According to NAUPA (The National Association of Unclaimed Property Administrators), there is an estimated $41.7 billion worth of unclaimed property currently documented and being held by governments in the United States. Unclaimed property includes assets, accounts, or inheritance that has been left untouched for an extended period of time. Governments then hold that property while it waits to be claimed by its rightful owners.
While $41.7 billion is a surprising amount, there may be as much as $100 billion of unclaimed property that has yet to be turned over the States. Suffice it to say, there is a significant amount of assets in the US that are simply waiting to be claimed by average people like you and me. In many cases, these individuals may not even know the property exists.
Choice Plus, LLC is known as an unclaimed property service firms of the highest repute. We recently participated in a series of independent public information request campaigns, which asked each state government to report their present holdings of unclaimed property as far into the past as possible.
The collected data showed that, state government holdings of unclaimed property across the United States total approximately $56 billion.
What can I expect from working with Choice Plus?
At Choice Plus LLC, we’ve spent years building our reputation and our commanding knowledge of unclaimed property laws. Our success has earned us the reputation as an industry leader in this complex field, especially those cases of complex circumstance. Our network of attorneys, investigators, and researchers are ready to help our clients enforce their rights to receive the unclaimed funds and assets that are rightfully theirs.
Unclaimed Property in Florida
Currently in Florida, the Chief Financial Officer holds more than $2.5 billion of unclaimed property accounts. Most of these are from dormant accounts in financial institutions, insurance and utility companies, securities, and trust holdings.
Of course, in addition to these monetary properties, Florida is also holding tangible unclaimed property — heirlooms, valuable collections, currency, historical items, and other miscellaneous properties retrieved from safety deposit boxes.
Choice Plus, LLC Can Help You Reclaim Your Property in Florida
If you are an individual or entity that has discovered that you are entitled to unclaimed property or unclaimed inheritance in the state of Florida, you’ve come to the right place. While there are state administrators that can provide limited assistance to those filing claims to unclaimed property, they’re not able to provide full range of assistance that is often necessary to document your entitlement to your property. While you are able to claim the money on your own, you may find that that it is your best interest to rely upon the professional and financial support Choice Plus, LLC has to offer.
As a free service to the public, state administrative unclaimed property services have limited incentive to work diligently on behalf claimants. They cannot pay for legal advice, court filing fees, translators, genealogical research, lost instrument bonds,certified records, etc.. There are numerous types of extremely helpful services that private unclaimed property service firm, like Choice Plus, LLC are able to provide clients.
These enhanced and customized services are simply not available to those filing a claim for their unclaimed property on their own. This is why we consider it a privilege to make the entire process of claiming your unclaimed property as convenient and stress-free as we possibly can.
Here is where our expertise in reclamation services will support you. Our team is highly skilled in the field of reclaiming abandoned or unclaimed property and assets. Unlike state administrators, we advance all the necessary financial resources to help make your claim successful, such as the fees to petitions the court for determination of entitlement, translations, location of missing ownership records, and even the cost to probate estates. Our resources are here to assist you as we connect you to your unclaimed property and assets.
What is unclaimed property?
Unclaimed property in Florida can be defined as wealth that can be thought of as abandoned or lost because a significant amount of time has passed since the owner has contacted the holder regarding that property. Unclaimed property comes in a wide array of shapes and sizes. For instance, some people have pieces of land, vacation homes, or other large assets sitting vacant that they didn’t know they were entitled to. Or, there could be a small safety deposit box in a deceased relative’s name that you didn’t know existed.
Types of unclaimed property include:
- Inheritance (in both currency and property)
- Mutual funds and/or securities
- Unclaimed items, such as artwork, heirlooms, or other valuable collections
- Contents of a safety deposit box
Unclaimed property is a larger category of which unclaimed money and unclaimed funds are a part.
Types of unclaimed currency, money, or funds would include:
- Dividends or payroll checks left uncashed
- Checking accounts or savings accounts
- Payments or refunds from insurance
- Traveler’s checks
- Overpayments from customers
- Undeposited Certificates of Deposit
- Utility security deposits
- Mineral royalty payments
- Various forms of refunds
This list includes the most frequently found forms of unclaimed money, but there are many other possible forms of unclaimed money that can be left behind or unclaimed by their owner in the state of Florida.
