pa unclaimed property guide

8/9/2019 PA Unclaimed Property Guide

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Dear Legislator:

In this challenging economy, people should look everywhere they

efciently can for lost revenue and property and Treasurys unclaimed

property program helps citizens do just that. I am proud to offer this

guide as a resource and tool to help your constituents put theirmoney

back in theirwallets.

Your local connection with your constituents allows you to play an

important role in the unclaimed property claim process. You can help

Treasury spread the word about unclaimed property and help constituents

initiate a claim.

This guide outlines the unclaimed property ling requirements and

provides reference material and contact information. It also offers tips to

prevent your constituents property from becoming unclaimed.

I am condent this guide will be a trusted source of information for you

and your staff as you work to put your constituents money back in theirwallets. Thank you for your continued support.

Respectfully,

Rob McCord

Treasurer


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Table Of Contents

PAGE

01 Treasury Department Contact Information

02 How to Search Treasurys Online Unclaimed Property Database

02 What is Unclaimed Property?

04 The Claims Process

11 Demutualization Claims

13 Business Claims

14 Claims for Estates, Claiming on Behalf of a DeceasedRelative, and Short Certicates

17 Tips to Prevent Property from Becoming Unclaimed Property

If you have questions about any of the terms used in this manual, pleasefeel free to contact the Bureau of Unclaimed Property through the Ofce

of Legislative Affairs at 717-705-0577.


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TREASURY DEPARTMENT CONTACT INFORMATION

Treasury Department

Ofce of Legislative Affairs

Room 133 Finance Building

Harrisburg, PA 17120

717-705-0577

Unclaimed Property Toll-Free Telephone Number

1-800-222-2046

Monday Friday, 7:30 a.m. 4:30 p.m.

Online Unclaimed Property Search

www.patreasury.org

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HOW TO SEARCH TREASURYS ONLINE

UNCLAIMED PROPERTY DATABASE

Searching the unclaimed property database is easy and free:

Go to www.patreasury.org.

Click on the Unclaimed Property button in the green toolbar.

Click on Search for Property.

Type the company name or the individuals last name in the

Last Name box and press the Tab key.

Type the individuals rst name or initial in the

First Name box (optional).

Click the Search button.

(See page 4 of this manual for further instructions if the system identies

an account that belongs to your constituent.)

WHAT IS UNCLAIMED PROPERTY?

Unclaimed property is any nancial asset that has been left with a

holder, such as a bank, insurance company, or other business or

organization, without activity or contact for at least one year or longer.By law, after this time, holders must transfer unclaimed property to the

Pennsylvania Treasury Department.

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What are examples of unclaimed property?

The most common types of unclaimed property are savings or

checking accounts, stocks, dividends, checks that have not been cashed,

certicates of deposit, unclaimed insurance benets, unused gift

certicates, and items abandoned in safe deposit boxes or held in police

department stolen-property les. By law, holders must transfer

abandoned property to the Treasury Department.

Search for Unclaimed Property if your constituent:

Opened a savings account and forgot about it or the accountwent inactive because he or she did not make deposits or

withdrawals for a period of time.

Moved, forgot to change his or her address at the post ofce,

and had money coming.

Left his or her job to start a new one, and never received

a nalpaycheck.

Forgot to redeem a gift certicate (considered unclaimed

property if it contains an expiration date or any type of

post-sale charge or fee). Is or was an executor or administrator of an estate.

Was named as a beneciary on a life insurance policy.

What does Treasury do with unclaimed property?

Treasury maintains custody of unclaimed property until it is claimed by

the rightful owner. There is no time limit to claim unclaimed property.

After your constituent provides proof of ownership, our return team will

work with them to put their money back in their wallet - free of charge.

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THE CLAIMS PROCESS

My constituent would like to initiate a claim. Can you explain what

forms are required, and what additional documentation/identica-

tion should be submitted?

If you would like to help a constituent in ling a claim who does not

have Internet access, go to the Unclaimed Property Web site at

www.patreasury.org and click on the Unclaimed Property tab, then

on the Search for Property button. Search under your constituents

last and rst names. The system will identify potential matches to that

name. You can identify the accounts that belong to your constituent by

matching the reported address. Then, select only those accounts you are

helping the constituent to claim. Once the accounts are selected, a claim

information page will appear. The name and address that is submitted

for the claim should be that of your constituent; however, you can insert

your e-mail address in the applicable eld. By doing so, an e-mail will

be sent to your address giving you a Web inquiry ID and password thatwill allow you to follow the progress of the claim. You may, at any time,

log on to the Unclaimed Property Web site and follow the progress of

your constituents claim as it moves through the various stages, from

processing to payment.

The documentation required to complete a claim varies, depending onwho is claiming the property (the owner or a legal representative of the

owner) and the type of property being claimed. In all cases, claimants

are required to sign a claim form. They should follow the instructions on

the form to determine the additional documentation that is required.

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My constituent saw his name on an unclaimed property list.

How can he nd out what the value of the property is before

he begins the ling process?

