California’s unclaimed property archives hold $15 billion, including heirlooms and forgotten accounts.
SACRAMENTO, Calif. — A quick online search could reconnect Californians with billions of dollars in unclaimed property, including money, heirlooms and even deeply personal items.
Inside the state’s unclaimed property archives, some of the items waiting to be returned are unexpected.
“You see birth certificates; you have found baby teeth, baby shoes,” said California State Controller Malia Cohen.
More commonly, the state holds forgotten bank accounts, stocks, bonds, uncashed checks, insurance benefits and the contents of safe deposit boxes.
California’s unclaimed property program currently safeguards about $15 billion worth of property, including more than $660,000 tied to the Sacramento area, according to the State Controller’s Office.
“There is no expiration date. That’s kind of the beauty of it,” Cohen said.
Unclaimed property often accumulates when people lose track of accounts or assets, or when family members are unaware of what a loved one owned.
“Perhaps you didn’t know that your spouse had a life insurance policy or perhaps you were unaware that your spouse, who is now deceased, had a box in a bank where they were holding on to special heirlooms or special something of value to them,” Cohen said.
State officials say the process to reclaim property has been streamlined, with trained staff available to help residents.
“We have folks that are totally trained and professional to help people make this process as smooth as possible,” Cohen said.
Residents can search for property in their own name or check for family members, both living and deceased.
“There is no privacy violation in that, but once you’ve identified the property, then that person, it is best if they are still living, for them to go ahead and make the claim,” Cohen said.
If the rightful owner has died, claimants must prove their legal right to the property.
“Thankfully there are no tax implications, so if you reclaim your property, it’s yours free and clear,” she said.
Officials recommend making it a yearly habit to check for unclaimed property.
“What I would advise people to do is to make a point… once a year on your birthday to claim your property and it’s really simple,” Cohen said.
Cohen also recommends checking for unclaimed property in other states where you or your family members have lived.
Email your Dollars and Sense questions to evening anchor Lora Painter at LPainter@ABC10.com.