January 29, 2012
Locating VT Unclaimed Assets – Part 2 of 2
(Part 2 of 2)
In Vermont, the average unclaimed property amounts to about $750. Many individual claims amount to less than $50, but there have been big checks cut for some people. A retired teacher was surprised with $150,000 from forgotten stocks her husband bought in the 1960's. Even state agencies are on the Vermont unclaimed property list. The state Transportation Agency has $60.87 from 3 different accounts and Vermont Senate President Peter Shumlin is owed abandoned assets by the state. Even members of the rock group Phish have unclaimed property coming to them. The largest unclaimed account so far is for the massive amount of $980,000 waiting for the lucky Vermonter to step forward and claim. "In this case, it must be a fairly extraordinary person," Spaulding comments "There appears to be unclaimed property in the same name in other states. We seem to have determined she's very likely deceased with no will and no identified heirs."
According to the Treasurer, "Unclaimed property refers to accounts in financial institutions, companies, non-profits, even state governments that are some kind of financially related property, whether it's a tax rebate or a savings account or travelers checks, or gift certificates, insurance policies. And when the institution, whether it's a private or public entity, loses contact with the person whose property it is, for a certain number of years, usually it's three or five years, they turn it over to the state to try to find the rightful owners. Every state has an unclaimed property office, and there are some easy ways for people to search and find out whether a particular state has something for them."
Spaulding also warns his state's residents against individuals who may attempt to take a large chunk of their money by offering to help them find their unclaimed property for a fee. Under Vermont Unclaimed Funds Law, it is illegal for unclaimed property finders to charge more than 10% on money found in the state of Vermont. Doing an unclaimed property search yourself is the optimal way to go – it's a fairly simple process, once you know where and how to search.
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Tewksbury to receive
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