You may contact Treasurys Ofce of Legislative Affairs at

717-705-0577, or your constituent may call the Bureau of

Unclaimed Property directly at 1-800-222-2046. Please note: Certain

information may need to be veried prior to the Bureau of Unclaimed

Property releasing the claim value.

What is the status of my constituents claim? Is there any way

I can check on the status of the claim myself?

Your constituents who le a claim via Treasurys Web site are issued a

Web inquiry ID with their personal e-mail address and password that

allows them to follow the progress of their claim online. Otherwise, they

may contact the Bureau of Unclaimed Property at 1-800-222-2046. You

will need to get the claimant/constituents authorization to obtain a Webinquiry ID and password to follow the progress of the claim.

How long does it take to process a claim?

The length of time varies according to the complexity of the claim

and the documentation provided by the claimant. If additionaldocumentation is required to process a claim, the claims examiner will

contact the claimant or legislators ofce directly.

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What if the claimant cannot provide proof of ownership

to the property?

Proof of ownership is usually established by address or Social Security

verication or, in some instances, presentation of the original property.

In most cases, the claimant will be asked to prove the reported address.

Some examples of acceptable proof include: an old envelope, school

record (yearbook, report card, etc.), church record, old utility bill,

mailing label from a magazine, or any other document conrming the

reported address. If the claimant is having a difcult time, please contact

us for assistance.

Sometimes, the claimant is not able to verify that he or she lived at the

last known address that was reported to Treasury. We realize that some

old addresses are difcult to prove. In these cases, the Treasury Return

Team will assist the claimant in establishing ownership. If a connection

to an old address still cannot be found, further research may be

necessary, such as contacting a former school district, tax bureau, orchurch. If all efforts have been exhausted and ownership cannot be

proven, the claimant may be required to obtain a letter of verication

from the company that reported the property. Treasury takes into

consideration other factors that may lead to payment of the claim. In

most instances, claims of this nature are reviewed on a case-by-case

basis.

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The rightful owner of the property has died. How can my

constituent show proof of their relationship to the owner in

order to claim the property?

If the owner of the property is deceased, unclaimed property claims

can be paid to the owners estate. If no estate exists and the property is

valued over $11,000, someone must be appointed by the court to be the

personal representative of the estate. If the unclaimed property is valued

under $11,000, it has been at least ve (5) years since a personal

representative to the estate was appointed, and the owner died as a

resident of Pennsylvania, the property may be paid to the surviving

spouse, child, parent, or sibling (preference given in that order). The

claimant will be asked to complete, and in this case sign, an afdavit

attesting to their relationship to the owner.

What happens if the next living relative to the decedent is not listed

in the line of succession, i.e., is a niece/nephew/grandchild? Can theystill le a claim for the property?

If no estate exists or if it has been at least ve (5) years since the

appointment of a personal representative, a niece, nephew, grandchild,

or other relative may le a claim for a decedents property; however,

they must be appointed personal representative to the estate by the

Register of Wills.

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My constituent passed away before the check for his unclaimed

property was issued. Does his spouse/child have to begin the

process of ling for the claim all over again?

If the decedent has an estate and properly completed the claim prior to

his death, we will issue the check to the decedent, as long as the bank

will allow it to be deposited into the estate account. If the decedent died

intestate (without a will), then someone would have to be appointed

personal representative and go through the claims process. (Please see

page 13, What if there is no will?)

What if a Power of Attorney (POA) is claiming on behalf

of the owner?

Treasury will honor Personal Powers of Attorney as long as we receive a

certied copy of the POA, signed by the owner. The POA may execute

the claim forms on behalf of the owner. A certied copy of the POA

must have the notary ink stamp and include the AcknowledgementExecuted by Agent and Notice if executed in Pennsylvania after April

12, 2000, in accordance with 20 Pa. C.S.A. Section 5601(c). The entire

Power of Attorney must be submitted.

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What if someone offers to help my constituent locate

unclaimed property for a fee?

Advise your constituent that Treasury does not charge a fee to claim

or recover unclaimed property. Treasury is required to make a list of

unclaimed property owners available to third parties; however, these

parties must disclose certain information to the claimant in order for

any agreement to recover property to be valid. This written disclosure

includes the nature and value of the property, where it is currently being

held (Treasury), and the fee for recovery. The maximum fee that a third

party can charge is 15 percent of the total value of the property. Any

agreements that do not contain these disclosures are considered invalid.

A valid Power of Attorney (POA) must be submitted by third parties

before a claim is generated. Additionally, some rms work with

pre-escheat funds. In these cases, Treasury will provide suggestions

on how to claim the funds, but will not be able to provide claim forms.

Why is my constituent receiving cash instead of the stock

shares that were reported?

Treasury is required by the Unclaimed Property law to sell all shares

after being reported by a holder. According to Section 1301.17(e) of the

law, The State Treasurer shall be required to sell all stocks, bonds and

other negotiable nancial instruments upon receipt of such items. TheState Treasurer shall not be held liable for any loss or gain in the value

that the nancial instrument would have obtained had the nancial

instrument been held instead of being sold.

