The Role Of The NYS Office Of Unclaimed Funds

There are many reasons why we have unclaimed funds. One of the most common reasons is when the owner of the funds suddenly died without leaving a beneficiary to withdraw the funds. If the owner died and nobody knows that he or she left a sizable amount of money with the bank, then the fund will be transferred to the NYs Office of Unclaimed Funds. This office is the one who manages these funds. Notices will be given to the next of kin. After that, there will be publication in newspapers. All the expenses will be paid out of the fund which is in the possession of the custodian. If the money has been held for a long time and it was deposited in a bank, it will earn interest.

Many people have the wrong notion that once the depositor fails to claim the money after a year, it will now be considered unclaimed funds. That is not the case. The law sets a certain number of years before the money can now be placed under the jurisdiction of the NYs Office of Unclaimed Funds. We know the value of money for every depositor. He worked hard for the money that he deposited in the bank. He was preparing for a bright future for himself and his family. He might be preparing for a college plan for his kids or for an early retirement for himself and his wife. It is wise to prepare for these things while you are still young. The idea is not to force yourself to work when you are already too old and too weak to tour the world. Life is so short so we might as well enjoy it while it lasts.

If you have read the newspaper and saw that there is an unclaimed fund left by a relative who passed away and you believe that the deceased has no other relative or next of kin, then you might as well go to the NYs Office of Unclaimed Funds and file a claim. Your claim will be approved if the office finds out that your claim is valid.