The California government might owe you money. According to NBC San Diego, on November 2, 2021; California government depositories had over $10 Billion dollars of unclaimed money.
That’s $10 Billion dollars waiting to be claimed at the California State Controller’s Office. Let’s start at the beginning of the unclaimed property process.
Who Do I Contact When I Receive A Notice That My Property Is Going To Be Transferred To The State?
The State Controller’s Office sends a notice to all owners before the property is transferred to the State if the value of the property is $50 or more. The SCO informs the owners that they have property that will be transferred to the State unless they contact the business by a certain date.
Inside the State Controller’s Office notice, are the name and contact information of the business, the type of property, and the amount. But to protect the privacy of the probable property owners and give them a chance to claim their property from the holder, the SCO is no longer disclosing the specific amount released by the holder until it is turned over to the state.
It is important that the owner contacts the business before the deadline in the notice, to prevent the property from being transferred to the State.
Note: After the State Controller’s Office sends the notice to the property owners, the contact information of the business provided occasionally changes. Owners can check through this updated business contact list for changes of information.
You may claim your property from the State after the property is transferred. No time limit is given on claiming the property after it has been turned over to the State.
What if an Investigator (Heir Finder) sends me a letter offering to recover the property for a fee before it is transferred to the State Controller’s Office (SCO)?
After the business has notified the State Controller’s Office, the investigators or heir finders are LEGALLY NOT ALLOWED to contact the property owner until the property has been held by the state for at least one year. This time allows the probable owner time to recover their unclaimed property. It is ILLEGAL for the Investigator to contact the claimant until the state has held the property for at least one year.
Is There A Time Limit To File A Claim?
Some states have time limits. California does not have a time limit to file a claim for unclaimed property. Property owners can file a claim anytime after their unclaimed property is transferred to the California State Controller’s Office.
How Do I File A Claim?
There are two options to file a claim for unclaimed property. One is by filing an electronic claim, and the other by filing a paper claim via mail.
If the claim is eligible, an option to file it electronically will be given. To learn more about this go to sco.ca.gov.
However, if the claim is not eligible for electronic filing or the owner chooses to file a paper claim, they can submit it via USPS mail. The owner will be instructed to print and mail in their claim form. To avoid delays when processing the claims, owners must send copies of all necessary documents as stated in the filing instructions to verify the proof of ownership.
Note that the claims can not be filed via email or fax.
Can I Print Out A Blank Claim Form?
You can not print out a blank claim form. Every property is linked to a coded claim form that has a unique claim number associated with the property. This is to process claims quicker and more efficiently.
When the State Controller’s Office receives a claim, it is scanned and put into the system automatically to be processed. If you find a property that might belong to you on the search results page, click the highlighted Property ID number. It will direct you to the Property Details page that contains the claim form.
According to federal and California law, as well as the State Administrative Manual policy, all personal information submitted to SCO is protected against loss, damage, modification, unauthorized access, or disclosure. At the employee and departmental levels, appropriate computer, network, and Internet technical security controls prohibit unauthorized access to the information you voluntarily disclose. Read more about SCO security here.
How Do I File A Claim For A Deceased Owner?
If you are an Heir, Trustee, or Personal Representative/Executor/Administrator you may file a claim on behalf of the deceased unclaimed property owner. To learn more about the documents needed to prove the ownership, check out the filing instructions for deceased owner claims.
Can I Claim All Of The Funds In A Jointly Owned Account?
It depends on how the property owner initially structured the account whether you can claim all of the funds in a jointly owned account.
When filing a claim for jointly owned property, please include as much information and supporting paperwork as possible to demonstrate how you own the property so that the State Controller’s Office may more readily determine if you are the rightful owner. The SCO may need to contact you for further information if the case is complex.
Can A Claim Be Filed Jointly With Another Owner?
Yes, a claim may be filed jointly with another owner. All owners should sign the claim form and submit the required documentation to prove ownership.
Can I Authorize A Power Of Attorney?
