The value of unclaimed property in Kentucky totaled 0.5 billion dollars. These valuables could be in the form of safety deposit boxes, stocks, payroll cheques, and life insurance. Companies in Kentucky are obligated to mail letters to potential owners of these unclaimed properties to appeal to them to declare ownership. If this property remains unclaimed after two months, it is forwarded to the Kentucky Department of Treasury’s unclaimed property division. Unclaimed Money Kentucky.
Unclaimed money in Kentucky refers to any type of asset that goes without anyone laying claim to it for the length of the dormancy period. This period represents the time between when an asset has been abandoned and when the government takes control of it.
Reasons Behind The Unclaimed Money At Kentucky
So, how do you find out if you are owed any possessions? We will discuss this in detail in this paper. But first, I know you may be wondering how a large number of assets can go unclaimed and why are the owners unaware of its existence.
The reasons could be:
- Employees leave jobs without collecting their last paychecks.
- Family members are in the dark about existing life insurance policies.
- A bank shuts down and its customers have no way of getting their balances.
Finding Unclaimed Belongings
Now, that we know how these assets can come about, how can you find your confiscated property in Kentucky? Using a website called missingmoney.com. You would need to access the website and type in your name and your address, preferably your city. Combing through the search results can reveal if there is unclaimed property registered to you.
Once you find an unclaimed asset registered under your name, you will need to fill in a form with relevant details about your identity as well as proof of ownership. After that, you will select the `yes, I can claim’ option, which will direct you to complete a state file probe form. Choosing the `continue’ option will disseminate the information to the Kentucky state treasury.
Time Limit For Laying Claim To Available Unclaimed Properties In Kentucky
There is no time limit. The Kentucky treasury department may not have the necessary resources to individually reach out to all potential beneficiaries on their accumulated assets. They use resources such as public advertisements and mass outreach lineups in public gatherings like malls to reach out to as many potential beneficiaries as possible. They will typically hold on to the assets until the rightful owner comes forward.
Dormancy period
It may be important to note that if a property lays dormant past its stipulated dormancy period, then the state takes charge of the assets. The dormancy period varies depending on the asset. An example is below:
| Asset | Dormancy period |
| Payroll cheque | Indefinite |
| Life insurance | 3 yrs. |
| Stocks and bonds | 3 yrs. |
| Bank balance | 3 yrs. |
| Safety deposit box | 3 yrs. |
| Credit memos | 3 yrs. |
| Gift Certificates | 3 yrs. |
| Mineral profits | indefinite |
| Traveler’s cheque | 7 yrs. |
Unclaimed Money Scams
There may be scammers using the unclaimed property as a premise to defraud unsuspecting folk. They may ask for your personal information like your social security number that they will use to rob you of your hard-earned money. It is critical to stay informed: the Kentucky Treasury Department or its representatives will never contact you personally to inquire about unclaimed valuables. You should never give out your personal information for any reason, and there are no payments required before you can claim the confiscated property.
Conclusion
The value of confiscated property in Kentucky alone ranges to about 400 million dollars. The state of Kentucky uses media and outreach programs to follow up with the beneficiaries of these assets, but these efforts may not be as effective. Several available resources and websites can assist anyone finds and reclaiming their property at no cost.
Frequently Asked Questions
- Do I need to pay taxes on the unclaimed property?
While the property is unclaimed, it is not taxable. But as soon as the rightful owner lays claim to it, it becomes taxable.
- Which is the best website to find a confiscated property?
www.unclaimed.org is a brilliant website that is managed by public employees whose sole purpose is to reunite owners with their lost property.
- Can I claim my deceased relative’s pension?
Yes, a pension falls under unclaimed property if the said relative had not retired at the time of death. If the deceased was under 75 yrs. at the time of death, the pension is not taxable and can be acquired using the steps outlined in this paper, only if you are a close relative e.g. legal partner or child.
- What happens to my property if evicted?
In this instance, the law prohibits the landlord from selling or throwing out any possessions belonging to the tenant until 21 days have elapsed. This takes effect even if you have rent arrears.
