Washington Unclaimed Property Guide
Each year banks, retailers, credit unions, utility companies and other businesses are required to report unclaimed property to the Department of Revenue. The state safeguarded this money until the rightful owner can be located.
Unclaimed property is money or intangible personal property held by an organization for a long time with no owner contact. The Department of Revenue oversees the state’s unclaimed property and uses a program to seek out the rightful owners. The program safeguards the property until it can be returned to its owner. Banks, retailers, credit unions, utilities, corporations, insurance companies, and governmental entities are common sources of unclaimed property. Unclaimed property is not limited to cash and checks but includes life insurance policies, annuities, dividends, and uncashed payroll or traveler’s cheques.
Businesses review their records each year to determine if they have unclaimed property and report it to the state. The Department of Revenue holds the property until it is claimed by the owner or their heirs. The state’s unclaimed property program currently has over $3 billion in assets. The program is free to the public.
Each year, Washington unclaimed property program reports and remits a record-breaking amount of money to its rightful owners. The department has an online database that allows interested parties to search for their unclaimed money. The database is a great tool for those who are interested in finding their lost money. This information can be used to pay bills, save for the future, or donate to a charitable cause.
How to Claim Abandoned Property in Washington?
Investing in abandoned property in Washington can be a lucrative and rewarding endeavor. However, it is important to understand the rules and regulations regarding this type of investment before moving forward. This includes determining the proper type of real estate asset and ensuring that any taxes owed are paid in full. In addition, it is crucial to understand the potential liabilities that may be associated with owning abandoned property.
The state of Washington holds unclaimed property belonging to residents and businesses. This includes money, securities, utility deposits, safe deposit box contents, insurance payments, and more. The Department of Revenue oversees the collection and safeguarding of these properties until they are claimed by their rightful owners. Banks, retailers, credit unions, utilities, and many other businesses report unclaimed property annually by Oct. 31 to the state.
Individuals looking to uncover abandoned property in Washington can do so by searching public records for information about potential assets. Once found, these individuals must then submit a claim form to the appropriate government agency. Once a claim is submitted, the department will review it and notify the individual of any potential ownership rights. In some cases, the property owner may need to provide additional documentation in order to prove their identity and eligibility. In these instances, consulting with an attorney who can help navigate the process is essential.
