![]() savings bonds in possession of the State Treasurer that are 5+ years past the final maturity date are presumed abandoned. ) amends Illinois’ Uniform Disposition of Property Act to provide that U.S. The upshot: Life insurance companies who have long pocketed billions in unclaimed proceeds will soon have to reform their ways.Ģ. For potential matches, the law sets forth the good-faith efforts that the company must perform to locate and notify beneficiaries and to pay out the proceeds. Insurance companies are required to complete a comparison using the Social Security Administration’s Death Master File by and thereafter on a semi-annual basis. ) imposes new requirements on life insurance companies to discover, locate and notify beneficiaries of life insurance and annuity contracts. There are three new laws for 2017 that relate to unclaimed and abandoned property:ġ. What does this have to do with new laws? Unclaimed and abandoned property has gotten the attention of legislators in a number of areas. Generally speaking, the longer the property remains unclaimed, the more challenging it becomes to eventually claim.įor an excellent explanation and resources pages, see “ The Unclaimed Property Page” maintained by Mark Kantrowitz. Why is this tricky? In many cases, the beneficiaries are also deceased, and thus their interest must be claimed by their representative(s). Where things can get a bit stickier is when the owner is long-since deceased. Claiming on behalf of a recently deceased individual requires some additional documentation ( probate letters of office or a small estate affidavit), but is also fairly straightforward. The steps for claiming your own property is easy. The webpage to search for Illinois unclaimed property is here: Illinois’ program - iCash (formerly called “Cash Dash”) - is run by the Treasurer’s Office. Once turned over, it is held by the State (theoretically forever) until properly claimed by the owner or the owner’s legal representative.įortunately, in today’s digital age, searching for unclaimed property that has been turned over to the State is relatively easy. ![]() This could be a utility refund check after a change of address or a dividend check after a change in marital status or property not claimed by family after death. ![]() What is unclaimed property? It’s property that has been turned over to the State after it has been abandoned and not claimed by the true owner. As an attorney who regularly advises and assists executors and trustees, one of the items that is always on my checklist is “unclaimed property.” One of the primary tasks of an executor or successor trustee is to ascertain and marshal the decedent’s assets. This is the second in a series of posts about new Illinois probate and estate laws taking effect in late 2016 or the beginning of 2017.
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