#ILLINPOIS ICASH CLAIM FORM SERIES#

1, you can still claim your property through Commerce’s Unclaimed Property.Ĭheck whether Commerce has unclaimed property that belongs to you. So if you got a notice, respond before Nov. If the property owners do not respond - perhaps because they’ve moved - Minnesota law requires the businesses to turn the property over to the state’s Unclaimed Property, which is operated by the Minnesota Department of Commerce. 1?īy state law, all organizations that do business in Minnesota are required to send notices after property has gone unclaimed by the owners for a period of time. Just last year, justices raised due process concerns over “decidedly old-fashioned methods” of notice.Ĭonsider yourself on notice and check to see if Illinois has money for you or your family HERE.Did you receive a notice by mail or email to claim property?ĭid you get a notice from an agency or organization that says they have property you need to claim? Is the deadline Nov. Unclaimed property laws may also be on the radar of the United States Supreme Court. The bill is a 244-page complete rewrite of the rules relating to unclaimed and abandoned property modeled after the Uniform Law Commission’s uniform law completed in 2016. On February 8, 2017, the Illinois House introduced the Revised Uniform Unclaimed Property Act ( House Bill 2603). ), unclaimed property held by any federal, state or local government will be presumed abandoned after 5 years rather than after 7 years.Īnd the attention of Illinois legislators on this area may not be over. Presumption of Abandonment for Property Held by Governments Reduced From 7 to 5 Years. The upshot: Let your family know about those old savings bonds!ģ. The law provides a process for the Illinois Treasurer to commence proceedings in Sangamon County for a determination that the property will escheat to the State. savings bonds in possession of the State Treasurer that are 5+ years past the final maturity date are presumed abandoned. ) amends Illinois’ Uniform Disposition of Property Act to provide that U.S. The upshot: Life insurance companies who have long pocketed billions in unclaimed proceeds will soon have to reform their ways.Ģ. For potential matches, the law sets forth the good-faith efforts that the company must perform to locate and notify beneficiaries and to pay out the proceeds. Insurance companies are required to complete a comparison using the Social Security Administration’s Death Master File by and thereafter on a semi-annual basis. ) imposes new requirements on life insurance companies to discover, locate and notify beneficiaries of life insurance and annuity contracts. There are three new laws for 2017 that relate to unclaimed and abandoned property:ġ. What does this have to do with new laws? Unclaimed and abandoned property has gotten the attention of legislators in a number of areas. Generally speaking, the longer the property remains unclaimed, the more challenging it becomes to eventually claim.įor an excellent explanation and resources pages, see “ The Unclaimed Property Page” maintained by Mark Kantrowitz. Why is this tricky? In many cases, the beneficiaries are also deceased, and thus their interest must be claimed by their representative(s). Where things can get a bit stickier is when the owner is long-since deceased. Claiming on behalf of a recently deceased individual requires some additional documentation ( probate letters of office or a small estate affidavit), but is also fairly straightforward.

The steps for claiming your own property is easy. The webpage to search for Illinois unclaimed property is here: Illinois’ program - iCash (formerly called “Cash Dash”) - is run by the Treasurer’s Office. Once turned over, it is held by the State (theoretically forever) until properly claimed by the owner or the owner’s legal representative.įortunately, in today’s digital age, searching for unclaimed property that has been turned over to the State is relatively easy. This could be a utility refund check after a change of address or a dividend check after a change in marital status or property not claimed by family after death. What is unclaimed property? It’s property that has been turned over to the State after it has been abandoned and not claimed by the true owner. As an attorney who regularly advises and assists executors and trustees, one of the items that is always on my checklist is “unclaimed property.”

One of the primary tasks of an executor or successor trustee is to ascertain and marshal the decedent’s assets.

#ILLINPOIS ICASH CLAIM FORM SERIES#

This is the second in a series of posts about new Illinois probate and estate laws taking effect in late 2016 or the beginning of 2017.

Illinpois icash claim form