In Florida, unclaimed funds or property can sometimes end up in the custody of the state under its unclaimed property program. These funds may include bank accounts, insurance proceeds, uncashed checks, refunds, and other financial assets that have been abandoned or forgotten by their rightful owners or beneficiaries. Florida’s Department of Financial Services oversees these funds, often referred to as being “held in trust” for the rightful owner or their beneficiaries.
This article provides an overview of the process for beneficiaries to claim funds, the escheatment process, and the circumstances under which funds are transferred to the state.
What Is Escheatment?
Escheatment is the process by which unclaimed or abandoned property is turned over to the state. In Florida, this typically occurs when financial assets are deemed abandoned after a specific period of inactivity, known as the dormancy period. For most financial accounts, the dormancy period is five years, but it can vary depending on the type of property.
Circumstances under which funds escheat to the state include:
• No activity or contact by the property owner during the dormancy period
• The property holder (e.g., a bank, insurance company, or employer) is unable to locate the rightful owner or beneficiary
• The owner or beneficiary has passed away, and the heirs or estate representatives have not claimed the funds
Once the dormancy period has expired, the property is transferred to the state’s unclaimed property program. Unlike some states, Florida does not take ownership of these funds permanently; the state holds the funds indefinitely in trust for the rightful owner or their beneficiaries.
How to Check for Unclaimed Funds in Florida
Florida provides a user-friendly system called Florida Treasure Hunt, operated by the Department of Financial Services. Beneficiaries can search for unclaimed funds in the database by entering the name of the deceased owner or their own name.
Steps to check for unclaimed property:
1. Visit the Florida Treasure Hunt website located at http://www.fltreasurehunt.gov.
2. Enter the name of the deceased or account holder.
3. Review the search results to identify property that may belong to you.
Claiming Funds As a Beneficiary
As a beneficiary, you must provide documentation to establish your right to the funds. The process generally involves:
1. Filing a Claim: Begin the claim process on the Florida Treasure Hunt website by selecting the property and submitting a claim online.
2. Providing Documentation: Submit proof of your identity and entitlement to the funds. This may include:
A copy of your government-issued photo ID
Proof of relationship to the deceased owner (e.g., a will, trust document, or court order)
Death certificate of the deceased owner
Additional documents such as letters of administration if you are representing an estate
3. Verification and Approval: The Department of Financial Services will review your claim and contact you if additional information is needed. Once verified, the state will release the funds to you.
Important Notes for Beneficiaries
• No Expiration Date for Claims: In Florida, unclaimed funds held by the state do not have an expiration date. You or your heirs can claim these funds at any time.
• Avoid Third-Party Fees: While some companies offer to locate and claim unclaimed property on your behalf, this service typically comes with a fee. Beneficiaries can claim funds directly from the state for free.
Conclusion
If you suspect that you are the beneficiary of unclaimed funds held by the State of Florida, the process to recover them is straightforward and accessible. The Florida Treasure Hunt program is a valuable resource to locate and claim what is rightfully yours. Escheatment laws ensure that these funds are preserved, and Florida’s indefinite holding policy protects your ability to claim them, regardless of the time elapsed.
By acting promptly and following the state’s procedures, beneficiaries can successfully recover unclaimed funds and honor the legacy of the deceased property owner.
If you have questions about your estate plan and what documents you should have in place to plan your estate to avoid having unclaimed funds, schedule a free consultation today by calling our office at 561.694.7827, Anné Desormier-Cartwright, Esq., Elder and Estate Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter, FL 33458.
The content of this article is general and should not be relied upon without review of your specific circumstances by competent legal counsel. Reliance on the information herein is at your own risk, as it expresses no opinion by the firm on your specific circumstances or legal needs. An attorney client relationship is not created through the information provided herein.
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