Unclaimed funds may be the most underrated resource for solving your financial problems. Have you ever heard of unclaimed funds, also known as dormant funds or unclaimed assets? It's estimated that hundreds of billions of dollars in unclaimed funds are waiting to be claimed by their rightful owners. That could rescue those struggling with financial issues ranging from saving for retirement or college, paying down debt, or managing a budget.
 

What Are Unclaimed Funds?

Unclaimed funds are money and other assets abandoned or otherwise forgotten by the owner. It can include forgotten bank accounts, uncashed checks, inherited money, lost wages, stocks and bonds, tax refunds, and even expired gift cards. They're held in trust or as state property until their rightful owners or heirs recover them.

If they fail to do so, these funds become part of the billions of unclaimed dollars held in trust by state and federal agencies. The beauty is that the holding agencies give time for the rightful owners of such funds to claim them, and if they don't, the money remains in government coffers. Therefore, you still have time to search for and claim these funds if they're owed to you.
 

How Can You Find Unclaimed Funds?

Finding unclaimed funds is easier than you may think. All states have a department in charge of handling unclaimed funds and other assets, usually the state treasurer's office. If you are entitled to unclaimed funds, search your state's website or contact the office directly. Some states also have websites that allow you to search for unclaimed funds online. You may also locate unclaimed money owed through the national database, MissingMoney.com.
 

Getting Your Money

Claiming the funds is straightforward after locating them. It's important to remember that you must provide proof of your identity and evidence that the funds belong to you. You may need to provide a copy of your birth certificate and other documents relating to the funds, such as a bank statement. It's also important to know that fees may be associated with claiming your funds, typically a small processing fee of around $20.
 

How Can Unclaimed Funds Help Solve Your Financial Problems?

Unclaimed funds may be the financial boost you need to help solve your financial problems. Whether paying down debt, saving for retirement, or even having extra monthly bills, unclaimed funds can make a huge difference. The holder won't recall the money since it is already yours. It can help you start an emergency fund or invest in other assets that bring you long-term wealth.
 

How To Claim a Deceased Relative's Funds

After the passing of a relative, families may be left to grapple with grief. They may also deal with potential funds or property that need to be collected to uphold the terms of their loved one's estate. Claiming those funds may seem daunting at first. However, follow the proper steps to simplify the process and recover your loved one's money.

Start by contacting local government offices and bank representatives to determine how best to initiate the claim process for any assets or accounts the deceased had. The information might require evidence such as a death certificate or legal documents proving an appointed executor. Therefore, ensure these items are gathered beforehand. Additionally, if the deceased had unpaid debts, filing claim paperwork is vital to care for them. Following these steps can help families navigate this difficult time more easily and ensure you divide all necessary funds according to the departed relative's wishes.
 

Staying Away From Scams

Unfortunately, with the growing popularity of tracking down these assets, unscrupulous individuals have emerged. Digging into unclaimed or lost money should be handled with caution and vigilance to ensure you don't fall into a scam.

When researching claims to open or unknown assets, rely on reliable and verified sources such as state governments or accredited agencies that locate abandoned money. Following their instructions will ensure you're not losing any potential earnings on invalid or outdated resources that won't help your search.

Unclaimed funds are a forgotten resource. Many must realize that money and other assets may be waiting to be claimed. Taking the time to search for and claim any unclaimed funds you may be entitled to can help solve your financial problems and provide you with much-needed extra funds. You can search them through your state's website or on the national database, MissingMoney.com. You could easily reclaim those forgotten funds and improve your financial well-being with some effort.