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Must my constituent pay taxes on the money received

from unclaimed property?

The payment of unclaimed property may be considered a taxable event.

Constituents should be advised to check with their tax professional.

Where and to whom should my constituent return the claim forms?

Please return completed claim forms and documentation to:

Pennsylvania Treasury Department

Bureau of Unclaimed Property

P. O. Box 1837

Harrisburg, PA 17105-1837

1-800-222-2046

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BUSINESS CLAIMS

What does the claimant do if they have a business property?

Claim and Afdavit & Indemnication agreement forms mustbe signed and notarized.

Proof of the Employer Identication Number (EIN) must

be provided.

A letter must be provided authorizing the claimant to claim

the above-mentioned property on behalf of the company he or

she represents. The authorization letter must:

- Appear on company letterhead; and

- Contain the companys corporate seal or be notarized; and

- Be signed by a corporate ofcer other than the claimant. If

the claimant is a sole proprietor, please include this

information in the letter.

Signature ID must be included, such as a drivers license

or corporate identication.

If there are partners involved, it is not necessary that all partners

sign the papers; one partner can authorize the other(s) to claim

the property.

If the business is closed, a certied copy of dissolution documentsfrom the Department of Revenue must be included. The original

or certied copy of the Distribution of Assets must also be included.

(Revenue forms can be downloaded at www.revenue.state.pa.us).

If the business is closed, has been sold, or has merged with

another business, please provide supporting documentation, such

as dissolution papers, a sales agreement, or merger documents.

If the business is bankrupt, the original or certied copy of the

bankruptcy discharge papers must be included.

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CLAIMS FOR ESTATES, CLAIMING ON BEHALF OF A

DECEASED RELATIVE, AND SHORT CERTIFICATES

What is a short certicate?

A short certicate is a certication that an estate proceeding is on record

in the Register of Wills ofce in the county where the decedent was

legally domiciled at the time of death. A short certicate can only be

issued if an estate exists. The Register of Wills is responsible for

appointing a personal representative.

How does my constituent le for a short certicate?

Is there any expense involved?

A short certicate can be obtained in the Register of Wills ofce in the

county where the decedent passed away. There is usually an expense

involved in this process. The cost varies by county.

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What if there is no will?

If the owner died intestate (without a will), an administrator is

appointed by the Register of Wills. The Register of Wills grants Letters

of Administration. The decedents estate is then distributed according to

a formula that is set forth by the Intestate Succession laws. These

intestacy laws name the beneciaries and the amount to which they are

entitled.

Does my constituent need to submit a short certicate and

a relationship afdavit?

No. A short certicate is required if a personal representative has been

appointed in the last ve years or if the value of the property is over

$11,000. If neither of these conditions exists, the claimant has the option

of using the relationship afdavit if the claim meets the requirements

that follow:

The owner died without an estate or the estate has

been closed for more than ve (5) years.

The value of the property is less than $11,000.

The owner was legally domiciled in Pennsylvania atthe time of death.

The claimant is the surviving spouse, child, parent, or

sibling (preference given in that order). If the claimant is

not the surviving spouse, child, parent, or sibling, a short

certicate is required.

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Why is a certied death certicate required when claiming

on a relationship afdavit?

The law specically states that a certied death certicate must be pre-

sented. If the death certicate lists a surviving spouse, and the spouse

is not claiming, it will be necessary to submit proof that the spouse is

deceased. In addition, the Bureau of Unclaimed Property prefers to

work with original or certied documents, when available. Treasury

staff members are trained to examine all documents for potential fraud or

identity theft. Working with original or certied documents eliminates

some element of risk of the document being altered.

What if the deceased owner died in another state?

Please contact the Bureau of Unclaimed Property by calling

1-800-222-2046 from 7:30 a.m. - 4:30 p.m. Monday - Friday, or e-mail

[email protected] to obtain information specic to the deceased

owner.

Where and to whom should my constituent return the claims form?

Please return completed claims forms and documentation to:

Treasury DepartmentBureau of Unclaimed Property

P.O. Box 1837

Harrisburg, PA 17105-1837

1-800-222-2046

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TIPS TO PREVENT PROPERTY FROM BECOMING

UNCLAIMED PROPERTY

How can my constituent prevent his or her property from

becoming unclaimed?

Keep accurate records of bank accounts, stocks, safe deposit

boxes, life insurance policies, and other nancial matters.

Correspond with all nancial institutions holding savings,

checking, IRAs, Certicates of Deposit, and all other accounts

at least once every three years.

Cash all checks for dividends, insurance benets, and wages.

If your constituent stops receiving dividends, he or she should

contact the company that issues the dividends.

Notify a family member or trusted adviser of the location

of his or her nancial records.

Prepare a checklist of all nancial assets in order to notify

all concerned parties if your constituent changes his or

her address.

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pa unclaimed property guide

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