The state of Minnesota, like many other states in the United States, has a program in place to help residents recover their lost or abandoned assets. The Minnesota Unclaimed Property program is administered by the Minnesota Department of Commerce, which is responsible for reuniting owners with their missing money and other unclaimed assets. In this article, we will delve into the world of Minnesota unclaimed property, exploring what it is, how it becomes unclaimed, and most importantly, how you can find and claim your missing money.
What is Unclaimed Property?
Unclaimed property, also known as abandoned property, refers to assets that have been left inactive or abandoned by their owners for a certain period. This can include a wide range of items such as savings and checking accounts, stocks, bonds, uncashed checks, insurance benefits, and even safe deposit box contents. When the owner of these assets cannot be located, the property is turned over to the state, which then holds it until the rightful owner comes forward to claim it.
Types of Unclaimed Property in Minnesota
In Minnesota, the types of unclaimed property that are typically handled by the state include:
- Savings and checking accounts
- Stocks and bonds
- Uncashed checks
- Insurance benefits
- Safe deposit box contents
- Mineral interests and royalties
- Trust funds
- Utility deposits
These are just a few examples of the many types of unclaimed property that the state of Minnesota may be holding. It’s estimated that millions of dollars in unclaimed property are turned over to the state each year, with some of these assets belonging to residents who are unaware that they have missing money waiting to be claimed.
How Does Property Become Unclaimed?
There are several reasons why property may become unclaimed. Some common scenarios include:
Death of the owner: When the owner of an asset passes away, their property may be left unclaimed if their heirs or beneficiaries are unaware of its existence or cannot be located.
Move or name change: If an individual moves to a new address or changes their name, they may forget to update their records, leading to unclaimed property.
Business closure: When a business closes, it may abandon assets, such as customer deposits or payroll checks, which then become unclaimed property.
Abandoned safe deposit boxes: Safe deposit boxes that are abandoned or forgotten may contain valuable items, including jewelry, coins, or important documents, which become unclaimed property.
How to Search for Unclaimed Property in Minnesota
Searching for unclaimed property in Minnesota is a relatively straightforward process. Here are the steps you can follow:
- Visit the Minnesota Department of Commerce website at www.commerce.state.mn.us
- Click on the “Unclaimed Property” tab and then select “Search for Unclaimed Property”
- Enter your name or the name of your business in the search box
- Review the search results to see if any unclaimed property is listed in your name
- If you find a match, follow the instructions to file a claim
You can also search for unclaimed property through the National Association of Unclaimed Property Administrators (NAUPA) website, which provides a comprehensive database of unclaimed property across the United States.
Claiming Your Unclaimed Property
If you find that you have unclaimed property in Minnesota, you will need to file a claim to recover it. Here’s what you need to do:
Gather required documentation: You will need to provide proof of identity and proof of ownership, which may include documents such as a driver’s license, passport, or birth certificate.
Fill out the claim form: You can download the claim form from the Minnesota Department of Commerce website or request one by mail.
Submit your claim: Mail the completed claim form and supporting documentation to the Minnesota Department of Commerce, Unclaimed Property Division.
Wait for processing: The state will review your claim and verify your ownership of the property. This process may take several weeks or months, depending on the complexity of the claim.
Tips for Searching and Claiming Unclaimed Property
Here are some tips to keep in mind when searching and claiming unclaimed property in Minnesota:
Search regularly: New unclaimed property is added to the state’s database all the time, so it’s a good idea to search regularly to see if any new assets have been listed in your name.
Check for variations of your name: Make sure to search for variations of your name, including maiden names, nicknames, and initials, to ensure that you don’t miss any potential unclaimed property.
Don’t pay a fee to search: You don’t need to pay a fee to search for unclaimed property in Minnesota. The state’s database is free and open to the public.
| Year | Amount of Unclaimed Property |
|---|---|
| 2020 | 78 million</td></tr> <tr><td>2019</td><td>73 million |
| 2018 | $68 million |
As you can see, the amount of unclaimed property in Minnesota is substantial, with millions of dollars in assets waiting to be claimed each year.
What types of property are considered unclaimed in Minnesota?
+Unclaimed property in Minnesota includes savings and checking accounts, stocks and bonds, uncashed checks, insurance benefits, safe deposit box contents, and other abandoned assets.
How do I search for unclaimed property in Minnesota?
+You can search for unclaimed property in Minnesota by visiting the Minnesota Department of Commerce website and using their online search tool. You can also search through the National Association of Unclaimed Property Administrators (NAUPA) website.
What do I need to do to claim my unclaimed property?
+To claim your unclaimed property, you will need to fill out a claim form and provide proof of identity and proof of ownership. You can download the claim form from the Minnesota Department of Commerce website or request one by mail.
