Millions of dollars in assets, from forgotten bank accounts to uncashed checks, are held by Georgia annually as unclaimed property. The state safeguards these funds until rightful owners or their heirs initiate a claim. The recovery process involves specific legal steps and documentation. This guide explains how to recover these funds.
Types of Property Subject to Unclaimed Status
A wide array of assets can become unclaimed property in Georgia if they are inactive for a set period and presumed abandoned. Common examples include dormant bank accounts, uncashed payroll or dividend checks, and insurance reimbursements.
Other assets include stocks, bonds, mutual fund shares, and the contents of abandoned safe deposit boxes. Utility deposits, unclaimed insurance proceeds, unpaid royalties, and certain court-held funds can also be transferred to the state’s Unclaimed Property Program, managed by the Georgia Department of Revenue.1Department of Revenue. Georgia Unclaimed Property Program Dormancy periods vary by property type. For example, many assets are presumed abandoned after five years of inactivity (Georgia Code 44-12-195), wages after one year, and traveler’s checks after fifteen years.2Department of Revenue. Holder Reporting Guidelines and Dormancy Periods
Legal Requirements to File a Claim
To recover assets from the state, claimants must meet legal requirements. The Georgia Department of Revenue outlines the necessary steps and documentation.3Department of Revenue. Unclaimed Property Claims – FAQs
Proof of Identity
Claimants must provide a clear copy of a valid, current government-issued photo ID, such as a driver’s license or passport. The name and address on the identification should align with the property records. Discrepancies may require additional documentation, like a marriage certificate for a name change.
Documentation of Ownership
Claimants must submit documents substantiating ownership. For an old bank account, a past statement might be needed. For an uncashed check, documentation referencing it may be required. Proof of a Social Security number associated with the property or a former address may also be requested.
Forms of Submission
Claims are primarily initiated through the Georgia Department of Revenue’s online portal. After starting a claim online, individuals print, sign, and mail a claim form with the required identity and ownership documents.4Department of Revenue. Search for Unclaimed Property It is advisable to keep copies of all submitted materials.
Obligations on Banks and Other Holders
Entities like banks and insurance companies, known as holders, have specific responsibilities for property that appears abandoned. Their primary duty is to conduct due diligence by attempting to contact the apparent owner before the property is reported to the state, a requirement detailed in Georgia Code 44-12-202 for property valued at $50.00 or more.
If property remains unclaimed after due diligence, holders must report and remit these assets to the Department of Revenue. Upon transferring the assets, the holder is relieved of liability, as Georgia Code 44-12-205 provides this protection for holders acting in good faith.
Rights of Heirs or Beneficiaries
When an unclaimed property owner is deceased, their heirs or designated beneficiaries can claim the assets.
A certified copy of the death certificate is required. If the decedent had a probated will, copies of the will and court documents appointing an executor are needed. In cases without a will (intestacy), claimants may need to provide an affidavit of heirship or a court order determining heirship, following Georgia’s intestate succession laws.5Department of Revenue. T-20 Affidavit of Inheritance Direct beneficiaries (e.g., on a payable-on-death account) need documentation of this designation and the death certificate. The state ensures property is released to those legally entitled.
Ownership Dispute Resolution
If multiple parties assert conflicting claims to the same property, the Department of Revenue has procedures to address these disputes. The Department encourages parties to agree or seek a court decision, as it does not resolve complex contests.
The property may be held until the dispute is resolved. If claims conflict, payment can be withheld until a court determines the owner. Georgia Code 44-12-210 allows an aggrieved party to seek a judicial review in the Superior Court of Fulton County to establish their claim. A court order will then direct the Department on distributing the contested property.
Penalties for Fraudulent Claims
Submitting a false claim or misleading information to unlawfully obtain unclaimed property is a serious offense in Georgia, with serious legal consequences.
Individuals who knowingly make false statements or submit fraudulent documents to a state agency can face felony charges. As per Georgia Code 16-10-20, this offense is punishable by a fine of up to $1,000, imprisonment for one to five years, or both.6Justia Law. Georgia Code § 16-10-20 (2024): False Statements and Writings, Concealment of Facts, and Fraudulent Documents Beyond criminal charges, those submitting fraudulent claims may be required to make restitution.