Unclaimed Property

Researching and preserving my family’s history is very rewarding, in a personal sort of way.  What I didn’t count on, but was delighted to discover, was that my reward would also come in the form of dollars and cents.

1974 was a very busy time for my wife and me.  We began the year living in an apartment near Western Ave. and Beverly Blvd. in Los Angeles.  By April, we had moved into our first house, a two-bedroom, one-bath, stucco home in the San Fernando Valley.

The house had an addition on the back, hardwood floors, plus a big yard and a pool, which made it one of the more expensive homes on the block.  The price: $27, 500. Seriously.

Finding the house, searching for a lender, scraping together the down payment, meeting with realtors, signing papers and shopping for new furniture, all combined to make the spring of 1974 one big, blurry whirlwind.

Fast forward to 2010.  That’s when I began work on wikiHomePages.com, a website where people upload and post photos and stories of houses and apartments they or their family once called home.  As part of my research, I sorted through photos I had taken in and around my former homes and any papers I had saved pertaining to those addresses.

Seeing those street names and numbers again after so many years got me thinking.  I had heard stories about unclaimed property—money left behind in bank accounts and other abandoned financial assets—that sometimes get lost when people move.  I felt it was a long shot, but I decided to check it out.

My first stop was MissingMoney.com, a website that handles free unclaimed property searches for a number of states. I scrolled through a long list of people with my same name, but none of my old street addresses showed up.

California maintains its own website for lost property searches and claims.  I entered my name again and began scrolling through a list of L.A. addresses, convinced I was wasting my time.

Finding money is the kind of thing that happens to other people, not me.  And even if I did have cash due me, it would probably amount to one or two cents gathering dust in a long dormant checking account. So, imagine my surprise when up pops my old apartment address on Harvard Blvd.  An even bigger surprise was the amount due me: $284.40.

My “found money” was from an insurance policy that I cancelled early in 1974 while living at the apartment.  I recall being told by the insurance company that the policy had some cash value, but I didn’t expect it to amount to much.

Somehow the check was never forwarded when we moved to our new house.  There was so much else going on that year, that I simply forgot about it.

The next step to get the money took some time.  I had to fill out a lot of paperwork to prove my identity to the state of California and waited over 3 months for the check to arrive.  It took 36 years to bring me and my money together, but I’m not complaining.  Better late than never.

The total value of unclaimed property held by the states is estimated at over $32 billion.  If you’ve moved often, it’s well worth your time and effort to do an online search to find out if any of that money belongs to you.  And here’s something else to think about.  Unclaimed property is held forever.  As in Until The End of Time.  If you discover property belonging to a deceased relative—even one who died many years ago—and can prove you’re a rightful heir, you too could have a check headed your way.  Just remember to provide the state with your correct mailing address.  Especially if you’re in the process of moving and don’t want to wait decades for the check to catch up with you.

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