January 7, 2012
Search For MI Unclaimed Cash – Part 2 of 2
(Part 2 of 2)
The owners of Mich. unclaimed monies may have lost track of their money while moving to another city or getting a new job. This is very common in the fast-paced lives we're all living now, and not remembering to leave things like a forwarding address is very easy to do. Consequently, mailed notices and checks often don't reach the addressees and must be returned to the sender (things like the IRS or businesses and financial institutions), and they stay there until the 'dormancy period' passes, and state law dictates that these assets be handed over to the state. In Mich. this period is five years for most kinds of unclaimed funds.
All Michiganites and former residents of the state ought to perform a search for unclaimed funds in Mich. – with hundreds of millions of dollars waiting to be found, the odds are great that they may be due a claim. MI is rather surprising whose names have turned up on the missing money list. Eminem, Aretha Franklin, and founder of Domino's Pizza, Thomas Monaghan names have turned up on the Mich. unclaimed property owners list.
Due to the fact that it is a 'custodial state', there's no time limit for Mich. unclaimed money to be claimed by its owners. In a report on Mich. unclaimed property by ABC affiliate WZZM 13, the Mich. State Dept. of Treasury's Gonzalo Llano stated "The funds stay here forever until they are claimed by either the property owner or their heirs should the property owner be deceased," But don't you feel like the lost assets would be happier back in their owners' pockets than collecting dust in some dingy, cold State general fund? Educate yourself on how to begin an exhaustive search, and discover all possible Mich. unclaimed funds owed to you ASAP!
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