LANSING, MI — The Michigan Department of Treasury has unveiled a redesign to its unclaimed property website that will make it easier for residents to search and file claims for property owed to them. The website’s usability and directions for how to claim property have been improved according to the state.
To coincide with the website relaunch, officials are encouraging residents to search the page to see what they might be entitled to.
“I encourage individuals and business representatives to visit our refreshed website to see if we may be holding property in their name or in the name of their business,” said Terry Stanton, who oversees Michigan’s Unclaimed Property Program. “Our unclaimed property database is updated throughout the year, so just like spring cleaning, an annual check of our site is always a good idea.”
What is unclaimed property?
The Department of Treasury is required by law to hold onto assets that are considered abandoned. Those assets can include the contents of dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, and stock certificates.
When those assets are discovered, the owners (or the owners’ heirs) may file a claim for the assets. Once the claimant is able to prove they are the legal owner of the property, the state will return it to them.
How do I search for and file a claim?
As part of the website redesign, a search feature is located near the top of the page, allowing you to enter your name or the name of the person whose assets you are entitled to. The search will also allow you to refine it by city or zip code.
The database will populate results showing you any unclaimed assets you are entitled to. From there, you can select each piece of property until you have found everything you are entitled to.
After selecting the properties, you will select how you believe you are entitled to the property through the claimant relationship description. There are several different options including for claiming property as the heir of an estate or as a business.
You will need to provide personal information such as name, address, email and Social Security number to file a claim. Once you submit that information, you will have to electronically sign a document certifying that the information you’re providing is accurate.
From there, the Treasury says one of three outcomes will take place:
- Your claim may be approved and you will receive a check.
- You may receive a letter or email requesting additional information required to complete your claim.
- You may receive a letter or email of denial if we are unable to verify ownership based on the aforementioned verification requirements.
The Treasury reminds applicants that simply submitting a claim does not guarantee you will receive the assets. The applications will be reviewed by staff and a determination will be made.
Last fiscal year, the program returned more than $150 million to Michigan residents, according to the Treasury Department.
