Have you ever searched your name or the name of a loved one on the Michigan Unclaimed Property webpage? We always do a name search when a family retains our firm after a loved one has died, and I even search my own name every few years. The Unclaimed Property division of the Michigan Department of Treasury is a place where “abandoned” assets are turned over and held until claimed by the owner or the owner’s heirs. (The assets are said to have “escheated” to the state.)
In most cases, escheatment happens when someone forgets about an account or fails to cash a check. Once the relevant statutory period has passed (generally, one to three years), the financial institution or the check issuer may turn over the abandoned funds to the state and wash their hands of further responsibility as to those funds.
To check for escheated property, simply go to the Michigan Unclaimed Property website, scroll down to the “Claiming Property” section, and fill in your last name. It’s that easy! If you discover what appears to be an asset belonging to you or to a deceased loved one and need help in claiming it, we would be happy to help you through the process! Give us a call at (248) 477-6300.