FLORIDIANS have been urged to check if the government is holding any of their forgotten assets before they get auctioned off.
Hundreds of thousands of residents could be due money or other possessions from the state’s $30 million stockpile of unclaimed assets, according to Jimmy Patronis, the chief financial officer of Florida.
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He is encouraging Floridians to head to a government website that allows residents to check a database of unclaimed property.
Florida law dictates that businesses hold onto unclaimed assets of clients or business partners for a minimum of five years.
“Right now, we’ve got money for President Trump, right now we have money Rush Limbaugh, we had a life insurance Coach Lou Holtz,” Patronis told local NBC affiliate WJHG.
And it is not just individuals that are missing funds.
“We have money for school districts. I mean, if you think about the amount of transactions that may happen, especially in a large business, there’s a lot of things that just get lost, and so the State of Florida becomes the trustee over it.”
“We like to reunite people with their money,” he added.
WHAT ARE UNCLAIMED ASSETS?
A broad range of property can fall under the umbrella of unclaimed assets.
“Unclaimed property is a financial asset that is unknown or lost, or has been left inactive, unclaimed or abandoned by its owner,” according to a web guide shared by the state of Florida.
They are often in the form of money but can also be physical property.
“The most common types of unclaimed property are dormant bank accounts, unclaimed insurance proceeds, stocks, dividends, uncashed checks, deposits, credit balances, and refunds,” the state says.
Banks are often the holders of unclaimed assets.
“Unclaimed property also includes contents from abandoned safe deposit boxes in financial institutions.”
GOING GOING GONE
All lost assets don’t wait around to be claimed forever.
“Unclaimed property assets are held by business or government entities (holders) for a set period of time, usually five years,” the government said.
Once the five-year time limit is up, companies holding the unclaimed assets must hand over the items to the state.
“If the holder is unable to locate, re-establish contact with the owner and return the asset, it is reported and remitted to the Florida Department of Financial Services, Division of Unclaimed Property,” state guidelines say.
The government holds a regular auction of unclaimed assets to free up their storage areas.
According to the claims website, the next state auction will be held in West Palm Beach August 23-24.
But monetary assets never disappear for good.
Although unclaimed assets are eventually transferred into funds for the State School Fund to support public schools, “the original amount reported can always be claimed by the owner, or his/her heirs, at no cost.”
No interest is paid on funds or other assets held by the government while unclaimed.
HOW TO FIND LOST MONEY
The US government may owe you funds – here’s the steps to take:
TREASURE HUNTING
The state of Florida has made it easier than ever to check if you may be owed unclaimed assets by the government.
All residents have to do is head to FLTreasureHunt.gov and input their first and last names into a simple form.
The site will immediately display whether assets for a resident with that name are being held by the government.
If the search comes back positive, the form gives residents an option to claim the asset and submit their information to collect payment.
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