Nevada has returned more than $718 million of unclaimed property to residents, and the state’s website outlines how users can claim property for themselves.
The Nevada Treasury’s Unclaimed Property department exists for the purpose of accepting custody of unclaimed property and it works to return property to its owners and or its rightful heirs, according to its website.
The unclaimed property includes abandoned financial assets, such as checking or savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks, insurance checks, payroll checks, utility refunds, money orders, dividends, stocks and items in safety deposit boxes that have been inactive for a certain amount of time.
“We work hand-in-hand with both holders (businesses who have abandoned property) and claimants (persons who are the rightful owners of the property) to receive and distribute money and property back to where it belongs,” says the state’s website. “The State Treasurer’s office is solely a custodian of these funds and will never take ownership.”
The Nevada Treasury’s website explained what generally constitutes unclaimed property.
“Generally, if the property in question has not had any activity within a certain period of time, three years for most properties, and the holder is unable to locate the property owner, it is considered abandoned and must be reported to the Nevada Treasury’s Unclaimed Property,” it reads. “To prevent your accounts from becoming unclaimed or abandoned, keep accounts active and make sure that you make a deposit or withdrawal, update your contact information, or contact your financial institution at least every three years.”
To claim property, simply search the Nevada Treasury’s online database.
Unclaimed property laws have evolved in the U.S. over the years, starting out as part of a consumer protection program and expanding to protect heirs of estates as well.
“Once property is in the custody of the state and its unclaimed property program, an outreach effort begins through social media, advertisements, and local media coverage,” reads the Nevada Unclaimed Property’s website. “The state will maintain custody of the property in perpetuity until the rightful owner or heirs come forward to claim.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
