Generally speaking, the longer the property remains unclaimed, the more challenging it becomes to eventually claim.įor an excellent explanation and resources pages, see “ The Unclaimed Property Page” maintained by Mark Kantrowitz. Why is this tricky? In many cases, the beneficiaries are also deceased, and thus their interest must be claimed by their representative(s). Where things can get a bit stickier is when the owner is long-since deceased. Claiming on behalf of a recently deceased individual requires some additional documentation ( probate letters of office or a small estate affidavit), but is also fairly straightforward. The steps for claiming your own property is easy. The webpage to search for Illinois unclaimed property is here: Illinois’ program - iCash (formerly called “Cash Dash”) - is run by the Treasurer’s Office. Once turned over, it is held by the State (theoretically forever) until properly claimed by the owner or the owner’s legal representative.įortunately, in today’s digital age, searching for unclaimed property that has been turned over to the State is relatively easy. This could be a utility refund check after a change of address or a dividend check after a change in marital status or property not claimed by family after death. What is unclaimed property? It’s property that has been turned over to the State after it has been abandoned and not claimed by the true owner. As an attorney who regularly advises and assists executors and trustees, one of the items that is always on my checklist is “unclaimed property.”
One of the primary tasks of an executor or successor trustee is to ascertain and marshal the decedent’s assets. This is the second in a series of posts about new Illinois probate and estate laws taking effect in late 2016 or the beginning of 2017. It only takes a second to check so don’t hesitate! You or your loved ones could have cash waiting for you.By Jeffrey R. It seems that my family and I have been too diligent in keeping track of our money so we personally did not have any to claim but I know quite a few people who have found up to a couple hundred dollars! That could buy a few tanks of gas or start a college fund. It’s in your best interest to check and see if you have any recovered property held by the Illinois Treasurer! Just think you could find a paycheck you forgot to pick up and go on a mini-vacation with it! It’s summer, buy a pool! People have been known to find old war medals, stocks, old utility deposits, or they find inheritances that they never knew they had or just money that had been misplaced. How does money become unclaimed you ask? People move, relatives pass away and banks are required by law to turn over any unclaimed property. The average claim is about $1000, while the highest claim was more than $8 million in 2012. With more than 13 million names in the I-Cash database, one in four Illinois adults who search the website discovers property to claim.
Receive your property in an average of three weeks’ time and enjoy! If it’s a match, submit the online claim formģ.
Enter your name (or a family member or friend’s name) into the online search fieldĢ.
The I-Cash website ( ) is a free and easy way for people to discover if they have cash or other assets to recover.ġ. These assets are transferred to the Treasury after banks, government agencies, and other companies become unable to return them to their rightful owners. The Illinois Treasurer is currently safeguarding more than $2 billion in cash and 20 million shares of stock and mutual funds that need to be returned to Illinoisans. The I-Cash program was founded in 1999 with the goal of assisting Illinois residents in reclaiming their recovered assets. I was compensated for this post by the Illinois Treasurer’s I-Cash program. If you click on an affiliate link I will earn a commission which supports this site. Some links in this post may or may not be affiliate links.