Unclaimed Money Texas Free
A significant number of people in Texas do not know that there is unclaimed property in their name. What normally happens is that if unclaimed property remains unclaimed for more than three years, an entity is supposed to remit that property to the Unclaimed Property Program. Unclaimed property can take the following forms:
- Gift cards
- Insurance proceeds
- Utility deposits
- Unclaimed wages
- Safe deposit boxes
- Retirement or bank accounts
- Oil royalties and more
What Leads To Unclaimed Wealth?
No one in their right minds would forget where they left a significant amount of money or wealth. So the most common reason why unclaimed wealth exists is because of people who die or become incapacitated without any warning or suddenly. For example, the wealth or assets of a family can go unclaimed if the person that controlled that wealth is incapacitated or dies suddenly. This is especially true if no other family member was aware of the accounts or property.
How To Find Unclaimed Property Or Wealth
You can go to www.claimittexas .org to see if you have any unclaimed property. You can make a claim for your unclaimed property by filing an easy to complete online form. For amounts under $5,000 all you need for your claim to be automatically approved is a proof of your Social Security Number and a copy of your Driver’s License. You can also locate unclaimed wealth by checking the person’s mail for bank statements, royalties, shares, insurance information, tax documents, retirement information and other financial information.
Most of the time people find unclaimed amounts that are below $1,000, but some people do find significant amounts of unclaimed wealth. In a situation where you find significant money or property of great value, you will definitely need a Texas unclaimed wealth lawyer to help you prove ownership of that amount or property. Your lawyer can make it easier for you to navigate the bureaucracy involved in proving that the wealth belongs to you.
What Happens After You Prove Ownership
In a situation where the person is deceased and many of the people entitled to the property are dead, heirs may have to go through a will probate before they can claim the assets. The probate process is not easy and is very expensive. So people only go through this probate process if the property in question is significant and can help them recoup their investment later when they have access to the property. An experienced estate planning attorney can explain to you in detail what to do when you find unclaimed property, and answer all your questions about the issue.
Is There A Deadline For Claiming Unclaimed Money?
No deadline exists for collecting on these claims. The amounts remain the same even if the unclaimed accounts or money have remained unclaimed for decades. Know that you will find the exact amount as it was when the state acquired the unclaimed property. More than $4 billion in unclaimed property is currently being held by the Unclaimed Property Program.