The state of Georgia holds millions of dollars in assets that rightfully belong to its residents but have been lost or forgotten over time. Known as unclaimed property, these valuables are held by the state until the rightful owner comes forward. The Georgia Department of Revenue manages a program to reunite individuals and businesses with their misplaced assets. This guide explains what constitutes unclaimed property, how to search for it, and the steps for filing a successful claim.
What is Unclaimed Property in Georgia
Unclaimed property refers to financial assets where contact with the owner has been lost for a significant period. When a company or financial institution, known as a “holder,” cannot reach the owner for a specified time frame, it must transfer the assets to the state. The Georgia Department of Revenue then acts as a custodian, safeguarding these funds indefinitely until they are claimed by the owner or their legal heirs.
These assets come in many forms. Common examples include:
- Forgotten savings or checking accounts
- Uncashed payroll checks
- Stocks, bonds, and insurance policy payouts
- Utility deposits
- Royalty payments
- The contents of abandoned safe deposit boxes
Property is typically designated as unclaimed after a period of inactivity, often between one and five years, during which the owner has not communicated with the business holding the asset.
Before turning assets over to the state, holders are legally required to perform due diligence to find the owner. If the property is valued at more than $50, this involves sending a written notice to the owner’s last known address between 60 and 120 days before filing their report with the state.1Justia. Georgia Code § 44-12-214 – Report and Remittance of Persons Holding Property Presumed Abandoned
How to Search for Unclaimed Property
The Georgia Department of Revenue provides a secure and free online database for individuals to search for their property, accessible through the department’s website. The search function is straightforward, requiring only a person’s name to begin. Adding a city can help narrow the results and make the search more efficient.
For a thorough search, it is wise to try all possible name variations. This includes maiden names, previous married names, and common misspellings. You can also search on behalf of a deceased relative, which will require the decedent’s name and potentially their Social Security Number.
The state’s database allows you to search for business assets as well. To find property belonging to a company, you will need the business name and its Federal Employer Identification Number (FEIN). You can add any potential matches to a virtual cart to begin the claims process.
Required Information and Documents for Your Claim
Once you locate property in your name, you must provide specific information and documentation to prove your identity and ownership. The first step involves completing a claim form, which is generated and sent to your email after you initiate the claim online. This form will require you to provide your full name, current address, and Social Security Number.
To validate your claim, the Department of Revenue requires you to submit supporting documents. A clear copy of a valid photo identification, such as a driver’s license or state-issued ID card, is necessary. You will also need to provide proof of your current address, like a recent utility bill or bank statement.
If you are claiming property on behalf of a deceased relative, additional paperwork is required to establish your rights as an heir. This may include a copy of the death certificate, the decedent’s will, or other court documents that name you as the executor. Ensuring the information on your form and documents is accurate is important to avoid processing delays.
Submitting Your Unclaimed Property Claim
After gathering all necessary documents, you are ready to submit your claim. The Georgia Department of Revenue encourages claimants to upload all documents directly through their online system. This digital submission method is the fastest way to get your claim into the review queue.
Alternatively, you can submit your claim by mail. If you choose this option, you will need to print the completed claim form and all your supporting documents and mail the package to the address provided by the Unclaimed Property Program.
Once your claim is submitted, you can monitor its progress online. The Department of Revenue will review the submitted information and documentation to verify your ownership. If your claim is approved, a paper check will be mailed to you.
Georgia Unclaimed Property FAQs
Searching for and claiming your property through the official Georgia Department of Revenue website is a completely free service. Be wary of third-party services that charge a fee, as these are not necessary. Most claims are paid within 30 days of being received.
There is generally no time limit to file a claim for most types of unclaimed property, as the state holds the assets indefinitely. An exception applies to excess funds from the sale of an abandoned motor vehicle, which must be claimed within one year.