The NJ unclaimed property can take many forms. These can be in form of deposits – bank and utilities, bonds, royalties, uncollected tax refunds, checks that became stale because they were not cashed in, and unclaimed indemnification and retirement welfares. These were all included under New Jersey’s Unclaimed Property Law. Contents of safety deposit boxes as well as the deposit for the use of the safety deposit box are classified as kinds of NJ unclaimed property.
When people move to other residences, they are unable to continue to know what is occurring in regard to their mails. Without leaving any forwarding address, they will not get any updates on the status of their accounts. This same thing happens when one gets married and settles in another area and also when one passed away. These are instances when properties are not tracked down.
Under the escheat laws of New Jersey, all of these assets are given to the government after a specific time period has passed. The holding period before the transfer is dependent on the type of account. This also varies depending on the US state. There is a provision in the Division of Taxation stating that any asset that had been unclaimed by its owner three years or more after its distribution or payment is considered abandoned asset.
The passing away of a person had also contributed to the rise of NJ unclaimed property accounts. The deceased had not been able to get hold of the asset prior to the death. And it could be possible that none of the heirs were aware of the existence of the asset. Then it is left where it was placed until it becomes an escheat account.
When deceased family member had NJ unclaimed property
Did you know that you can claim the abandoned money of your deceased relatives? If you are the surviving heir, then you can. In accordance to the unclaimed money laws, there are two ways by which the unclaimed property is handled.
• The NJ unclaimed property is returned to the state where the deceased property owner had established last known address or residence.
• For unknown address, it is returned to the state where the business holding the funds is situated.
For cases of undetermined address, the NJ unclaimed property office takes responsibility to find the rightful owner. The best part of the law on this abandoned asset is that the unclaimed money of a deceased relative can be claimed and that this is not subjected to the time limit on claiming the escheated property.
Checklist for deceased family’s NJ unclaimed property
When you are decided on claiming the escheated money of a deceased relative, you can start kicking off the process by knowing the checklist for the process. The list consists of the following:
• Name of the deceased relative, to include maiden or former names
• The Social Security number, current address
• All previous addresses where he or she had lived while in the state
Completing the requirements, you will have to file for your claim then you have to go through the normal procedure.
The role of Social Security Administration to NJ unclaimed property of the deceased
The Social Security Administration keeps track of all the professional information about a person while alive and until he or she dies. The information here will be used by the NJ unclaimed property authorities to cross-check data that were provided by the surviving heir/heirs. These are very helpful data as they are accurate.
Both the state and the federal governments are in firm determination to return these unclaimed funds to the rightful owners. Thus, the representatives of the government endeavor all that is needful in order to find the actual owners. If you have a deceased relative and you believe he or she had left some NJ unclaimed property, this is the right time to start finding out about this abandoned wealth. Bear in mind that deceased relative’s assets are safe in the custody of the state and that it can be claimed anytime.
The government had today simplified the process to claim the NJ unclaimed property. You can make use of the government machinery to your advantage. You should never be adamant in working for the recovery of the NJ unclaimed property of your deceased parents, they are yours and you can have them by going through the process of getting these.
You may not be familiar with what the NJ unclaimed property is. Well, this is just an asset in form of money or any tangible and non-tangible properties that were abandoned. As such, said assets are under the safekeeping of the state. These assets had turned to be such because the owner could not have known about them. The benefit in having the state keep the asset is the eligibility to recover the property; you only have to claim for it following some procedures. The unclaimed property is also known as escheat property.
In the state of New Jersey, there are tax refunds that are to be distributed to the beneficiaries. Some of the residents, for one reason or another had moved to a different state. The tax refund due are abandoned and therefore becomes another NJ unclaimed property. This is just one of the instances but then, this formed the bulk of NJ unclaimed properties.
Every state in the USA had made discovery and recovery of unclaimed property easier than ever. With the power of the internet, you can make use of online unclaimed property search. The other option is to fill up online claim forms. The websites are linked to all available state property resources. You might even be surprised to find that you have left unclaimed money in every state where you have lived.
Finding NJ Unclaimed Property via Inquiry Form
The NJ unclaimed property inquiry form can be downloaded from New Jersey’s unclaimed property website. The form is easy to accomplish. There are only 7 items to answer including the signature portion.
Among others, you just have to provide your name, address, whether you are recovering for a deceased or not, social security number or FID and some current information.
Finding NJ Unclaimed Property via Online Search
You will just have to log on to the website of the online unclaimed property search. The process is easy – just locate the NJ unclaimed property on line, secure a claim form and information. It is very likely that you or your relatives have unclaimed property in the state where you have lived or done business.
You can log on missingmoney.com, a site that will enable you to search the different participating states. This is where you can be informed of the family’s unclaimed property, asset or money. The information is regularly updated and the search and claiming is costless.
Finding NJ Unclaimed Property via Paid Property Search Firms
There are firms that can be hired to do the searching for your NJ unclaimed property. These search firms or heir finders are licensed or registered. They have legal limits on how the percentage of value they are allowed to charge. Many of these firms can render good service but there are also firms that are not even legitimate. So – you have to be cautious also. Make it a habit to check with your state government before you finalize your deal with the paid property search firm.
There had been queries on whether the Federal Government is able to find NJ unclaimed property for its residents. The answer is “NO”; there is no agency or employee in the Federal Government that can help you in recovering an unclaimed property. This is because there is no government-wide and centralized database that can provide and information on the people who have left unclaimed properties. Records are kept by every Federal State and data may be available on a case to case inquiry. Each state handles its own record of unclaimed property and each state also has its own statutes as well as procedures for the recovery of unclaimed property.
