What is Unclaimed Property?

Each state has an unclaimed property department that holds unrecovered funds for businesses and individuals. These accounts do not involve tangible property and are typically in the form of cashed out stocks, bonds, bank accounts, and insurance policies. The original holder of the accounts has tried contacting the owners at the address on file, but many times the owners have moved or even passed away. Therefore, these funds become dormant and are held by the holder for five years before turning them over to the state as unclaimed.