February 22, 2024

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Unclaimed Property Massachusetts: What You Need To Know

3 min read
Over 53 million waiting to be claimed in Greenville

Have You Checked for Unclaimed Property in Massachusetts Lately?

Did you know that there may be unclaimed property waiting for you in Massachusetts? Many people are unaware that they may have money or other assets that they have forgotten about or didn’t even know they had. It’s important to check if you have any unclaimed property to ensure that you don’t miss out on any potential windfalls.

What is Unclaimed Property?

Unclaimed property refers to any financial asset that has been abandoned or forgotten by its rightful owner. This can include bank accounts, stocks, bonds, insurance policies, and even utility deposits. When the owner cannot be located, the property is turned over to the state’s unclaimed property division, where it is held until the owner or their heirs come forward to claim it.

How Does Property Become Unclaimed?

There are several ways in which property can become unclaimed. Sometimes, the owner may simply forget about an account or fail to update their contact information after moving. In other cases, the owner may pass away without leaving clear instructions on how to access their assets. Regardless of the reason, unclaimed property can accumulate over time and go unnoticed if individuals are not proactive in checking for it.

How to Search for Unclaimed Property in Massachusetts

Searching for unclaimed property in Massachusetts is a relatively simple process. The state has an online database where you can enter your name and search for any unclaimed property that may be registered under your name. If you find any matches, you can file a claim to retrieve your property.

Tips for Searching the Database

When searching the unclaimed property database, it’s important to try different variations of your name. For example, if your legal name is John Smith, you may also want to search for J. Smith or John S. Additionally, be sure to search for any maiden names or previous addresses that may be associated with your property.

Why Should You Check for Unclaimed Property?

Checking for unclaimed property is important because it can potentially provide you with unexpected funds. Whether it’s a forgotten bank account with a few hundred dollars or an inheritance from a long-lost relative, unclaimed property can be a welcome surprise. Additionally, by claiming your property, you prevent it from being absorbed by the state’s general fund.

Common Types of Unclaimed Property

Some common types of unclaimed property in Massachusetts include uncashed checks, dormant bank accounts, unclaimed insurance policies, and forgotten security deposits. These assets can add up over time and may be waiting for you to claim them.

Take Action and Reclaim Your Property

If you discover that you have unclaimed property in Massachusetts, it’s important to take action and file a claim. The process is typically straightforward and can be done online. You will need to provide proof of your identity and ownership of the property. Once your claim is verified, you will receive your property or its cash value.

Stay Proactive and Check Regularly

Even if you don’t find any unclaimed property during your initial search, it’s a good idea to check the database regularly. New unclaimed properties are added all the time, and you never know when you might find something that belongs to you. Make it a habit to check every few months or at least once a year to ensure you don’t miss out on any potential windfalls.

In conclusion, unclaimed property in Massachusetts is more common than you may think. By taking the time to search for and claim any unclaimed property that may belong to you, you could potentially receive unexpected funds or assets. So don’t delay, check for unclaimed property in Massachusetts today!