Allsup - SSDI Representative

Money is tight for most people right now. It’s even tighter for those relying on fixed Social Security disability income. Finding money or assets you were not aware of can be a welcome source of income.

Nearly one in eight Americans are entitled to unclaimed property, and the federal and state governments are estimated to have $400 billion in unclaimed assets just waiting for their rightful owners. Unfortunately, much of the property goes unclaimed because owners simply don’t know about it, according to Allsup, a leading provider of Social Security disability, financial and Medicare-related services to people with disabilities.

We’ll help you determine what to look for and where to look for it.

Unclaimed property may include the contents of safe deposit boxes, uncashed dividends or payroll checks, and unredeemed money orders or gift certificates. It also includes inactive accounts at financial institutions and companies (such as utilities), as well as undeliverable tax refunds and matured bonds.

Often people open various savings and retirement accounts, rent safe deposit boxes and acquire stocks and bonds, and then for one reason or another, people lose track of these assets. And the places that have possession of the property, like banks, lose track of owners, especially if owners don’t update their contact information. Also, if a property owner has passed away, family may be unaware of these assets.

Federal and state governments hold onto unclaimed property on behalf of the rightful owner. They make every attempt to notify people of the unclaimed property, including offering searchable online unclaimed-property databases. To help reunite people with their property, Allsup provides links to these resources from http://www.allsup.com/ at http://www.allsup.com/personal-finance/unclaimed-property.aspx.

It’s a good idea to have something in mind when starting your investigation. For example, if you have an old checking account, you should try to determine approximately when the account was open. There is no time limit to collect unclaimed property; you are still entitled to it even if it’s years later. However, if you’re claiming property as an heir, you will need to provide proof that the property is now rightfully yours. This could include a will, power of attorney or other legal document that clearly assigns the property to you.

You should be wary of companies offering to help you find unclaimed property for a fee. Everything you need to locate property is readily available at no cost.

With a little legwork, this can be an effective and relatively easy way to generate added income to pay bills, shore up your rainy day funds or pad your retirement savings.