Michiganders could have funds lying in wait. With the recent impact on money caused by the pandemic, including the rising cost of gas and food as well as life expenses, economic relief could come in handy for residents across the state. Particularly in hard-hit urban areas like Detroit, additional monies could be a game changer. The State Treasury could be the answer to discovering unclaimed money and assets entrusted to the state of Michigan.
The Michigan Department of Treasury houses millions of dollars in uncashed checks, stock certificates, forgotten bank accounts, contents of safety deposit boxes and many other unclaimed financial assets for residents across the state. Determined by the dormancy period, unclaimed assets or monies must have no activity on the account for a period of one year for wages, payrolls and commissions as well as governmental units. A dormancy period of three years is required for most other properties. In Wayne County alone, more than $100,000 of unclaimed funds is waiting on its rightful owners.
“For the number of properties ($50 and above) turned over to the State between January 1, 2020, and today, essentially, the last two years, for owners with a reported home county of Wayne, we are currently holding 114,558 properties totaling $125,469,000,” said Terry Stanton, state administrative manager of Unclaimed Property for the Michigan Department of Treasury.
2021 proved to be one of the most financially devastating years in Michigan since the early to mid-2000’s. As the pandemic impacted job security and economic stability, Michiganders were left to find ways to make ends meet. The Michigan Department of Treasury was able to come to the aid of several Michiganders awarding more than $100 million for the year. Since many are unaware of their unclaimed funds that are sometimes left behind by deceased family members, the treasury department also conducts outreach efforts to alert the next of kin.
“Michigan Unclaimed Property also conducts extensive outreach throughout the year, to alert potential owners that they may have property with us. In Fiscal Year 2021, we paid more than $18.4 million to owners/heirs as a result of our outreach, alone,” said Stanton.
Funds and assets remain in the custody of the Michigan Treasury for an infinite amount of time until it is claimed by its rightful owner. Potential recipients will have access to the funds regardless of the amount of time they lie dormant.
“The properties in our custody are claimable in perpetuity. They do not expire; there is no deadline to claim; and/or a Statute of Limitations for claiming the properties,” said Stanton. “If a property goes unclaimed, it remains in our custody in perpetuity. To be clear, we do not have a vault or account with all of the properties held within. Michigan Unclaimed Property maintains a balance in our account to be able to pay expected claims for the upcoming year. Other funds are transferred to the State’s General Fund each fiscal year end.”
For Michiganders, the additional financial help can be paramount. While many families continue to play catch-up for bills mounted during the pandemic, claiming funds could mean the difference between financial stability or economic downturn.
“Our average claim amount in fiscal year 2021 was approximately $2,600, so in many cases the receipt of these funds is very welcome news for Michigan families. We do hear from claimants who tell us the payment helped offset property tax or mortgage payments and unexpected expenses,” said Stanton.
To claim funds, the department offers a website where potential recipients can search if they, a family member or business entity has unclaimed assets.
“Our website has a search engine where individuals, business representatives and other interested parties can check to see if they, a relative, friend or their business might have property in the State’s custody,” said Stanton. “An individual can complete a search, submit a claim electronically, and upload documents and verifying information directly and securely to our site. More than 100,000 claims were established via our site in Fiscal Year 2021.”
Paying out more than $116 million in total for fiscal year 2021, The Michigan Department of Treasury hopes to unite residents with money that could help provide much needed breathing room. Relatives may also claim funds on behalf of a deceased family member.
“There are many circumstances that come into play when an individual is claiming for a deceased relative, etc. Likewise, there are many things we must consider when determining who can claim funds on behalf of a deceased individual. Such items or issues include, but are not limited to the dollar amount in Michigan Unclaimed Property’s custody; whether the estate was previously probated or not; whether that estate is currently open or closed and what was the relationship between the claimant, or heir, and the decedent,” said Stanton.
The amount expected to be held in Wayne County may be significantly higher as figures only show for the last two years. Those who suspect funds or assets may be in possession of the State are encouraged to reach out to the Unclaimed Property division within the Department of Treasury.
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