The final category of unclaimed property that we help people recover are unclaimed assets.
Types of unclaimed assets would include:
- Money orders or gift certificates left unredeemed
- Life insurance policies
When there are so many nooks and crannies for money to be kept, it’s relatively easy to misplace, forget about, or leave behind property, funds, and other forms of wealth that remain untouched for an extended period of time – which brings us to the following question…
How does an asset become ‘unclaimed property’?
Why are there unclaimed properties? The reasons for an unclaimed asset or property are usually due to lack of knowledge about the property, or forgotten properties. The following are common reasons for unclaimed property:
- A change of residence or business location – the homeowner or business owner fails to complete or provide a change of address, checks, statements, and even physical property assets may be forgotten or never correctly delivered to the recipient
- A check is received but mislaid, forgotten, or simply never cashed.
- A property owner dies without leaving a complete will – relatives of the deceased may be unaware of or unable to find the assets following the death or the owner. This can include bank accounts, safety deposit boxes, or stocks owned by the deceased.
- A clerical error alters the name or address of a recipient, and the mail is never able to be delivered, leaving the unclaimed property owner unaware of the assets.
- The owner of a property or asset simply forgets about it
- Parents, grandparents, or other relatives or godparents may open an account in the name of a minor child, but forget or die without alerting the child of its existence. In such cases, the child is usually unaware of the funds until they receive a public notification of the existence of the account.
- Acquisitions, mergers, bankruptcies, and business dissolutions in Florida and or other states can cause misplacement or forgotten assets
- Overpayments to accounts or remittances without indication as to which account the payment should be applied to
Who is able to claim an unclaimed asset?
Anyone who has a legitimate legal or equitable interest in the property. In other words, a legitimate owner of the property or that person’s legal representative. The term “owner” can include a depositor, a beneficiary (as in the case of a trust or will), a creditor, claimant, or another type of payee.
Why do independant claimants find it difficult to regain possession of unclaimed property?
While thousands of unclaimed property owners in Florida make claims every year, approximately 60% of those claims fail.
The reasons for this can include lack of evidence, lack of resources, holder reporting errors or omissions, failure of government claims analysts to process the claim correctly, and, primarily, an insufficient understanding of the claims process and the requirements necessary to enforce your rights as owner of the unclaimed property. The laws and procedures regulating unclaimed property in Florida are complex, and most claimants generally require the assistance of professionals to be successful in their claim venture.
What can overcome these challenges is a thorough understanding of the statutes, codes, and rules that governing this broad range of unclaimed property administration. Understanding and navigating the administrative appeals, probate, property ownership rights, business organization, and required evidence is best handled by a team of hardworking experts, like ourselves. Additional complications to the issues can include marriage and divorce, adoption, international embargoes, civil procedures, bankruptcy, and constitutional issues.
How do Choice Plus’ services and fees work?
Our services can include providing financial advancement, documenting ownership, resolving holder reporting errors or omissions, facilitations of estate administration and civil actions, overturning adverse claim determinations made by unclaimed property administrators of Florida. Any advancements made on your behalf will be included in the fees following the successful resolution to your unclaimed property claim, along with the legal fees and related expenses.
Payment of these fees incurred is contingent upon the receipt of your unclaimed property. Choice Plus LLC provides you with the guarantee that if nothing is returned to you, then all those fees are waived. Our services are strictly provided on a “Success of No Cost Basis” so that you, our client, are fully protected.
At Choice Plus LLC, we provide you with a convenient alternative to filing a claim on your own while providing you with the advocate that you need to make your claim filing a success. Our work in this field has earned us the respect of our peers and given us the ability to develop valuable relationships with unclaimed property administrators, attorneys, and other field professionals. The experience that we have gained through facilitating the return of over $50 millions dollars is your assurance that we, at Choice Plus LLC, can be the help that you need to successfully claim your property.
Partner with success. Contact Choice Plus today for additional information or to get your questions answered.