What type of property is included?
Many people are surprised to find out that there are actually physical belongings that can be impacted by unclaimed property laws. Generally, this property is found in safe deposit boxes. Contents may include jewelry, coins, stamps or other collectibles that were stored for safekeeping.
What happens to unclaimed property?
Unclaimed property is turned over to the Arkansas Auditor of State after prescribed periods of time. Time frames vary from one year for wages and other types of funds to 15 years for travelers checks. These assets are recorded by the Auditor and held for the benefit of the owner or the estate or heirs of the owner.
Who can claim abandoned property?
Unclaimed or abandoned property that is held by the state may be claimed by the original owner (or owners), by the estate of the original owner or by the heirs of the owner. There are specific
documents which must be presented to prove the claimant is entitled to the property. In the case of the original owner, this may include proof that they lived at the address as well as photo identification. Heirs must provide a death certificate as well as proof that the original owner matches the records.
How long is abandoned property held in Arkansas?
Property that is turned over pursuant to the unclaimed property laws in Arkansas are held in perpetuity. This means that all property is available to be claimed at any time by the owner, the estate of the owner or heirs. The one exception is safe-deposit box contents which are often sold. The proceeds of these sales are then held for the rightful owners or heirs to claim at any time. There is no expiration of rights to unclaimed property.
How much does it cost to file a claim for the property?
Arkansas like most other states does not charge a fee to claim property that has been designated as abandoned or unclaimed. Although many companies offer services to potential owners, in most cases, the owner can fill out the claim forms on their own. There may be a notary fee or fees to obtain necessary records for filling out the claim, however the claim process is free.
Each year, hundreds of thousands of dollars in property is abandoned usually because someone forgot about it. Types of property that are frequently abandoned and remain unclaimed include deposits for utilities, stocks or bonds or travelers checks.
Unclaimed property laws in Arkansas ensure that abandoned property is available to the rightful owners at any time they become aware of the property. The Arkansas database of abandoned property is available for use and is free of charge.
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