The state of Washington may be holding unclaimed money for you. Here’s how to check online
There’s a chance that the state of Washington is holding unclaimed money that belongs to you, or maybe even a close family member who is deceased. All you have to do is claim it.
The Evergreen State calls it “unclaimed property,” and it’s money that finds its way into the hands of the state government when a business or company closes or loses contact with a customer for an extended period of time. Most states track such property and try to return it through unclaimed property lists and searchable websites.
According to the Washington State Department of Revenue, they have returned over $1.2 billion in unclaimed property to Washingtonians. You can search for your name in the office’s database to see if you have any unclaimed property by visiting ucp.dor.wa.gov and submitting a claim online if you have money available.
What is unclaimed property in WA?
Firstly, why is money being described as property?
According to the Department of Revenue, “unclaimed property is unclaimed or abandoned intangible property. It represents a certain obligation a company is holding for another person or business.”
Unclaimed property can come from numerous sources, including checking and savings accounts held with a bank to stocks, bonds and mutual funds. Whenever a corporation loses contact with its customer and does not know how to reestablish contact, the state government holds the money.
Most property is considered abandoned if left inactive for three years. Businesses are required to report abandoned property and can do so by filling out a form on the Department of Revenue’s website.
Reasons for a company to lose contact with a customer are numerous, such as an error in updating an address or name after marriage or divorce, the death of the owner, or even just forgetfulness on the part of the customer.
Claiming property in Washington state
All unclaimed money is available forever, according to the Department of Revenue. Claiming money for yourself only requires appropriate identification, such as a driver’s license, but Washingtonians can also claim unclaimed property of deceased relatives.
Relatives have the right to claim property for a dead relative if they are an heir or beneficiary to the owner. A personal representative of the deceased owner can also claim property if their estate is in probate.
To claim the property of a dead relative, the claimant must include a copy of the death certificate and documentation of how the claimant is related to the deceased.
For people whose name has changed, proof of a name change through a marriage certificate, divorce decree, adoption papers, or certificate of name change is required.
This story was originally published November 1, 2022 at 7:20 AM with the headline "The state of Washington may be holding unclaimed money for you. Here’s how to check online."
