California’s Unclaimed Property: What It Is and How to Reclaim It in 2024

Discover how California holds onto billions of acres of unclaimed property and how you can retrieve what’s rightfully yours.

(Photo: cbs8.com)

Understanding Unclaimed Property

The unclaimed property encompasses various financial assets lying inactive for typically three years, including bank accounts, stocks, insurance policies, and more, totaling $11 billion in California.

Property holders, such as banks or businesses, must report unclaimed assets to the state controller’s office if there’s been no account activity. Efforts are made to contact owners before transferring assets.

Searching for your unclaimed property is easy via the state’s database. Properties labeled with P can be claimed electronically or by mail, while I or N labels require further details.

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Claiming Your Property

Filing a claim for unclaimed property is fee-free. However, involving investigators might incur charges up to 10% of the property’s value.

If the owner has passed away, heirs or representatives can file claims. Name changes require supporting documents.

Upon successful claim approval, payment is issued via check, not direct deposit. Processing times range from 180 days to a year, depending on the asset type.

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