Yes, Utah has unclaimed property, and the state actively works to return these assets to their rightful owners.
The Utah Unclaimed Property Division manages millions of dollars in unclaimed property, including lost cash, stocks, and other assets. In Fiscal Year 2021 alone, the division returned $36 million to individuals, businesses, and charitable organizations across the state. These efforts are part of a broader initiative to ensure that unclaimed property is returned to its owners as efficiently as possible.
What is Unclaimed Property in Utah?
Unclaimed property in Utah refers to financial assets that have been abandoned or forgotten by their owners. When property such as bank accounts, checks, stocks, or safe deposit box contents remains inactive for a certain period (known as the dormancy period), the holder of the property, such as a bank or business, is required by law to turn it over to the state. The Utah Unclaimed Property Division then holds these assets in trust until the rightful owner comes forward to claim them.
Common types of unclaimed property in Utah include:
- Inactive bank accounts
- Uncashed payroll checks
- Stocks and bonds
- Insurance policy payouts
- Safe deposit box contents
How to Search for Unclaimed Property in Utah
Utah makes it easy for residents to search for and claim unclaimed property. The state has created an online database, accessible at mycash.utah.gov, where individuals can search for unclaimed property in their name, a relative’s name, or a business name. This free tool is user-friendly and allows you to quickly determine if there are any assets waiting for you to claim.
To search for unclaimed property in Utah, follow these steps:
- Visit the Website: Go to mycash.utah.gov to access the Utah Unclaimed Property Division’s search tool.
- Enter Your Information: Input your name, the name of a relative, or a business name to begin your search. You can also try searching under a maiden name or an old business name to cover all possibilities.
- Review the Results: The website will display a list of potential matches. Review the results to see if any of the unclaimed property belongs to you.
- Submit a Claim: If you find unclaimed property that matches your information, follow the instructions on the website to submit a claim. You’ll need to verify your identity and provide documentation to prove your ownership of the property.
Claiming Unclaimed Property in Utah
Once you’ve identified unclaimed property in your name, the next step is to submit a claim. The Utah Unclaimed Property Division has streamlined the claim process to make it as simple and efficient as possible. Here’s how to claim your property:
- Gather Required Documents: To claim your property, you will need to provide proof of your identity and, in some cases, additional documentation proving your ownership of the asset. This may include a government-issued ID, proof of address, and any other relevant documents.
- Submit Your Claim: Claims can typically be submitted online through the How to Claim and Find Unclaimed Property in Utah. Follow the on-screen instructions to complete the claim form and upload your documents.
- Processing Time: The Utah Unclaimed Property Division will review your claim and the provided documentation. Processing times can vary depending on the complexity of the claim, but you can expect to receive a response within a few weeks to several months.
- Receive Your Property: If your claim is approved, the Unclaimed Property Division will issue a payment or return the physical property to you, depending on the type of asset.
Why You Should Search for Unclaimed Property Regularly
Many Utah residents may not be aware that they have unclaimed property waiting for them. Regularly searching for unclaimed property is essential to ensure that no assets are left unclaimed. Over time, you may forget about a bank account, an insurance policy, or an old paycheck. By conducting regular searches, you can ensure that any property belonging to you is recovered and put to good use.
Utah’s unclaimed property program is a valuable resource for residents who may have lost or forgotten assets. With millions of dollars returned each year, the Utah Unclaimed Property Division is committed to helping residents reclaim their property. Whether it’s an old bank account, a forgotten insurance policy, or any other financial asset, the Utah Unclaimed Property Division is ready to assist.
Don’t wait—conduct a search today and see if Utah is holding unclaimed property for you. Reclaiming your assets is a simple process that can bring unexpected financial benefits. Start your search now and ensure that your property is back where it belongs: with you.