Identifying unclaimed property
Unclaimed property does not include real estate or other physical property. In general, the only physical property that is covered under the unclaimed property laws in Nevada are safe deposit box contents, stocks and bond or traveler’s checks. Unclaimed property is always financial assets or those physical assets which are held by a financial institution (e.g., such as safe deposit boxes). It is important to note that property becomes abandoned when the owner of the account is not able to be contacted for a period of five years. This includes address changes, deposits or cashed checks for an account.
Finding unclaimed property
All businesses, organizations and government offices are required by Nevada laws to notify all inactive customers by mail at their last known address that property is going to be turned over to the State of Nevada. In the event that the customer responds the organization has a responsibility to not turn the property over, instead the account is removed from the unclaimed property list. Account owners with accounts that have a balance of less than $50 are not required to receive such notification. The property is then turned over to the Nevada State Treasurer’s office.
Once property is turned over to the Treasurer of Nevada, the property is listed in the unclaimed property database. This database is public and will contain assets that are listed under specific names.
In some cases, the State of Nevada may notify property owners via postcard or letter that they may have property being held by the state. Property that is turned over to Nevada may be claimed at any time, by the original owner or by their heirs or designated representative.
Information you need
Those who find property in the Nevada unclaimed property database will need to provide specific information to claim property. Original owners will need to provide a photo identification, verification of social security number and proof they were residing at the address listed on the original account. Claiming property is more difficult for heirs, they will have to provide certified death certificates as well as proof that the original account owner was entitled to the funds.
Those who feel they may have property being held by the Nevada State Treasurer will need to ensure they understand the correct process to find unclaimed property. The search is free, the property that is turned over to the state is held in perpetuity for the rightful owner or their heirs and there is no charge to claim property.
