Millions of dollars in unclaimed property sit idle across the United States each year. In Colorado, the state treasurer’s office holds many such accounts, waiting to be reunited with their rightful owners.
These assets, from forgotten bank accounts to uncashed checks and insurance proceeds, can often be recovered.
Types of Unclaimed Property
Unclaimed property includes various financial assets that have been separated from their owners. In Colorado, these are transferred to the state for safekeeping until they can be returned.
Common forms of unclaimed property include:
- Funds from inactive savings and checking accounts
- Uncashed checks, such as payroll, dividend, or refund checks
- Insurance proceeds, like unclaimed life insurance benefits
- Contents from abandoned safe deposit boxes
- Stocks, bonds, and mutual fund shares
- Utility deposits
- Court deposits
- Unused gift certificates from closed businesses
The Colorado Unclaimed Property Act governs how these properties are handled and defines when they are considered abandoned.1Colorado General Assembly. C.R.S. Title 38 Article 13 – Revised Uniform Unclaimed Property Act
Searching for Missing Assets
The main resource for finding missing assets in Colorado is the official state-managed database from the Colorado State Treasurer’s Office, known as The Great Colorado Payback.2Colorado.gov. Great Colorado Payback Office This free online portal lets you search for your name, a business name, or a deceased relative’s name. The search requires a name; adding a last known address can refine results.
When searching, consider common name misspellings, previous names (like maiden names), and names of relatives. Search results display the reported owner’s name, last known address, property type, who reported it, and sometimes an approximate value. A match means the state holds property linked to that information, but it doesn’t automatically guarantee ownership. The Colorado State Treasurer’s website is the only official place for these searches in Colorado; be wary of third-party services that charge for this free service.
If you’ve lived or done business in other states, search their unclaimed property databases too. The National Association of Unclaimed Property Administrators (NAUPA) endorses MissingMoney.com, a site for searching many states’ official databases at once, including Colorado.3MissingMoney.com. Search for Unclaimed Property Even if you find property through a multi-state portal, the claim process is handled by the state holding the assets.
Filing a Claim
Once you identify a potential match for unclaimed property, the next step is to submit a claim to the Colorado State Treasurer’s Office. This process returns assets to their rightful owner or heir.
Documentation Requirements
You must provide documentation to prove ownership or entitlement. Requirements vary by property type and your relationship to the original owner. Claimants must provide a signed claim form from the Great Colorado Payback website, a clear copy of current government-issued photo identification, and proof of their Social Security number.4Colorado.gov. How to Complete Your Claim – Great Colorado Payback
Additional proof connecting you to the property or owner may be needed. This could include documents showing a connection to the last known address, like an old utility bill or tax document. For bank accounts, old statements or a bank letter verifying ownership might be requested. Claims for deceased owners require a certified death certificate, the decedent’s will (if any), and legal documents establishing heirship or executor status, such as Letters Testamentary. Business claims may need proof of registration, tax identification numbers, and documents proving authority to act for the business. The State Treasurer’s Office website provides guidance on acceptable documentation.
Verification Process
After you submit a claim, the Colorado State Treasurer’s Office reviews the materials to confirm your identity and rightful ownership. This review helps prevent fraud and ensures assets are released only to the legitimate owner or their legal heirs. Claims processors compare your information with details from the original property holder.
If documentation is insufficient, the claims processor will contact you for more information. The verification timeframe depends on claim complexity and volume. Simpler claims may be processed faster than those involving deceased owners or complex business structures.
Finalizing Your Claim
Upon successful verification, you will be notified of claim approval. For cash assets, the State Treasurer issues a check. After approval, receiving payment takes up to 90 days, though this can vary.
If the property involves securities like stocks or mutual fund shares, the process might involve liquidation and payment of cash value or, in some cases, transfer of the securities. Arrangements are made for claimants to receive tangible items from safe deposit boxes. Colorado may liquidate safe deposit box contents after a certain period if unclaimed, holding the cash equivalent for the owner. The State of Colorado does not charge fees for claiming property; the full amount held by the state is returned.5Colorado Department of the Treasury. Revised Uniform Unclaimed Property Rules (See Rule 5.10)
Dormancy and Escheat Laws
Dormancy periods dictate when abandoned property is transferred from its original holder to the state. Colorado’s Unclaimed Property Act sets these rules. For example, bank accounts are presumed abandoned after five years of inactivity, while wages or utility deposits are presumed abandoned after one year.6Colorado.gov. Reporting Guidelines – Great Colorado Payback
Once an asset meets its dormancy period, the holder (like a bank or employer) must try to notify the owner at their last known address. This notice is sent 60 to 180 days before the property is reported to the State Treasurer.7Colorado General Assembly. C.R.S. 38-13-501 – Notice to Apparent Owner by Holder If the owner doesn’t respond or can’t be located, the holder sends the property to the State Treasurer.
Colorado acts as a custodian for this property. This means the original owner or their heirs retain the right to claim the property indefinitely. There is no time limit for claiming property held by the State Treasurer.
Rights of Heirs and Beneficiaries
When the original owner of unclaimed property is deceased, the right to reclaim assets passes to their legal heirs or designated beneficiaries. Colorado law provides a way for these individuals to recover the property.
To claim as an heir or beneficiary, you must provide specific documentation to the State Treasurer’s Office. A certified copy of the original owner’s death certificate is required. If a will exists and was probated, claimants need to submit a copy of the probated will and Letters Testamentary or Letters of Administration, which appoint an executor or administrator for the estate.
If the deceased died without a will (intestate) or the estate was small enough to avoid formal probate, heirs might use a Small Estate Affidavit. Colorado law allows for this if the estate’s net value does not exceed a certain amount.8Colorado General Assembly. C.R.S. 15-12-1201 – Collection of Personal Property by Affidavit Heirs complete this affidavit, identifying all legal heirs and their relationship to the deceased; it may require notarization. This affidavit, along with the death certificate, can then be used to claim the property. The State Treasurer’s Office reviews these documents to confirm entitlement.