this time varies by type of property. The holder must then turn over the property to the state agency, which adds it to the government list and makes it available to the public. The holder must also submit a report describing the property and include detailed information to help the state identify the owner. Holders who fail to report or escheat property are subject to severe monetary penalties.

The state of Georgia offers an online search tool for claiming abandoned property. The site allows users to search by name, location and other criteria and provides instructions for filing a claim. The site will notify the applicant if they are eligible for a payout. Immediate family members and other relatives of deceased individuals can also file claims on behalf of a relative.

How to Claim Abandoned Property in Georgia?

The process for claiming abandoned property in Georgia is similar to the process used by most other states. Once a certain amount of time has passed without any activity, the property enters into “dormancy” status, which means that it can be claimed by an individual. The dormancy period for each type of property varies, but it is usually around 3-5 years.

Before a company can report unclaimed property to the state, it must conduct thorough due diligence to locate the owners. This can include sending letters to individuals who have not contacted the business for several years, checking public records, and publishing a notice in the local newspaper.

Once the dormancy period has expired, the company can then file a claim with the state. If the claim is successful, the company will be awarded the title of the property. Individuals with a legal right to the property can also claim it, but they must follow specific rules and procedures.