Savings accounts, checking accounts and from time to time, paychecks may all wind up as unclaimed property. This is caused primarily due to moving, name changes or death of a family member. Unclaimed property includes court settlements, safe deposit box contents and payoffs on life insurance policies. For those who have lived in Kentucky or have had loved ones who lived in Kentucky it is important that they know how to find unclaimed property in Kentucky.
Original account holder
For most people, the easiest way to find unclaimed property is to contact the original account holder. Often account owners or heirs find statements, cancelled checks or even a will that contains information about property held by banks, mutual fund companies or broker dealers. Even if these account holders have turned the property over to the state, it may be possible to request their assistance in claiming the property.
Kentucky State Treasurer
The State of Kentucky unclaimed property laws require most companies to turn over information regarding abandoned property within three years of the account being dormant. For claimants, information may be obtained about property by contacting the Treasurer’s Office at 1-800-465-4722. Someone in the office can conduct a name search and provide a claim form that must be properly filled out and filed with the appropriate documentation.
The State of Kentucky maintains an unclaimed property database which may be used to search for unclaimed property. The database may be searched by placing the last name of the account owner in the search box and if desired, the first name may also be included. Those who are searching are encouraged to use this database to identify possible property that is rightfully theirs to claim. Female names should be searched under married as well as maiden names where applicable.
The claims process
Kentucky holds unclaimed property in perpetuity for the rightful account owner, heirs of the account owner or the authorized representative of deceased account owners. Claim forms require that specific information regarding the account be included as well as proof of ownership. Proof may include such things as account statements, cancelled checks or copies of a will or trust where applicable. In addition, claimants are required to provide photo identification as well as tax identification information.
Kentucky unclaimed property laws specifically provide claimants the right to file claims at no charge. In addition, they place limitations on the amounts of charges that may be incurred by claimants if a third party is claiming on their behalf. Kentucky will deduct $1 from all claims to defray their cost of advertising unclaimed property. During 2009, Kentucky returned $10.3 million dollars to more than 23,000 people and in 2010 they were anticipating returning $17.5 million to more than 8,500 claimants. Generally, the claims process may take as many as three months. Appeals may be filed if a claim is denied.