What is Unclaimed Money in Arizona?
Unclaimed money in Arizona refers to cash or other assets that caretakers could not allocate to the rightful owner for some time. Examples of unclaimed property include inactive stocks, returned deposits, dormant savings accounts, court funds, royalties, income-tax refunds, and estate proceeds.
If a property owner cannot be located, the financial entity in charge will turn over the unclaimed assets to the state government after a statutory dormancy period of three years. This begins from when a financial institution submits an unclaimed asset report to when the state government decides to assume ownership.The process of handing over assets to the government is known as escheatment.
Arizona's Department of Revenue is in charge of managing unclaimed money. According to Arizona Unclaimed Property Law, the state will only release an unclaimed asset to individuals who provide proof of ownership or relationship when filing a claim.
How to Find Unclaimed Money in Arizona
The Unclaimed Property Unit of the Arizona Department of Revenue maintains a publicly accessible database where Arizonans can search for unclaimed money. This online database gets updated on the first day of every month. Interested parties can find unclaimed money by inputting their first name and last or business name in the provided search box.
Alternatively, members of the public who have unclaimed money can contact the Department of Revenue by calling (602) 255-3381 or visiting the office in person at:
Arizona Department of Revenue
Unclaimed Property Unit
1600 West Monroe Street
Phoenix, AZ 85007
How Do I Find Arizona Unclaimed Money for Free?
The online repository made available by the Unclaimed Property Unit is free and open to all members of the public. Some federal agencies also maintain custody of unclaimed assets for a short period, and these offices have searchable databases within their purview. Arizonans can search this database to review the government list of unclaimed money.
Some federal agencies in charge of unclaimed properties include; U.S. Courts for unclaimed bankruptcy funds, the National Association of Unclaimed Property Administrators, and the United States Treasury Department. These federal offices work hand-in-hand with the Arizona State Government to help locate owners of unclaimed properties.
How to Claim Unclaimed Money in Arizona
Persons who find their claimed money on the state's database will need to file a claim. They will be required to complete a claim form and provide authentic proof of rightful ownership, a clear copy of a valid photo ID, or a notarized signature on the claim form. They will also need to provide their Social Security Number and proof of Arizona residency. Providing a Social Security Number is optional; however, it may serve as sufficient proof of ownership.
Under Arizona Law, the Unclaimed Property Unit will not release unclaimed properties on the grounds of name similarity alone; therefore, Arizonans who have processed a name change can also file a claim. They will need to provide proof of name change, a copy of their marriage certificate, or a signed court order.
In the case of more than one owner of unclaimed property, joint owners must file their claim together unless one of the owners is deceased, both parties are divorced, or there is a loss of contact. To prove any of these three exceptions, the party filing the claim must submit a copy of a death certificate, a certified copy of a divorce decree, or a notarized statement that shows both parties have equal claim to the property.
If the requester is an agent, they will need to provide proof of authorised agency. Also, anyone that intends to file a claim for a deceased owner must fill out an Affidavit for Collection of Personal Property form and submit the original copy to the Unclaimed Property Unit. The submission must also include all the required documents listed on the form, such as vital records and a copy of the deceased's Will (if available). Personal representatives appointed to lay claim to a deceased's unclaimed assets must provide evidence of this and a copy of their Letters of Office. This copy must have been certified 60 days before filing the claim.
Representatives of a business, government agency, or nonprofit organisation must also complete any of these documents: the requesting party must complete a Sole Proprietors' Affidavit for sole proprietorship business claims, a partnership agreement document for partnership business claims, an Authorization to Represent form for business corporation claims, and an employer-issued means of identification for government agency claims.
The person filing a claim must mail the required documents to:
Arizona Department of Revenue
Unclaimed Property Unit
P.O. Box 29026
Phoenix, AZ 85038-9026
How Long Does It Take to Get Unclaimed Money in Arizona?
The Unclaimed Property Unit will attend to a claim within the first 14 days after receiving the mail request. After that, it can take up to 90 days for the requester to receive claimed assets. Generally, monetary and stock claims are released to the owner after 120 days.
After this period, people who file a claim can always contact the Unclaimed Property Unit customer service to track the progress of their claims. The phone lines are available on weekdays, from 8:00 a.m. to 5:00 p.m.
Phone: (602) 364-0380
Toll-free: (877) 492-9957
The toll-free line is strictly for international calls and area codes 520 and 928.
The Unclaimed Property Unit is also reachable via email. In addition, interested parties can write to the customer care representatives for claim-related questions.
Who Can Claim Unclaimed Money From Deceased Relatives in Arizona?
Heirs and surviving family members, executors, and court-appointed probate administrators can claim Arizona unclaimed funds from deceased relatives. Requesters will have to complete an affidavit form and provide vital records that prove their relationship with the deceased. The Unclaimed Property Unit will only attend to forms that have all the critical questions answered.
In Arizona, heirs can assign their rights to another heir of equal succession. To do so, they must indicate their intent, pick the 3B on the affidavit form, and include the name of the heir they wish to assign their rights to.
What Happens to Unclaimed Money in Arizona if No One Claims It?
According to Arizona law, the state can only be a custodian of an unclaimed property until the rightful owner claims the asset. This means that the Unclaimed Property Unit cannot take ownership of the property.
The state continues to hold the asset until the owner, heirs, or relatives are located. There is no standard time limit to claiming property in Arizona. Unclaimed properties are in the state's custody until the owner comes to claim it
Can Someone in Arizona Claim Unclaimed Money From Another State?
Yes, Arizonans can claim unclaimed money from another state. The process of claiming unclaimed money may differ in each state; therefore, interested parties should follow the guidelines outlined by the state government in question. However, one common requirement is that anyone who wants to file a claim must provide proof of ownership or relationship before the property can be released.
Unclaimed money in the United States is public and can be accessed by anyone through official or non-governmental services. Third-party unclaimed money search engines are easy to use and deliver fast results not limited by geographic region. Users can typically search for unclaimed money through third-party search sites using just a full name or business name. However, because these sites are not government-sponsored, the availability and accuracy of results can vary.
