How to Claim Abandoned Property in California

By CMCP, Professional Asset Investigators/Finders

Introduction:

Claiming abandoned property in California can be a simple process if you know the right steps to take. Whether it’s forgotten bank accounts, insurance payouts, or uncashed checks, the State of California has a streamlined system to help you recover what is rightfully yours. Follow this detailed guide from Claim My California Property to ensure that your claim is successful.

Welcome to the Guide on Claiming Abandoned Property in California

Understanding California’s Unclaimed Property Program

In California, forgotten financial assets such as bank accounts, insurance payouts, stocks, and uncashed checks are safeguarded by the State Controller’s Office through a robust system designed to protect and eventually reunite these assets with their rightful owners. This initiative, known as the Unclaimed Property Program, plays a pivotal role in managing properties that have remained dormant for typically three years.

The Role of the California State Controller’s Office

The California State Controller’s Office is at the heart of this program, ensuring these unclaimed assets are protected and made easily reclaimable. They maintain a comprehensive and accessible database that allows Californians to search for and claim their lost property, free of charge.

Protecting and Reclaiming Your Assets

The Unclaimed Property Program also helps businesses remain compliant and transparent by transferring dormant accounts to the state. The Controller’s Office offers an efficient online portal where claims can be filed quickly.

Impact and Statistics of Unclaimed Property in California

Total Unclaimed Property Value: Over $11 billion in assets is currently held.
Residents Affected: 1 in 7 Californians have unclaimed property.
Annual Claims: In FY 2021, over $330 million was returned.

These figures underscore the importance of regularly checking for unclaimed property you might be owed.

Types of Unclaimed Property

Bank accounts and safe deposit box contents
Stocks, bonds, and dividends
Uncashed checks, including payroll
Utility refunds and deposits
Insurance policy proceeds
Certificates of deposit
Trust funds and escrow accounts

Actively Raising Awareness

The State Controller’s Office frequently promotes awareness, encouraging residents to search for lost or forgotten assets and helping them reclaim what is rightfully theirs.

What is Unclaimed or Abandoned Property?

Unclaimed property, also known as abandoned property, includes financial assets that have gone unclaimed due to lost contact with the owner. Learn more about this here.

How Property Becomes Unclaimed

Typically, after 1-3 years of no activity or contact, property is classified as unclaimed. This can result from moving, forgetting accounts, or not knowing you’re a beneficiary. Find out how this happens here.

Government Role in Unclaimed Property

Each state has a legal responsibility to manage these assets. California’s Controller collects and safeguards them until claimed.

Claiming Process

Assets remain claimable indefinitely. Use this tool to search for and claim your property.

Prevention Tips

To prevent property from becoming unclaimed:

Maintain updated records
Promptly cash checks
Track all financial accounts

Learn more prevention tips here.

What is the California Department Responsible?

The California State Controller’s Office administers the program and maintains the searchable online database.

Value of Unclaimed Property

The current total is over $11.9 billion, and it continues to grow. Learn how the fund grows here.

Most Commonly Abandoned Assets

These include:

How the State Handles and Benefits from Unclaimed Property

Assets are safeguarded.
Cash earns interest.
Stocks and bonds may be sold and the cash held.
Revenue helps cover administrative costs but must be returned to rightful owners on claim.
Learn more here.

How to Claim Your California Property

Step 1: Visit the SCO Website

Begin at the official portal for unclaimed property.

Step 2: Search for Your Property

Use filters like name variations, former addresses, or business names. More tips here.

Step 3: Select the Property You Want to Claim

Click the Property ID and start your claim through this secure link.

Step 4: Provide Required Documentation

You’ll need to upload:

Valid ID
Proof of address
Proof of ownership
Find full document requirements here.

Step 5: Submit Your Claim

Claims can be submitted online or by mail. Find full submission instructions here.

Step 6: Track Your Claim

Track your claim online using your claim ID. Updates available here.

Step 7: Receive Your Property

Payment will typically arrive within 90-120 days. Learn more here.

Frequently Asked Questions (FAQs)

What types of property can be claimed? Answer
Is there a time limit? No, claims can be made anytime. Learn more
Missing documentation? Alternatives may be accepted. Help here
Claiming on behalf of a deceased family member? Yes. Here’s how

For full assistance in recovering your unclaimed assets, visit Claim My California Property and get started today.

How to Claim Abandoned Property in California