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MISCELLANEOUS
Unclaimed Property
Under Pennsylvania law, property is considered abandoned or unclaimed if someone other than the owner holds the property for seven years and has not had any contact with the owner. Unclaimed property includes inactive bank accounts, unclaimed securities, unused gift certificates, abandoned safe-deposit boxes, and abandoned merchandise. Businesses, banks, and other holders of unclaimed property are required to report to the state and to deliver to the state any property that remains unclaimed for more than seven years. All police departments are required to transfer property to the Pennsylvania Department of the Treasury if it remains unclaimed for more than one year. Reports are due by April 15 of each year and the reporters must deliver the property to the state for safekeeping.
The Treasury Department holds unclaimed money and property until it is claimed by the rightful owner or his or her heirs. Moveable unclaimed property items held by the Treasury Department generally consist of property recovered from safe-deposit boxes, stolen-property files, and decedents' estates, and even include precious jewelry, rare coins, electronics, and other valuable items. The Treasury Department periodically auctions unclaimed property. If you would like to request a search for property in your name, call 1-800-222-2046 or file a request online at: www.treasury.state.pa.us.
Updates to Pennsylvania's unclaimed property database and auction schedule are available by e-mail. You can subscribe to the Treasury Department's Unclaimed Property Bulletin at the web address listed above.
There is no time limit to claim your property. If at any time you can prove ownership of property held by the Treasury Department, you are entitled to claim the property at no charge. Furthermore, a person who can prove ownership of an item that has been auctioned is entitled to receive the cash value of the actual bid price.
You can protect yourself and your heirs by keeping accurate records of bank accounts, stocks, safe-deposit boxes, life insurance policies, and other financial assets. Be sure to cash all checks for dividends, tax refunds, insurance benefits, and wages. If you ever stop receiving dividends on an investment, be sure to follow up promptly with the company issuing the dividends. In your estate planning, notify a family member or trusted advisor of the location of your property and financial records.
If you have any questions or would like to discuss this further, please call us at (215) 322-7340.
Copyright by Lawrence R. Scheetz, 1999. |