Have you been moving from one state to another because of changing job assignments or promotion? With this, you might have left behind your utility deposits. Or perhaps – you have an old checking or savings account that was left with some balances. All these moneys remain to be yours. You can definitely get and recover these amounts from your state government.
NJ unclaimed property – This is merely a kind of New Jersey property that for some specific time had been left by the rightful owner. In New Jersey, the time period for a property to be considered abandoned is determined by the New Jersey Unclaimed Property Statute 46.30B-1 et seq.
Typical types of NJ unclaimed property
The NJ unclaimed property is any financial asset, a sum of money that had been abandoned by the owner. There are different types of unclaimed properties; the most common of which is utility deposits. When you apply for electricity, internet or phone connections, you are made to deposit a certain amount, in many cases equivalent to one month bill. When you move out of your residence, you normally forget about getting refund for the deposit. And ultimately, this becomes an unclaimed property.
Other kinds of assets that oftentimes become unclaimed properties are bank deposits, bonds, stock certificates, uncashed checks and dividends, proceeds of life insurance, traveler’s checks and gift certificates.
The state of New Jersey has state laws that mandate financial institutions, public utilities and any other office to report any personal property that are unclaimed or abandoned. To be eligible for this NJ unclaimed property rule, the property should have been inactive for a time period specified by New Jersey state law. In addition, the whereabouts of the owner is unknown.
Is it possible for you to have NJ unclaimed property?
There are several factors that will give you the idea that you have NJ unclaimed property. When you move without a forwarding address, you may lose communication or mails. Moving out is a cause of abandoned bank accounts and utility refunds.
Here are instances that could have accounted for your NJ unclaimed property.
• If you have not made any transactions with your bank for the past 3 years, you will leave your bank balance dormant and ultimately becomes an abandoned account.
• You could have stopped paying you insurance premium. You do not realize that there is some cash value for this; the amount is lodged to unclaimed property.
• There are times when you do not pay attention to your mails. There could be some notifications in the mail that speak of collectible money – sometimes from your retirement fund or back pays for resignation from your past jobs. You could be receiving money from these but since you are not checking the contents of your mail, you missed out on the notices.
• There are checks drawn in your favor covering dividends, interests or royalties. You did not receive or you failed to cash in the checks. The value of the check can form part of unclaimed properties.
• A deceased family member is eligible to some properties or assets and as a surviving heir you have the right to receive these. Since you have not claimed, the asset becomes one kind of unclaimed asset.
When unclaimed, where does the NJ unclaimed property go?
When an asset is classified as NJ unclaimed property this same asset remains in the custody of the State until you prove that you are the real owner. You will then file your claim, undergo the normal process of recovery and wait until they are given to you – the rightful owner.
It has been found that many residents of New Jersey and for that matter, many states in USA have a kind of property that is under the custody of the state. These are unknown to the property owners and when the holding period expires, these NY unclaimed property is escheated.
The property owner will not know that he has some money or property left unclaimed. These assets can take the form of store refunds, stock certificates, bank deposits, checks, bonds gift certificates, safety deposit box deposit, royalty payments and more others. The most common however of the unclaimed property is the utility deposit.
There are different ways to find out if you have NJ unclaimed property but you have to exercise patience in finding them. A nationwide company known as U.S. Financial Funding had been tasked to provide assistance to citizens to discover and later recover any of their lost or abandoned money or wealth.
What is NJ unclaimed property?
The NJ unclaimed property consists of different properties that had remained unclaimed by its owner. These can take the form of either tangible or intangible assets. By tangible property, we refer to assets that can be touched such as real, moveable and personal properties. Anything that does not fall under the tangible kinds is known as intangible properties.
A specific period of time is prescribed for claiming these sorts of properties. New Jersey unclaimed property statute determines the time period for a property to be classified as abandoned. New Jersey has the Unclaimed Property Office that functions for the recording, recovering and reuniting the property with its rightful owner or his heirs (in case the owner is deceased). NJ unclaimed property excludes real estate assets and you should know also that your right to your unclaimed property will never be extinguished, meaning you can claim anytime at a later date.
How to file your NJ unclaimed property
There is a website known as Missing Money Property Search. You can use this website to find if you are entitled to any NJ unclaimed property. In the event that you have found in this search that you have an unclaimed property, you can file your claim by following the instructions on “how to” which is provided by this site also.
If you are unlucky to miss your name in this search website, you still have way to find if you do have. You can complete the claim inquiry form that is provided in the NJ unclaimed property website. Download the form, complete it then mail to the following address”
State of New Jersey Unclaimed Property Administration
P.O. Box 214, Trenton, NJ 08695-0214, ATTN : Claims Section
Upon receipt of your inquiry, a search will be undertaken by the processing staff of the administration. With a successful search, a claim packet will be forwarded to your given address.
Establish your identity before you can claim your NJ unclaimed property
You just cannot get your NJ unclaimed property, you have to present valid credentials or identifications. The IDs that can be presented is any of the following: driver’s license, Social Security Number and proof of original owner’s address as listed in the search result. If you had name change, you will have to present this document.
You may have some unknown NJ unclaimed property. You can do some searching and claim for the assets. Your unclaimed property may only be minimal amount but it is also possible that it is huge that will make you richer by some amount.