1. What is abandoned property?
Abandoned property can be any financial asset owed to a business or an individual. Property is considered abandoned when there has been no activity and/or contact with the owner for a specific period of time. The property type will determine the abandonment period; however, it is generally three years. When a holder's attempts to locate the original owner have been unsuccessful, the assets must be escheated to the state of the last known address. The State Treasurer's Office is responsible for protecting the assets and advertising the original owners' names, in an effort to return the assets to the original owners. Examples of abandoned/unclaimed property: bank accounts; un-cashed payroll checks, insurance checks, traveler's checks; utility deposits; gift certificates; stocks, bonds, mutual funds, dividends; insurance policy benefits, or claim payments; safe deposit box contents; oil and gas royalties; court deposits. Abandoned/unclaimed property is NOT real estate or land, automobiles, boats, taxes, or most other tangible properties.
2. What can be done to prevent property becoming abandoned?
Update account(s) with address/name changes. Maintain accurate and current records of accounts, stocks, utility deposits, and safe deposit box locations. Respond to companies requesting for confirmation that you wish to keep your account(s) active. Cash all checks promptly.
3. Is anything done to find the owners?
Prior to receiving abandoned property, all businesses and financial institutions are required by law to send notice to the owners' last known addresses informing them that their property will be transferred to the Office of the State Treasurer for safekeeping if the owner does not respond back to their inquiry. The Office of the State Treasurer also publishes a notice to owners of unclaimed property in newspapers of general circulation of each county at least once per year. Notification post cards are sent once per year to the last known address of potential claimants for safekeeping and securities type properties. The Office of the State Treasurer website provides current information on its database that allows potential owners/heirs to conduct property searches in their names. This website features a database for unclaimed property searches.
4. Why did my property get reported to the state when I still reside at the same address?
There are several reasons:
- A business may have sent a letter, which was lost during the mailing process;
- The recipient may have mistakenly discarded the notification as junk mail;
- Under Nevada law, companies are not required to notify owners if the value of the property is $50 or less.
5. Who may claim abandoned property?
The reported owner, an estate, a lawful heir, or a duly authorized representative of the owner, estate or heir.
6. What do I do if I find a matching name?
You should check the last known address associated with the property to determine if you ever resided/conducted business or received mail there and/or had a business association with the reporting company. Proof of either of these conditions is mandatory when no social security number is reported. If you can provide acceptable documentation, you can do one of the following:
- Request a claim form on line and it will be mailed to you
- Fill out the on line claim form and mail it in with the required documentation
- Call our office and a claim form will be mailed to you.
7. Do I need to come in person to claim my property?
It is not necessary to come in person as the majority of claims are processed by mail. However, if you prefer to hand deliver sensitive documents, you may do so. If you are claiming safe deposit box contents, you must call to make arrangements for pick up once your claim has been processed and approved.
8. The claim form states that I must sign it in the presence of a notary public. Do you provide this service?
We do provide notary services free of charge. However, you need to call prior to coming into the office to ensure a notary is available at the time you wish to arrive. You may also check with your local bank, attorney or insurance company offices.
9. Where do I submit my claim form?
Mail the completed claim form and required documents to the following address:Nevada Unclaimed Property
555 E. Washington Ave Ste 5200
Las Vegas, Nevada 89101
NOTE: A MATCHING NAME IS NOT SUFFICIENT PROOF OF OWNERSHIP. ALL CLAIMS WILL REQUIRE SPECIFIC DOCUMENTATION TO PROVE ORIGINAL OWNERSHIP. THERE ARE NO EXCEPTIONS.
THE CLAIM FORM AND INSTRUCTIONS NEED TO BE READ IN THEIR ENTIRETY PRIOR TO COMPLETING AND MAILING IT IN. INCOMPLETE CLAIM FORMS ARE SUBJECT TO DELAY AND/OR DENIAL.
10. How do I claim abandoned property on someone who is deceased?
If you find property of someone who is deceased, typically the nearest living relative, heir or court-appointed executor of the state may claim the property. Please review the UP23 Deceased Owner Fact Sheet on this website to find out how to claim and what type of documentation you will need.
11. If I am uncertain I am the person listed, what should I do?
If you are uncertain as to whether you are the person listed, you may submit a claim form with the required documentation or call the Unclaimed Property Office for further assistance. We will verify your information and inform you of the outcome.
12. What are acceptable forms of proof of ownership?
For individuals, mandatory proof of ownership must include:
- A copy of the claimant's driver license or other governmental photo identification;
- A copy of the claimant's social security card or a government issued document showing the social security number. A W-9 will be accepted for claims less than $500.
For businesses, mandatory proof of ownership must include:
- Documentation that provides the tax identification number (TIN) or federal employer's identification number (FEIN);
- Documentation that provides evidence that the person filing the claim has the authority to act on behalf of the business;
- A copy of the authorized person's company issued photo identification or a copy of his/her driver's license.
If a social security number or TIN was not reported on the abandoned property, it will be necessary for the claimant to submit documentation that provides a connection to the last known address or to the holder (company) that remitted the property at the time of the last activity date reported to our office. These are just the minimum required documents. Other documents may be required on a case by case basis.
13. Is there a time limit to claim abandoned property?
No. The State of Nevada acts as custodian for abandoned property, holding it in perpetuity until such time as the original owners or heirs claim it.
14. How long does it take to process a claim and receive the property?
Claims are processed in the order they are received and it is our goal to process them as quickly as possible, within ninety days of receipt. However, additional time is required for securities processing as we must review corporate actions such as mergers, acquisitions and dividend payments that may have occurred.
15. Will I receive interest for the time my property has been held in the Treasurer's Office?
No interest is paid. However, corporate actions such as dividend payments are paid to the claimant during the time the state held the security in its stock form.
16. What if there is more than one name reported as the owner?
Payment is dependent upon how the ownership was originally established. If listed as "and", both owners are entitled to half, and claimants may file the claim together or separately. If the owners are listed as "and/or", the proceeds will be paid to whomever files the claim first. This does not apply for claims submitted by individuals whose reported address is outside the USA.
17. Do I have to pay a fee to the state to recover my property?
No. It is important to note, however, that because abandoned property is of public record, there are many companies and individuals, known as heir finders, who access these listings. For a percentage of the value of your property, they will offer to provide their services to help you obtain your property. Using an heir finder is not necessary, and although this practice is legal, Nevada Revised Statute 120A.740 limits the fee heir finders can charge to ten percent (10%) of the total value of the unclaimed property. Any contract the abandoned property owner signs is between the owner and the heir finder; the State of Nevada is not a party to the contract.
18. As an heir finder, if I have not been paid by a client, can I find out from the state if the claim has been paid?
Yes, you can email our office and we will inform you if the claim has been paid. Collecting your fee is dependent on the agreement between you and your client, and is your responsibility.
19. Why am I asked for the claim number when I make an inquiry?
All abandoned property received in this office is assigned an identification number when it is added to our database. Because more than one person can have the same name, having the claim number allows us to immediately locate the property in question, rather than doing a search that may not achieve desired results. We recommend that claimants keep this number until the claim has been processed.
20. How can I find out if I have property in other states?
The links below will direct you to the National Association of Unclaimed Property Administrators (NAUPA) websites where you can find more information on unclaimed property and search through all participating states.http://www.missingmoney.com
http://www.naupa.org
