Frequently Asked Questions About Unclaimed Assets

Did you receive a letter from us looks like this?

If so, we mail these notices to reunite owners with their asset/s. We, investigators also sometimes referred to as Asset Locators or Heir finders. Offer to file claims for unclaimed property for the right owner or their heirs.

Equally, if an owner chooses to use an investigator/heir finder, a full disclosure contract between the owner and the investigator specifying where the property is coming from must be signed.

This disclosure contract is an agreement between the owner and the investigator. The investigator may have an enforceable right of payment from the owner for the amount specified in the contract.

Also, it is against the law for an investigator to charge a fee greater than 10% of the value of the property that is returned to you. The only exception are fees charged for County Probated Estates, where there is no limit on what they can charge. Fees should cover all services connected with returning property to an owner. (California Code of Civil Procedure Section 1582)

The Consumer protection agencies recommend that legitimate businesses do not expect payment until the property is returned to the owner and owners should be suspicious if an Investigator asks for money before the owner receives the property or if the fee is not based on a percentage of the value of the property to be returned to the owner.

What are Unclaimed Assets?

Unclaimed assets are any financial asset/s left inactive by its owner for a period (typically three years) of time. However, in California, unclaimed property law does not include real estate. The most common types of unclaimed assets are:

Bank accounts and safe deposit box contents
Certificates of deposit
Estates
Matured or terminated insurance policies
Mineral interests and royalty payments
Stocks, mutual funds, bonds, and dividends
Trust funds and escrow accounts
Uncashed cashier’s checks and money orders
Utility account deposits

How does the state get unclaimed assets?

By California law, it requires corporations, businesses, associations, financial institutions, and insurance companies (referred to as “holders”) to annually report and deliver assets to the State Controller’s Office if there has been no activity on the account or contact with the owner for a period (generally three years) of time. However, when the contact is often lost when the owner forgets the account exists or moves and does not leave a forwarding address. Some cases, the owner dies with heirs who have no knowledge of the asset/s.

What efforts are made to find assets owners?

By California law, it requires all holders (corporations, businesses, associations, financial institutions, and insurance companies) of unclaimed asset/s to try to contact owners before reporting their asset/s to the State Controller's Office. Then, the holders must send a notice to the owner’s last known address informing them that the property will be transferred to the State Controller's Office for safekeeping if the owner does not contact them to retrieve it. Lastly, the State Controller’s Office sends notices to all owners of asset/s that will be transferred to the state. Finally, these notices are sent out before the asset/s is to be transferred, giving owners an opportunity to retrieve asset/s directly from the holder.