Over the past couple of years, the state of Illinois has become a magnet for relocation, with new residents hailing from as close as the neighboring states to as far away as Florida and New York City. The Lone Star State is a warm and welcoming place and a wonderful place to be. Although, living here is not always inexpensive.
That is why it is so great that the state of Illinois has also established a way for residents to recover property they may have forgotten about. In fact, the Lone Star State has already returned more than $3 billion in lost assets to its residents, and wouldn’t it be great if you had some extra money coming in? Here are the steps you can take to search for and claim your lost property.
Unknown to many families, Illinois is holding over $5 billion in unclaimed money. Unclaimed property comes from a variety of sources like bank accounts, life insurance policies, and lost pensions.
If you are a Illinois resident with any of the life events below, you may be eligible to receive unclaimed money that can give you a financial cushion or help cover debts:
1.Navigate to the official website the state of Illinois has established for residents to search for their unclaimed property. That official state website is aptly named Claimitillinois.org.
2.Click the Search button on the front page of the website and the claim form will automatically appear.
3.Enter the required information on the claim form. The only information you have to supply is your first and last name, or alternatively the name of your business for a commercial property search.
4.If you wish, you can enter additional information to narrow the search and make the results more applicable. This will be especially important if you have a common last name like Smith or Jones, but the more information you can provide the better the final results will be.
5.Review the list of results for any property you think may be yours. This unclaimed property can include everything from bank accounts and insurance proceeds to abandoned retirement plans from former employers.
6.Complete an online claim form if you think the property listed may be yours. Once you have filed the form you will see a claim number, so write this number down and use it to follow the claim process.
7.Return to the Claimitillinois.org site and enter your claim number to see the status of your claim.
8.Enjoy the proceeds of your claim. Whether you find a $100 bank account you had forgotten about or a five-figure 401(k) plan, nothing feels better than finding money.
The reasons why the state of Illinois would end up with the unclaimed property of its residents are varied. In some cases, workers may leave their jobs and forget about their old retirement plans. Other cases may involve heirs who are eligible for the proceeds of an insurance policy they did not even know existed. In still other cases depositors may lose track of their old bank accounts.
The reasons unclaimed property accumulates vary, as do the type of assets and institutions holding it. But no matter what the reason or the asset, reuniting residents with their lost money and property is what Unclaimed Money Discovery is all about. We not only locate assets in every state, but we also search throughout your family tree to recover money lost long ago. Talk to an Asset Recovery Specialist to recover as much as possible for you and your family.