Unclaimed property takes on several forms including safe deposit box contents, security deposits on public utilities, tax refunds and more. The amount of money that is due to the rightful owner is held by the state until such time as it is claimed. Regardless of how minimal the amount of money is, the business holding the assets must report them to the Treasurer. Gift certificates are no longer considered unclaimed property; the entity holding the funds may not charge any fees for attempting to locate the owner.
The process of turning funds over to the state
State of Connecticut rules indicate that the original holder must notify the owner at their last known address six months before turning wages, refunds and other forms of compensation over to the state. There is a further requirement that any holder of property that does not fall into these categories notify the owner at least twelve months prior to turning over the funds. The exception to both of these is for safe deposit box contents. The bank that is classified as the holder may sell the assets in the box and may be entitled to recoup the fees that are associated with the sale. The funds are then turned over to the State of Connecticut to be held for the owner.
Finding the owner of assets
The State of Connecticut publishes a list of the owners of unclaimed or abandoned property at the State of Connecticut Big List. Owners or heirs of property may check the list for property that may belong to them or a decedent. Those who wish to find out if they are entitled to property may fill out
a claim form by selecting one or more properties from the list and filling in the information that is requested by the Treasurer.
Most people who wish to claim assets will be required to file a claim for along with specific documentation. These documents will include identification, proof of ownership (as required by the state) and in the event the owner is a decedent, proof of the original owners death.
About third party claimants
Connecticut encourages owners of unclaimed property to search and claim property on their own. As part of a regulatory change made in 2009, the state changed the rules for third parties who charge finders fees for this service. During the first two years after property is turned over to the state, no agreements will be honored for finders. After the two year period has lapsed, finders may not charge more than 10% of the claimed (and subsequently awarded) property value.
During Connecticut's fiscal year 2011, the Unclaimed Property Division received more than $68 million dollars in unclaimed property. During the same period of time, they were able to return more than $51 million to property owners. Currently, the unclaimed property division in Connecticut holds more than $550 in unclaimed property which is believed to be owned by more than 950,000 people.
For those who believe that they or a family member who lived in Connecticut may have property held by the Treasurer, it is a good idea to check the State of Connecticut Big List. It is possible that old wages, tax refunds or other assets may be sitting there waiting to be claimed.
