When business ventures close, or when people move or become
incapacitated, they may lose track of property. In Georgia this means that
depending on the type of property that is misplaced, it may fall under the Georgia
unclaimed property laws. Property owners and their heirs then will have to find
out how to find unclaimed property in Georgia.
What is unclaimed property?
Unclaimed property is considered property that is abandoned
by the original owner. This sometimes occurs after someone moves or has passed
away without leaving a full list of their assets. In the case of a move, this
means that the mailing order left with the post office has expired and the
original owner has lost track of the property.
Unclaimed property classifications include paychecks, utility
deposits and even contents of safe deposit boxes. When banks, government
entities or other companies who hold assets belonging to another person are
unable to locate the original owner, there are rules in Georgia that require
the assets be turned over to the state. The period of time to locate the owner varies
from one year to 15 years depending on the asset.
Identifying unclaimed property
The Georgia Department of Revenue offers an online search for
unclaimed property. The database may be searched by last name, or an
inquiry can be made by telephone by calling (404) 968-0490. Those who find
property registered by last name should know just because a name is the same or
similar does not mean the property is theirs to claim. There are often more
than one person with the same (or similar) names.
Filing a claim for property
Those searching the unclaimed property database that believe
they have identified assets that belong to them will have to request a claim
form. This process is done from the database itself versus a direct form
download. Simply select the item from the list that you believe you have a
rightful claim to and you will be provided with additional information and an
option to request a form. The additional information should be able to clearly
show if the property belongs to the person making the inquiry by providing the
persons last known address as well as the institution that was holding the
asset.
Once confirming that the property belongs to you or a family
member and requesting the form, you will have to wait for the form to be
mailed. Once received it is imperative that you read all of the instructions
provided. The form will have to be filled out completely and specific documents
will have to be provided to the State of Georgia. Some of the typical documentation
that is required is a photo identification, a W9 form and some proof of
ownership.
It is important to note that property owners can claim
property from the State of Georgia’s unclaimed property division at any time at
no fee. Account owners, their heirs or their estates need not pay any fee for
reclaiming abandoned property. Unclaimed property in Georgia is held by the
state in perpetuity for the benefit of the owner (or heirs).