California May Owe You Money

The state of California is trying to return 70.4 million unclaimed properties worth nearly $12 billion to its rightful owners. Could something be yours?

California's unclaimed property laws require corporations, business associations, financial institutions, insurance companies, and others, to turn over and report annually to the Office of the State Controller after having had no contact with the owner for more than three years. Sometimes what happens is that the owner forgets that the account exists, moves and leaves no forwarding address. In some cases, the owner dies and the heirs have no knowledge about the property.

Unclaimed property is generally defined as any financial asset left inactive by its owner for a period of time, typically three years. California unclaimed property law does not include real estate.

The most common types of unclaimed property are:

• Bank accounts and safe deposit box contents
• Stocks, mutual funds, bonds, and dividends
• Uncashed cashier’s checks and money orders
• Certificates of deposit
• Matured or terminated insurance policies
• Estates
• Mineral interests and royalty payments
• Trust funds and escrow accounts
• Utility account deposits

To find potential money, visit the State Controller’s Office and look up the Database of Unclaimed Properties for money that the state may owe you.

As always, please contact our office if you have any questions or if we can assist you with state-related issues.