A Power of Attorney (POA) cannot be accepted as a substitute for the claimant’s signature on the claim form or the investigator agreement.
According to the California Code of Civil Procedure, Section 1540, the claimant must verify the claim (a). In circumstances when a POA is required due to a medical condition that prevents a claimant from signing the claim form, an exception may be considered.
The State Controller’s Office legal department will decide whether or not to accept a POA in this situation. All claim packages signed by a POA that does not include medical verification signed by a registered physician will automatically be rejected.
What Is A Property Identification Number?
When an unclaimed property is placed into the database, the office assigns a unique number to it. This number appears on the Search Results Page and appears on all forms, letters, and other correspondence relating to property held by the California State Controller’s Office.
Note: It is recommended to all claimants keep a copy of the “Property Identification Number” and the “Claim Identification Number” in their records until the claim is completely processed. These numbers will be used by the SCO as a reference.
What Is A Claim Identification Number?
When you submit a property claim with the State Controller’s Office, you will be given a Claim ID. This number appears on the Claim Affirmation Form and on all correspondence regarding your claim package that the State Controller’s Office provides you.
Noted: It is recommended to all claimants to keep a copy of the “Property Identification Number” and the “Claim Identification Number” in their records until the claim is completely processed. Both numbers will be used by the SCO to identify your claim.
Can I Use One Claim Form When Claiming Multiple Properties?
If you are claiming numerous properties, you may submit a single Claim Affirmation Form and a copy of the “Property Details” page for each additional property.
If a property has many owners, each owner must sign the Claim Affirmation Form or file a separate Claim Affirmation Form to receive his or her portion of the property.
How Will I Know If The SCO Received My Claim?
A “claim receipt letter” will be sent out with the date on which the claim was received by the State Controller’s Office. In some cases, you will receive a warrant or state check for your claim instead of a claim receipt letter if the claim can be verified and approved during the intake process.
How Do I Report A Change Of Address?
If you move after filing a claim, notify the State Controller’s Office as soon as possible so that the SCO can update its records.
What Documentation Is Required To Show As Proof Of My Name Change?
You will need to show proof of identity, such as a marriage certificate or court records, to prove that you’re the individual listed on the unclaimed property account. For more details on the documentation needed to verify ownership, please see the filing instructions.
The Bank Will Not Honor My Old (Stale-Dated) Uncashed Check(s), Money Order(s), or Cashier’s Check(s). How can I get my money back?
A Claim Affirmation Form must be completed, together with confirmation of identity and a copy of the original uncashed cheque. Once the State Controller’s Office establishes that you are the rightful owner, they will contact you and request you to send the original cashier’s check, money order, or check.
Make copies of these documents and save them for your records. Please contact the State Controller’s Office for more information if you do not have the original paperwork for whatever reason.
Do I Need To Pay Taxes On My Property?
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Consult your tax advisor or legal counsel for advice and information about your specific tax status. Please note that the Unclaimed Property Division of the State Controller’s Office does not deduct taxes on unclaimed property payments.
Will I Receive A Form 1099?
The Unclaimed Property Division does not issue IRS Form 1099 for stock accounts paid in cash, or dividends earned on stock accounts. However if the property you received accrued interest, such as property held by the state before August 2003, you may receive a Form 1099.
The State Controller’s Office issues 1099 statements once a year, in January, in these instances. This document details the amount of interest paid to a claimant by the State Controller during the tax year in which the unclaimed property account was settled.
If you believe your property includes interest and you did not get a Form 1099, please contact the Unclaimed Property Division of the State Controller’s Office at (800) 992-4647. Consult your tax advisor or legal counsel for advice and information about your unique tax status.
How Much Time Will It Take To Process My Claim?
As stated by the law, it allows up to 180 days from the date the State Controller’s Office receives the completed claim package to review all documents and make a decision if the claim being filed is supported by the documents submitted. However due to Covid and office closures and such. In 2022 it’s not unheard of for claims to take 5 to 6 months or more before the SCO issues a claim check.
