How does some free money sound to you? Yeah, that’s what we thought!
Unclaimed property is a bit like that. Washington state’s Department of Revenue put out a recent report that probably means a lot of smiles have been popping up around the state.
Here are Five Fast Facts on unclaimed property in the Evergreen State:
- 🔍 Unclaimed What? - Unclaimed funds or property is money or assets whose rightful owner can’t be tracked down. Assets are usually turned over to the state government after a period of time has passed without the owner being found. If it sits there long enough (five years in most states), it can then be claimed by anyone who can show a reasonable right to being the owner. Ooh, ooh, pick me pick me pick me!
- 💸 How Does This Happen? - It can happen in different ways. One example is if a taxpayer is owed a tax refund check but moves away before the check arrives and the tax authority doesn’t get the forwarding address. Bank failures or unclaimed pensions can also result in people who aren’t aware they are owed money, or maybe they know they are owed but don’t know who to contact about it. Folks who die without a will or close relatives might also be a source of unclaimed property. Sorry for your loss…and thank you for the cash!
- 😲 Breaking Records - The WA DOR has returned a record $138.9 million in unclaimed property over the past year! This is a huge increase from the $89.4 million returned last year. Can we say “make it rain?!”
- 📈 There’s More Coming - State law requires businesses and organizations to check their records every year to see if they have any property or assets that need to be turned in to the state. This year a whopping $322 million was reported, over $75 million more than last year. So, stay tuned (we sure will)…
- 👏 Automagic Returns - The state also launched a new program that automatically returns unclaimed property to residents if their ownership can be identified…even if they don’t actually submit a claim! So far, over 9,000 checks have been sent out, returning $1.2 million. The only thing better than free money is free money that comes directly to you!
🔥Bottom line: While an ideal world would always result in everyone getting the property or assets they are meant to have, that’s just not reality. This system of unclaimed property is great for (eventually) getting stuff back to the owners, or at least someone in the family. Either way, it’s kind of like getting a random Christmas present, or maybe even a full Paycheck out of the blue. You can check to see if you’ve got anything to claim here.
Have you ever gotten unclaimed property or assets, or know anyone else who has?
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