It may be hard to believe but there are people who have a lot of wealth that they know nothing about. There are lots of people who dedicate a good part of their lives searching for valuables in the form of precious metals, hidden treasures, and even collectibles but few of them actually find it. And while the search for hidden treasures can be quite exciting there is a collection of treasures that most people never even think about, the Mass Unclaimed Money List.
What Is an Unclaimed Property?
According to the list, it is estimated that 1 out of 10 people have unclaimed property somewhere waiting for them to come and claim it. The unclaimed property division in Massachusetts is currently holding approximately 2.4 billion dollars worth of property, securities, and cash money. These assets could be in the form of savings accounts, stocks, bonds, unpaid wages, dividends, CDs, refunds, money orders, life insurance policies, etc. The property is labeled 'unclaimed' when the true owner cannot be contacted for at least three years and in the case of traveler's checks for a period of up to fifteen years.
How to File a Claim:
No doubt, we've all heard about someone with a rich uncle who died and left him a fortune and while some of those stories are actually true, there are other reasons why this money may have landed where it did with your name on it. Once you find your name on the Mass Unclaimed Money List, you can make a claim at any time. You will need to supply the proper documentation proving that you are the rightful owner of the property. These documents will then be analyzed for verification, and after verification, approvals will be given and your claim will be approved for payment.
There is no time limit for how long the funds will be held for the owners. According to the Massachusetts State Law, the property is held for the rightful owners 'in perpetuity.'
Watch Out for Scams:
There are services that can be very helpful in uniting you with your funds. The majority of them are quite good but there are others who are purely scam artists who claim that they can help you file the claims for your property. By law these individuals cannot charge you more than 10% of your property value and should never be paid before your property has been officially claimed and approved. Before you deal with any 'heir finder' it is advised that you contact the office of unclaimed property to make sure first that your name is on the Mass Unclaimed Money List, and second that you are dealing with an approved heir finder.
While everyone may dream of finding that pot of gold at the end of the rainbow, few will find it. But for a select few, the wealth is already waiting for them. All they have to do is check the list and see if their name is listed and the money is theirs for the taking.