As a Florida probate attorney in DeLand, Deltona, Daytona, Sanford, Lake Mary, Volusia, Seminole, Orange and Lake County, Florida, over the years I have had many clients who are surprised to learn about the vast amount of unclaimed property held by the state. It's a common issue, and you might be surprised to discover you have unclaimed funds waiting for you or a loved one.
This post will shed light on Florida's unclaimed property laws and how heirs can claim what's rightfully theirs.
What is Unclaimed Property?
Unclaimed property refers to financial assets that have been abandoned or forgotten by their rightful owners. This can include everything from bank accounts and stocks to insurance proceeds, utility deposits, unclaimed paychecks. and even safe deposit box contents. Businesses and other entities are required to report and remit these unclaimed funds to the state after a certain period of inactivity.
How Long Before Property is Listed on FL Treasure Hunt?
The time frame for when property is considered "unclaimed" and subsequently listed on the Florida Treasure Hunt website (www.fltreasurehunt.gov) varies depending on the type of property. Generally, it ranges from three to five years of inactivity. For example, bank accounts might be considered unclaimed after three years, while insurance proceeds could have a longer dormancy period. It's essential to check the specific rules for different property types on the Florida Treasure Hunt website.
Claiming Unclaimed Property as an Intestate Heir:
When someone passes away without a will (intestate), their assets are distributed according to Florida's intestacy laws. If the decedent had unclaimed property, an heir can claim it. Here's the general process:
-
Determine Heirship: Florida law outlines the order of inheritance. Typically, the surviving spouse and children are the primary heirs. If there's no surviving spouse or children, other relatives may be entitled to the property.
-
Gather Documentation: The claimant will need to provide documentation to prove their relationship to the deceased and their right to inherit. This may include death certificates, marriage certificates, birth certificates, and potentially probate court documents if an estate has been opened.
-
File a Claim: The heir must file a claim with the Florida Department of Financial Services, Division of Unclaimed Property. This usually involves completing a claim form and submitting the required documentation. The Florida Treasure Hunt website provides resources and instructions for filing a claim.
-
Verification and Disbursement: The state will review the claim and verify the heir's entitlement to the property. Once approved, the funds will be disbursed to the heir.
Why This Matters:
Unclaimed property often goes unnoticed, but it can represent significant sums of money. In my 19 years as a practicing Florida probate attorney, I encourage every client and personal representative in a probate estate administration in Florida to check the Florida Treasure Hunt website to see if they or a deceased family member have any unclaimed assets. It's a relatively simple process, and it could lead to a pleasant financial surprise.
Disclaimer: This post provides general information about unclaimed property in Florida and should not be considered legal advice. The specific requirements for claiming unclaimed property can vary, and it's always advisable to consult with a qualified Florida attorney if you have specific questions or complex circumstances. I'm happy to discuss your individual situation and provide tailored legal guidance. #unclaimedproperty #floridatreasurehunt #inheritance #heirs #probate #floridalaw #legaladvice
Comments
There are no comments for this post. Be the first and Add your Comment below.
Leave a Comment