Looking up Unclaimed Property
Use the state’s database. The state of Washington has a convenient online database where you can look to see whether the state is holding property that belongs to you or someone else. Go to: http://ucp.dor.wa.gov/. You will find spaces to enter your personal information to start the search. Put in your first and last name or your business name or a reference number if you’ve already started a claim. Click the blue search button or returning user button. Unclaimed property in Washington comes from more than just the government too. It can also come from banks, retailers, credit unions, utility companies, insurance companies, and various corporations. The Department of Revenue is the holder of the unclaimed property and, as such, administers the program in order to seek rightful owners and return the property to them.
Determine the definition of unclaimed property. The state of Washington has very precise definitions for what counts as unclaimed property. Don’t waste your time looking for something that doesn’t count. Typical unclaimed property in Washington includes such things as bank accounts, proceeds from insurance, stocks bonds or mutual funds, safe deposit box contents, utility and phone company deposits, and uncashed checks. Uncashed checks can include payroll checks, insurance payments or even traveler’s checks. Unclaimed property is defined as property being held by an organization that has not had contact with the owner for an extended period of time. Generally, it takes three years for property to be considered unclaimed. In Washington, real estate, cars, and most other physical property does not count as unclaimed property under the unclaimed property law, which is Chapter 63.29 in the state statutes.
Know your rights. Unclaimed property laws are very specific in Washington. The power of the law protects your property until it can be returned to you. There is no time limit for filing a claim to receive it back. Owners or their heirs can file to regain property that was reported since 1955. Claims are updated once a week. You might not have received a notice from the company that owed you the money if the amount was small. The one exception to this lack of a time limit for filing is that the state might auction off the contents of safety deposit boxes that remain unclaimed for five years. There’s a lot of unclaimed property out there. More than $1 billion in unclaimed property was turned over to the Washington Department of Revenue, dating back to 1955. In 2013 alone, the department received $138 million in unclaimed property, an amount that is on the rise.
Filing a Claim
File a claim by mail or online. Once you’ve found a claim that belongs to you through the state’s unclaimed property database, click the pursue claim button, and follow the screen instructions. You can choose to mail in your claim. To do so, choose the mail in option when you see the provide proof page. Print the claim voucher that pops up. The electronic form should guide you through the process of filing a claim step-by-step. This voucher will list what you need to provide to prove your claim. Send copies of the requested proof with the claim by mail. If you prefer to file the claim online, upload them to the Internet using a scanner. If you don’t have a printer, you can request that a claim form be mailed to you. Include the name found in the database or the claim inquiry number as well as your mailing address.
Contact the Department of Revenue. Maybe you don’t have a printer or have other questions about your claim. Call the Department at 1-800-435-2429 (in WA) or (360) 534-1502 between 8 a.m. and 5 p.m. Monday through Friday to request a claim form. They will send it to your house if you request it. You can also email the Department of Revenue online through their contact form. Or write to them at: Department of Revenue, Unclaimed Property Section, PO Box 47477, Olympia, WA 98504-7477. Write the claim number on every page. If submitting online and you don’t have a scanner, use a digital camera to take pictures of your proof documents and attach them. The department only accepts file types that end in: .jpg, .xls, .doc, .pdf, .tif, .txt, .png, and .gif.
Complete a business affidavit. Only complete this form if the business is open. If the business is closed, provide of a copy of its IRS Schedule K-1. The IRS Schedule K-1 form lists the shareholders of the business and their ownership of it. The business affidavit requires the signature of a notary and can be found on the Department of Revenue website. It asks you to list the total amount owed, and to attest that you are an employee or officer of the business entitled to the property. Businesses must report unclaimed property to the state if they are holding it. The state also contacts businesses if it thinks they possess unclaimed property. They are required to send written notice to the owner, if known.
Claim securities. There are special rules for owners who want to reclaim securities. It’s specified in legislation that passed in 2011. The department is supposed to sell securities as soon as practicable when it receives them. If you file a claim, and the Department has not ordered the securities sold, you can have the securities returned to you or choose to receive the net proceeds of a sale. If the Department has ordered a sale, you can choose to receive the net proceeds as of the date of the sale. Basically, the securities are thus converted to cash if sold. You are entitled to that cash if you are the owner of the securities or the owner’s heir.
Proving Required Documents
Provide requested proof. You will have to prove who you are and where you live in order to claim the property whether filing online or by mail. You should write the department an email explaining why you can’t provide the requested document if there is some problem. Use the online form to do so. In order to prove your identity, you can provide a copy of your driver’s license, passport, or other legal photo identification. If the claim is for a cashier’s check, you’re also going to need to provide the original check. To prove your address, you can provide anything that lists both your name and address, such as auto registration, marriage certificate, a bank statement, a court document, a postmarked envelope someone addressed to you, a school transcript, or a report card. If more than one person is requesting the property, each person must provide proof of identity and address. If your name has changed since the claim, you will need proof of name change.
Claim property for someone else. Perhaps you need to claim property for a living person who is unable to do it himself or herself but is still alive. This is possible. However, to claim the property under this circumstance, you will need to provide certified documents that prove you have authority to do so for the living person. Accepted documents include power of attorney, guardianship letters or a birth certificate in the case of the owner being a minor. It should take about 60 days for the department to process your claim. It can take longer if the claim involves stock or mutual funds.
Claim property for a deceased owner. If the original owner is deceased, and you’re now entitled to the property, you will need to provide additional information. If the estate is in probate, submit a certified Letter of Administration or Letters of Testamentary. If the estate is closed but was in probate before, provide a certified will copy. Only the heirs named in the will should file the claim. You must provide the heirs’ addresses. If you are claiming the property for the heirs, you will need a notarized written disclaimer from all of the heirs giving you permission. If the estate was not in probate but the deceased person has a will, provide a copy of the will and a completed affidavit of successor form. If the deceased did not have a will and you are a legal heir, fill out the affidavit of successor form. All potential heirs will be notified. If the deceased person was not a Washington resident and did not have a will or had an unprobated will, you will need to provide the will, if available, and complete a small estate affidavit for nonresident decedents.
Comments
0 comment