Claiming unclaimed property in CA
January 7, 2007 7:11 PM Subscribe
Any experience with unclaimed property in California? I have a very specific question.
Apologies for the very-specific question; I couldn't find un-shady info on this anywhere, and it's impossible to get in touch with the Bureau of Unclaimed Property.
When I was four, my grandmother purchased stock for me in my name and my mother's name. It was forgotten and turned up in a search on California's unclaimed property database. It's listed under my name and my mother's name. My mother is still living, and agrees that the money should go to me. The problem is claiming it.
The last time I tried to claim the money, I got a letter back six months later informing me that I needed my mother's signature as well as my own. But there's no place on the form for her signature. Should she fill out a separate form? If so, how do we indicate that the money goes to me? If we each fill out a form with our own addresses, will the money be split in half and sent to both of us?
This is what the Bureau's FAQ say:
Can I claim all of the funds in a jointly owned account?
If you file a claim for property that has joint ownership, payment of the claim is based on how the property ownership was originally established.
* If the owners are listed as joint tenants, each owner is entitled to half of the property or both owners may claim all of the property together. If one of the owners is deceased, the other owner is entitled to all of the property.
*If the owners are listed as owner/owner, each owner is entitled to half of the property or both owners may claim all of the property together. If one of the owners is deceased, the other owner is entitled to all of the property.
* If the property is listed as "and/or," we will pay the entire amount of the property to whomever files a claim.
I find this mystifying. How do we file a claim together if there's no space on the form for that and we don't live at the same address?
Gah! Help me, please -- I don't want to wait another six months only to be told that I've done the wrong thing.
Apologies for the very-specific question; I couldn't find un-shady info on this anywhere, and it's impossible to get in touch with the Bureau of Unclaimed Property.
When I was four, my grandmother purchased stock for me in my name and my mother's name. It was forgotten and turned up in a search on California's unclaimed property database. It's listed under my name and my mother's name. My mother is still living, and agrees that the money should go to me. The problem is claiming it.
The last time I tried to claim the money, I got a letter back six months later informing me that I needed my mother's signature as well as my own. But there's no place on the form for her signature. Should she fill out a separate form? If so, how do we indicate that the money goes to me? If we each fill out a form with our own addresses, will the money be split in half and sent to both of us?
This is what the Bureau's FAQ say:
Can I claim all of the funds in a jointly owned account?
If you file a claim for property that has joint ownership, payment of the claim is based on how the property ownership was originally established.
* If the owners are listed as joint tenants, each owner is entitled to half of the property or both owners may claim all of the property together. If one of the owners is deceased, the other owner is entitled to all of the property.
*If the owners are listed as owner/owner, each owner is entitled to half of the property or both owners may claim all of the property together. If one of the owners is deceased, the other owner is entitled to all of the property.
* If the property is listed as "and/or," we will pay the entire amount of the property to whomever files a claim.
I find this mystifying. How do we file a claim together if there's no space on the form for that and we don't live at the same address?
Gah! Help me, please -- I don't want to wait another six months only to be told that I've done the wrong thing.
There should also be a live number that you can contact to validate that everything is correct on your claim. If at all possible, it is best not to call immediately after one of the major news shows have done a story about Abandoned Property or a publication of the names. The number of claims usually quadruple (at least) during those rush times.
If you have trouble receiving help with your claim from the unclaimed property department, you could contact the Governor's office. Most have a citizen's services division and (from experience) state departments do not like to be called on the carpet.
In the interest of others who may be reading this question:
a) Do not contract with an Abandoned Property Finder. In most cases it is unnecessary and complicates the claims process.
b) http://www.missingmoney.com is a good national clearinghouse for Abandoned property and each state maintains a web site for the Unclaimed Property departments.
Best of Luck,
Michael
posted by mickbw at 8:16 PM on January 7, 2007
If you have trouble receiving help with your claim from the unclaimed property department, you could contact the Governor's office. Most have a citizen's services division and (from experience) state departments do not like to be called on the carpet.
In the interest of others who may be reading this question:
a) Do not contract with an Abandoned Property Finder. In most cases it is unnecessary and complicates the claims process.
b) http://www.missingmoney.com is a good national clearinghouse for Abandoned property and each state maintains a web site for the Unclaimed Property departments.
Best of Luck,
Michael
posted by mickbw at 8:16 PM on January 7, 2007
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posted by saffry at 7:42 PM on January 7, 2007