We all have a habit of misplacing things, and sometimes, we forget about them altogether. Unclaimed property is one such thing that many of us might forget about. This can include money, stocks, uncashed checks, or even safe deposit box contents. Did you know that the state of Michigan holds more than one billion dollars in unclaimed property? The Michigan Department of Treasury is responsible for holding on to these assets until the rightful owner can be located. This blog post will give you all the information you need to know about unclaimed property in Michigan, including how to search for it and claim what is rightfully yours.
1. What is unclaimed property?
Unclaimed property can take various forms, including uncashed checks, dividends, accounts, wages, refunds, utility deposits, insurance payments, securities, and safe deposit box contents. The Michigan Department of Treasury holds property that the rightful owner has failed to claim after a certain period, typically three years. The state acting as a custodian may be responsible for safeguarding the property until the rightful owner has been identified and the claim is made.
2. What types of property are not included in the Unclaimed Property Program?
The Michigan Unclaimed Property Act does not cover real estate, vehicles, and other movable properties. In contrast, abandoned or unclaimed vehicles should be reported to the Michigan Secretary of State through the Abandoned Vehicle Unit system. Similarly, if you are looking to claim unclaimed real estate, you will have to file a claim through the courts or talk to a real estate attorney.
3. How do I search for unclaimed property in Michigan?
Fortunately, the Michigan Department of Treasury offers a hassle-free way to search for unclaimed property online. You can begin by visiting the Michigan Unclaimed Property website and entering your name or business name. If you find your name on the list, it means that you have unclaimed property currently being held by the state. You can then submit a claim online by providing your identification and the proof that shows your ownership of the unclaimed property. The claim will then be verified by the state, and you will be contacted by the Michigan Department of Treasury.
4. What documents do I need to claim my unclaimed property?
Once you have found your unclaimed property, you will need to complete and submit a claim form, along with proving your identity and the documented evidence that verifies your ownership of the unclaimed property. Make sure that all the information you provide on the claim form matches the records held by the Michigan Department of Treasury. You might also need to provide additional documents, such as a death certificate if you are claiming on behalf of someone else or a power of attorney if you are representing a business.
5. When will I receive my unclaimed property?
The process of verifying and processing your claim can vary depending on the type and amount of unclaimed property you are claiming. Some cases may be straightforward and processed quickly, while others may require additional documentation and research, which can take weeks or months. Once your claim has been approved, you should receive your unclaimed property in several weeks or months.
In conclusion, unclaimed property is a billion-dollar issue that affects Michigan residents. Although the state holds property that belongs to you, your family members, or your friends, you might not know where to look or how to claim it. However, by following the steps outlined in this blog post, you can easily search for and claim your unclaimed property in Michigan. With a little effort and time, you can get what is rightfully yours. Don’t forget to check the Michigan Unclaimed Property website and see if your name is on the list.
