On August 21, 2023, the New Jersey Department of Treasury’s Unclaimed Property Administration published an updated list of unclaimed property — up to $6 billion in funds — being held by the Treasury. In summary, under certain circumstances set forth in the unclaimed property laws, property that has been abandoned (or unclaimed) for three years should be turned over to the State for safekeeping for eventual return to the rightful owner. This can include forgotten bank accounts, utility deposits, insurance payouts, and could include actual physical property. The Treasury will be advertising a list of unclaimed assets in local newspapers over the next two weeks in the hopes of notifying owners to claim their funds.
Last year (fiscal year 2023), the New Jersey Treasury returned $202 million in unclaimed assets to their proper owners. Current and former residents should check the Unclaimed Property Administration’s website to search for their name (or maiden name). If your name is on the list (and my name is on the list!), you can and should submit a claim. The process is free of charge when done through the Unclaimed Property Administration.
The Treasury’s press release is here.
The unclaimed property rules themselves are an important set of rules that businesses should endeavor to better understand and comply with. Stay tuned for future posts addressing this important topic. In the interim, be sure to check the updated list and happy hunting.
