Many Californians nowadays do not realize that part of that money could be theirs for the taking. Lost money in California amounts to billions, roughly about $300 million yearly and is accumulated when accounts become stale or dormant, or financial benefits remain unclaimed.
Under the state laws of California, escheat or unclaimed property goes directly to the Treasury Department if owners of these assets do not claim them. What can comprise as lost money in California? It could be anything from forgotten bank and checking accounts, uncashed checks and money orders, gift certificates, mineral deposits, salary checks, mineral deposits, unclaimed tax refunds and any other financial instrument. Once these are handed over to the state, these unclaimed assets can be recovered by the rightful owner within three years. Failure to do so will result to forfeiture of the said assets in favor of the state.
Lost money in California can serve as the state’s general fund until claimed by the owner. The state of California tops the chart since its coffers are filled with unclaimed assets. Under the law it is mandatory that the state exert all efforts to have these assets returned. Lost money in California has generated around $5 billion from more than $11 million dormant accounts.
Why should you care about unclaimed assets? Lost money in California could be yours! Years back, the officials of California were heavily criticized for failing to return unclaimed assets, even to well-known celebrities like Angelina Jolie, Brad Pitt, Adam Sandler, ZsaZsa Gabor and a whole lot more. It seemed that they wanted to keep the money to balance California’s budget deficit and were supposedly in difficulty of locating the owners of the lost money.
The California State has sent out memos to remind people of any unclaimed asset that rightfully belongs to them. Californians may do an online search regarding any unclaimed cash in their name. Databases make this search easier. Even local and National newspapers have published lists of persons who can legally claim these assets.
Lost money in California can prove to be a solution to the state’s budget deficiency. If this remains unclaimed, the state may explore means to explore the possibility of using it to fill up the state’s coffers. If you think you are entitled to these unclaimed assets then make your claim now before the three year period expires.