Additional time is needed after the claim is approved for the payments of claims that contain securities. The State Controller’s Office states that the additional processing time is because it must conduct research for corporate activity like corporate mergers, acquisitions, stock splits, or dividends that can affect the value of the security. Allow the State Controller’s Office an additional 120 days to one year to complete the research concerning securities.
The State Controller’s Office now has an online platform for checking the status of an unclaimed property claim you or your Investigator has filed. They will not yet have processed your claim information if it does not reflect in their online system. Before checking the status of your claim, allow 30 days from the day you mailed your claim package for processing.
Check your claim status at sco.ca.gov.
Can You Electronically Deposit My Funds Into My Current Bank Account?
Your funds will not be electronically deposited to your current bank account by the State Controller’s Office. State Checks or warrants are mailed to the address indicated on the claim form.
How Are Stock (Security) Accounts Paid?
The State returns securities to an owner or his or her heir by transferring the securities to the owner or distributing the net proceeds from the sale of the securities.
Securities are registered in the State’s name when they are received, as required by California’s Unclaimed Property Law. The State Controller’s Office is obligated to sell securities between 18 months to 20 months of receipt of same. See Section 1563(b) of the California Code of Civil Procedure.
Securities being held by the state
Depending on the type of security, the State Controller’s Office must transfer the securities into an account in your name, either through a transfer agent (a private company responsible for processing the company’s shares) or a mutual fund corporation. The transfer process can take anywhere from 6 to 8 weeks.
- Stocks: If you have your stocks moved to a transfer agent, you should receive a reference number and a confirmation statement that includes the date the shares were transferred. They will then ask you to give them instructions on how you want your securities to be managed or processed at that time (sell them, open an account, or move them to a different broker). Please take note of your reference number. When you contact the transfer agent regarding the securities, you will need this number.
- Mutual Funds: The State Controller’s Office will send you the documents you need to open a mutual fund account so your money can be transferred to you.
When the securities are scheduled to be sent to the transfer agent or mutual fund, the State Controller’s Office will send you a letter. The State Controller’s Office no longer owns the assets and has no control or responsibility for the remaining procedure once the securities are transferred to the transfer agent/mutual fund business. It can take anywhere from 6 to 8 weeks for transfer agents/mutual funds to inform you that the transfer has taken place.
If your stocks were sold in accordance with California’s Unclaimed Property Law
You are entitled to the net proceeds of the sale, as well as any dividends, interest, or other gains obtained before the sale of the securities. You or your heirs are entitled to the benefits of any corporate activities performed by the issuing business while the State-owned the shares, such as dividends, mergers, splits, and spin-offs.
How Do I Donate My Unclaimed Property To The State?
The apparent owner must file a claim for the property and show entitlement before donating it to the state of California. A written designation of a fund or allocation to receive the donation may be made at the time of filing a claim.
If no specific allocation to a specific fund or appropriation is made, the donation will be sent to the State School Fund, according to the law.
You can designate the fund or allocation that will benefit from your donation using this Donation to the State of California.
Where Do I Request A Certified Translation Of Foreign Documents?
For claims that are in a foreign language, they are required to be translated into English by a certified translator. Translations may be requested at an embassy, university, or private American Translator Association-certified translator.
Translations from an embassy must contain the seal of the embassy attached to the translation as proof of authentication. A notary is not required.
Translations from a university where the language is taught must be written on letterhead from the institution and signed by the academic who translated the documents. All other translations require verification of certification, as well as the notarization of the translator’s signature. The American Translator Association’s certifications can be found here.
What if I Owe Money To A State Or Local Agency; Will That Affect My Claim?
The Franchise Tax Board can intercept payments from the state lottery, tax refunds, and unclaimed property monies for debts owed to state, city, or county governments under California Government Code Sections 926.8 and 12419.
Even if you are under an installment plan with said entity, the State Controller’s Office will intercept the amount outstanding. You may contact the agency named on the intercept notice if you have any concerns or disagree with the intercept. The reason for the intercept is unknown to the State Controller’s Office.
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