Record Amounts of Unclaimed Money in Missouri
According to the Missouri state treasurer unclaimed money in Missouri has now reached a staggering total of $36 million for that year alone. That’s a 4% increase over the record-breaking total from the prior fiscal year, according to State Treasurer Clint Zweifel. Overall, the state has more than half a billion dollars in unclaimed Missouri funds and property that is being held.
Like other states around the country, the state of Missouri is bound to hold unclaimed property and money when it is reported by various organizations and companies following a specified period of time. Although that time period can vary, when funds and property are not claimed within three to five years, they are turned over to the state for safe keeping until the rightful owner steps forward.
In some cases that can take years; hence leading the record-breaking total Missouri unclaimed money now held by the state treasurer. The sources of unclaimed property and money in Missouri can vary but often come from property that is discovered in abandoned safe deposit boxes, which can include trading cards, jewelry and cash. Most of the massive amount of unclaimed property currently being held by the state of Missouri is cash.
In 2008 alone Missouri handed out in excess of $34 million in Missouri unclaimed cash. Overall, 65,000 people found out they had unclaimed money coming to them. While that is a large amount of claims, during that same year the state collected some $66 million in unclaimed Missouri property and funds.
If you are curious as to whether any of the Missouri unclaimed money might be yours, it is not difficult at all to quickly conduct a search and find out. Due to the massive amount of unclaimed property, Missouri has established an online website where you can quickly conduct a search for Missouri unclaimed property. The website works by entering a last name and will return search results with the name of the property owner and their last known address. The website address for the Unclaimed Property Division in Missouri is www.showmemoney.com.
If you would rather not conduct an online search you can also contact the state treasurer directly to provide information for a written inquiry regarding missing money in Missouri. The average payout in unclaimed funds or property in Missouri is around $350, but it is actually not that unusual for people to get $10,000 or even more.
It is definitely worth it to take the time to conduct a search and find out whether you may have unclaimed Missouri money or property waiting for you before it is too late. Tangible items are held in the state treasurer’s vault and occasionally the vault does become too full and it is necessary for the state to hold an auction to get rid of items and make room for more.
The proceeds of the auctions are held by the state in the name of the property owner so they or possibly their heirs can claim the proceeds from the auction at a later date.
The goal of the treasurer’s office is to save whatever is possible and return the original item to the rightful owner, but that simply is not always possible. From time to time it is necessary to auction off items. Each year the state publishes a list of unclaimed property in an effort to increase the number of claims.
For simple claims you will need to complete a form and provide a copy of your driver’s license and social security card. Most claims for unclaimed money in Missouri can be completed within a 90 day time period.
Property is also distributed to the heirs of deceased owners as well. If you are an heir to an estate or a relative to a deceased owner of Missouri unclaimed property, the claim may be slightly more complicated. In the event the estate was probated, the will of the owner will be followed and the funds and property distributed accordingly.